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A Monte Sereno Foreclosure Defense Attorney Discusses What Happens When You are Faced with Foreclosure During a Divorce

Approximately 746,971 divorces occur each year. A problem couples often face in a divorce is financial issues.

When couples go through divorce proceedings, they might face numerous financial issues. One of these is foreclosure.

Are you going through a divorce and facing foreclosure near Monte Sereno? If you want to stop the foreclosure, you’ll need to act quickly and take the right steps. Our foreclosure defense attorney is here to help you know your options for stopping a foreclosure during a divorce.

Learn Some Mortgage Basics

If you’re facing foreclosure during divorce, you might want to first ask how you can keep your home in the first place. Starting with this can help you learn what route to take.

One of the first things to consider is whose name the mortgage is in. If it’s in your name, you’ll need to find a way to fight the foreclosure. If it’s in your spouse’s name, you might not be able to do anything about it.

If it’s in both names, you’ll need to agree on how to handle the divorce and foreclosure.

Lenders can begin the foreclosure process after borrowers miss just one or two payments. If you really want to save your Monte Sereno home, you’ll need to find a way to stop the foreclosure.

Consider Bankruptcy 

The other option you can consider is Chapter 13 bankruptcy. Chapter 13 offers legal help to stop foreclosures from occurring.

If you’re going through a divorce and both names are on the mortgage, this can be a tricky process, however. Chapter 13 stops a foreclosure from going through, but it requires a repayment plan.

The repayment plan takes up to five years. If you and your spouse must file the case together, bankruptcy can be challenging.

If the house is in your name and you have the income to support a Chapter 13 case, this can be a great solution. You might want to speak with a lawyer to learn more about this option and others.

Speak to a Monte Sereno Lawyer During Divorce Proceedings for Answers

Going through a divorce is tough but facing a foreclosure at the same time can be even more overwhelming. If you want to save your Monte Sereno house, you’ll need to speak to an attorney quickly.

Call the Law Office of Jason W. Estavillo for information about stopping a foreclosure during divorce proceedings.