Did Your Husband Stop Pay The Mortgage - How To Find Out Before You Lose Everything
One common question that many women asking "if one spouse wants to keep home the husband stopped paying the mortgage, can I do anything about this?" ask is if there are any other options available. The answer to that is yes, there are options available to you other than resorting to filing bankruptcy and dealing with a home foreclosure proceeding. If you have tried everything else under the sun, you may want to consider an alternative to dealing with the stress and emotions that foreclosure can cause.
Foreclosure is a serious step and should be treated as such. When homeowners face this decision, they should take time to evaluate their financial situation and analyze how other homes in the neighborhood are being sold for a fraction of what it would cost to buy a comparable home. If the mortgage holder cannot make the mortgage payments or is behind the mortgage payments, they should seek advice from an expert. A foreclosure expert can help the homeowner determine their options, including their rights under the law and the potential benefits of taking other action. This is one of the best ways to avoid losing one's home to foreclosure.
One option available to the homeowner is to file for bankruptcy. Although filing for bankruptcy may seem like the best option for someone who has just lost their job or has become overwhelmed with bills, it is not a good idea when a homeowner has fallen behind in their mortgage payments. The federal government is forbidding anyone from filing bankruptcy unless they can demonstrate an immediate and significant financial need. In addition to this stipulation, once a person has filed for bankruptcy, they are not allowed to do anything regarding their mortgage to sell the property and repay the balance due on the loan.
The best choice if one's financial situation has taken a turn for the worse is to file for bankruptcy to release the homeowner from further financial hardship. To do this, the homeowner must carefully evaluate their current assets, such as vehicles and other property, as well as other unsecured assets like their home. There are two primary types of bankruptcy: liquidation and reorganization. Liquidation is the most commonly used and involves the liquidation of all debts, including those that relate to real estate. Reorganization occurs when one's home is sold, after which the proceeds are divided among the creditors.
If you want to know if the husband stopped paying the mortgage, you would also need to consider the possibility of wage garnishments. If the home owner has other assets, such as a business, the garnishment may be limited to that asset alone. This means that if he were to stop paying the mortgage, he could still be able to legally receive his wages.
One way to protect yourself should you find out that your husband stopped paying the mortgage, is to have a plan in place for what to do with his house and other assets. Most people, if confronted with this, panic and immediately start selling their assets. This will almost always be the worst possible thing to do. The best course of action is to have solid advice, from a lawyer experienced in mortgage foreclosure, reviewed and authorized to give legal advice.