subject: What You Need To Know About Not Getting Protection From Foreclosure [print this page] If you have foregone protection from foreclosure and decided to let your home be sold at auction, you may be feeling quite relieved. But if you are thinking that you are finally free of your home and the debt that goes with it, you may be mistaken. Unfortunately, the sale of your home is not always the end of your mortgage debt. In fact, if your home is sold for less than you owe, you are left with a deficiency balance.
Let's say you owe $80,000 on your mortgage. Your home sells at auction for $70,000. You still owe a balance of $10,000 to the mortgage lender. As you can see, simply "walking away" from your home is not equal with "walking away" from your debt. Your mortgage company, as any other creditor, will do what it takes to get you to pay back that debt. Unfortunately, that includes wage garnishments, seizure of bank accounts, and threats to your other property.
Can you imagine giving up your home only to discover that your debt had not gone away?
Luckily, there is a solution. A bankruptcy attorney can actually help you eliminate the deficiency balance with a Chapter 7 bankruptcy. Plus, a Chapter 7 will also help you get rid of other unsecured debts, including credit cards, medical bills, and payday loans. Chapter 7 will allow your family to live a life without wage garnishments, without threats to your other property, and without the fear that you'll never escape your creditors.
You can finally be free of the immense burden of your home loan and get the credit card debt help, elimination of wage garnishment, and relief from creditors that you need to truly move on with your life.
Still not sure that Chapter 7 is what you are looking for? Research bankruptcy by using free information made available on websites from reputable attorneys and perhaps even free publications. The tools for you to get back on your feet are out thereit is now up to you to use them to better your life. By educating yourself on the benefits of bankruptcy, you put you and your family at a serious advantage over your debt.
Often, when you are in debt, there is no light at the tunnel. It seems that there is no way out of this situation. Bankruptcy can be that light at the end of the tunnel for you and your family. Remember, doing nothing changes nothing. It's time decide when you are ready to take advantage of the benefits that bankruptcy has to offer.
