Debt & Foreclosure: What to Do?

: Chris Lee Law Firm

  Filed under: Foreclosure

debt and foreclosureDebt and foreclosure are not two words most people want to think about.  However, unforeseen circumstances can bring the power of these words home.  We want to help you in avoiding debt and foreclosure in your future.  That’s why we provide a wealth of resources both online on the blog and in our offices in Texas.  If you’re facing debt or foreclosure, please talk to us so we can go over some strategies to prevent either of these struggles from entering into your life.

Your Situation

If you are looking at facing severe debt or foreclosure on your home, you may be wondering which one you should direct your attention toward.  The choice is difficult, and depending on your particular situation, the answer may vary.

If these two choices are either-or options for you, here are the questions you need to ask yourself.  How much money have I sunk into my home?  How much debt might I be facing if I continue to prioritize my mortgage payments?

If you are still a relatively new homeowner, and your down payment isn’t too high, it might actually be advantageous for you to foreclose on your home and avoid going into debt.  If, however, you have a large sum of money already sunk into your home and mortgage, foreclosure at this point could be very painful.  Avoiding debt may simply be out of the question.  You might have to take out an additional line of credit in order to finish paying off your mortgage.

Weigh your options, and talk to a trusted financial professional as you consider your financial future.

 


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