The thought of losing your home to foreclosure: It's a nightmare that you hope will never come true. But if you're behind on your mortgage payments and the bank is threatening foreclosure action, you may be looking desperately for a solution that will get things back on track financially.
Financial difficulties can be incredibly stressful, whether they are caused by a job loss, a divorce, an illness or another problem. A person can lose sleep, feel powerless and suffer multiple symptoms of depression and anxiety. Above all else, some homeowners are terrified of losing their home during a hard time.
Unfortunately, many people wait far too long to file for bankruptcy protection. In fact, many will first try any other option available before even considering bankruptcy as a solution to their financial problems. They cash out their retirement accounts, refinance their homes and even borrow money from friends and family just to keep afloat - mistakes that can prove costly down the road.