An impending foreclosure can be a terrifying reality to face. It affects every aspect of your life and can leave you in financial ruin for years. However, according to the legal team at Bueker Law Firm in Stuttgart, AR, there are proven strategies for avoiding foreclosure. It’s important to hire an attorney, as the processes can be complicated, but with the right legal guidance, you’ll likely be able to keep your home.

An Attorney Lists 3 Ways to Avoid Foreclosure

1. File for Bankruptcy

As daunting as it seems, bankruptcy can be a great solution for relieving debt and keeping your home. When you file, an automatic stay pauses all mortgage-related debt collection. Creditors may file to appeal the stay, but as long as you go through with the bankruptcy, you’ll avoid any consequences. Even if a foreclosure is just days away, you can still use bankruptcy to stop it, so consult with an attorney to select a course of action.

2. Loan Transfer

Rather than losing your home, you may be able to transfer your loan to a buyer who will then become your tenant. You’ll still own the house, but they’ll assume all responsibility for paying the debt. This requires negotiating with a lender, so a lawyer is necessary, but if it goes through, you’ll avoid foreclosure. This also gets rid of a sizable debt so you can live elsewhere for the time being before moving back in with financial freedom.

3. Use Government Agencies

The Making Home Affordable program (MHA) and the Home Affordable Refinance Program (HARP) are U.S. government assistance services to help homeowners facing foreclosure refinance their mortgages. Each program offers convenient refinancing options with fixed rates and low interest to relieve the financial burden and will give you some breathing room while you handle your mortgage.

If you’re facing foreclosure, an attorney at Bueker Law Firm can help. They offer comprehensive bankruptcy management and loan solution options to help you regain your financial foothold. Call (870) 673-1313 today to schedule a consultation, and visit their website to learn more about their practice.