Many people are facing financial difficulties thanks to the recession. Even though the worst part of the recession is over, the long-term effects are still being felt. Many people have gotten so far behind on their bills that it would take a miracle to catch up. This has led to thousands of foreclosures in not only Georgia but also the U.S. as a whole. The good news is that there are a couple of ways to stop foreclosures in Lithonia, GA. While some ways are more palatable than others, the fact is that not paying a mortgage doesn’t necessarily have to lead to foreclosure.

One way that a homeowner can stop a foreclosure is by negotiating a new loan agreement with the bank. If the homeowner still isn’t working, it’s unlikely that this plan will work. However, anyone who has a steady job with sufficient income should talk to their bank to see if a new agreement can be made. In some cases, special government-supported lending will be available. Unfortunately, some people have to hire an attorney in order to get the bank to work with them on this front.

Another way to stop foreclosure is by filing for bankruptcy. It’s important to note that the foreclosure proceedings will only cease while the bankruptcy is in process. Once it’s been awarded, the bank can move forward with the foreclosure.

However, working with a lawyer may help prevent this from occurring. A lawyer can help a homeowner work with the bank to reach a new agreement while the bankruptcy process is going on. The lawyer can also check to ensure that the bank followed the law when starting the foreclosure process. If the bank breached their agreement with the homeowner in any way, then the foreclosure proceedings would have to start again from scratch.

Often, a homeowner can catch up on their payments while the bankruptcy process is going on. If this occurs, then it will effectively stop foreclosures in Lithonia, GA.

While facing foreclosure may be causing you to panic, don’t do it just yet. Investigate your options. There may be a way for you to keep your home and catch up on your payments with the bank. If you’re not sure how, visit Chriscarouthers.com to see how they can help you to stop the foreclosure on your home.