A foreclosure can be damaging to your credit. It is just about as bad as filing for bankruptcy so you should talk to your lender and find a way to fix the problem.
Once your credit is affected, it will show on your record for seven years. Here are some tips to help with your credit during this difficult time.
Try to Find a Way to Stop the Foreclosure
Most people just try not to think about their problems and bury their head in the sand. However, as soon as you know, you should talk to your lender and see if you can find a way to keep your home.
They may work with you to lower your payments and get you back on track. The longer that you wait, the less likely they will want to work with you.
Hire a Lawyer Who Specializes in Foreclosure
He or she will help you through the foreclosure proceedings, as well as how to cope afterwards. If you have other options, he or she will be able to discuss them with you so that you can make the right decision for you and your family.
A lawyer who specializes in foreclosure can be very helpful during this difficult time. You shouldn't have to do it alone.
Don't Think of Bankruptcy As Your Only Choice
Bankruptcy can really hurt your credit, so only file if you feel like you have no other choice. Make sure that you exhaust all of your other options first so you don't lose your home and your credit!
The best thing that you can do when you receive a foreclosure notice is to talk to your lender. Then, hire the best foreclosure lawyer that you can so you feel prepared for the future. Discuss your options and find out what is best for you.
Contact the Law Offices of James C. Shields for all of your legal needs.