Have you fallen behind on your mortgage payments? Are you concerned that your lender will begin the foreclosure process in the near future?

Most lenders don’t want to repossess homes. They are in the business of lending money, not selling homes. Even so, if you don’t give them a choice, they could start foreclosure proceedings sooner rather than later.

There are many ways to prevent foreclosure, including simply paying the money you owe your lender. If this is not possible, it’s time to consider alternatives. For example, you may want to look into the benefits of foreclosure.

Through foreclosure, an automatic stay will be put into place. With this, the lender is no longer permitted to move forward with foreclosure. It is your hope that the automatic stay buys you enough time to get back on track.

There are ways for the lender to fight this, such as by requesting a motion to lift the stay. Furthermore, if a foreclosure notice has already been filed, an automatic stay may not do you any good.

All in all, you can expect bankruptcy to help with foreclosure to a certain degree. However, you need to be fully aware of what to expect and which steps you need to take in the future.

Even though foreclosure can buy you time, unless you make changes your home will eventually be repossessed. Before you file for bankruptcy, have a clear idea of what is expected of you with regard to your mortgage in Tennessee. This will allow you to make the right decisions at the right time.

Source: FindLaw, “Facing Foreclosure? How Bankruptcy Can Help,” accessed Feb. 10, 2016