Buying a home is one of the biggest purchases most Oregon residents will make in their lifetime. In fact, this purchase is so substantial that the majority of homebuyers do not buy the property outright. Instead, you, like most others, made a down payment and took out a loan for the remaining amount of the home's price.
This type of scenario happens almost every day as people buy their first or subsequent home. While many people anticipate making their monthly mortgage payments and one day owning their home in full, that is not always what happens. You may be among the group of people who faces financial issues that have led to foreclosure proceedings.
Missing mortgage payments can happen for a number of reasons. The least serious being that someone simply forgets to make a payment and makes it up while facing late fees and other penalties. In more serious situations, homeowners may lose their jobs, face medical emergencies or contend with other issues that put in them in such a financially difficult spot that they cannot make their mortgage payments for an extended time.
You may have faced a similar ordeal or other circumstances that led you down a difficult financial path. After receiving notice of foreclosure proceedings on your home, your predicament may have reached an overwhelming point. Understandably, you do not want to lose your home, but you may not know how you can fight foreclosure.
You have options
Luckily, you may have various options at your disposal for stopping or at least delaying the foreclosure process. In particular, bankruptcy may be an option worth considering. This route is a proven and legally backed debt relief option that could apply an automatic stay to your foreclosure proceedings. This stay means that debt collectors must stop their actions for a certain period of time.
Of course, bankruptcy is a complex process to complete, and whether it can help you avoid foreclosure entirely could depend on your exact circumstances. As a result, you would be wise to discuss your specific financial details with an experienced bankruptcy attorney who could go over your information and help you determine which course of action may prove most beneficial to you. Though foreclosure proceedings can certainly be stressful, you may have the ability to maintain ownership of your home with the right help.