“Dear Steve,
I am one month behind on mortgage. two months behind on two car payments. and am falling behind on other payments. I make enough money to pay my bills per month now but not enough to catch up. If I could just start over. I cant lose my home or my vehicles. Im scared and emarrased!!! My credit is bad. Will I lose everything or is there a program that can assist me on getting a clean start. I just need a chance.
Is there any hope for me in my situation or am going to lose everything? I had some last minute problems that drained my account. Please advise.
Dan”
Dear Dan,
The situation sucks but there is a solution. You need to go see a local bankruptcy lawyer and talk about a possible chapter 13 bankruptcy. It will stop collection action, you won’t lose anything, it will allow you to get caught up and let you keep your home and car.
I think that is the most expedient solution based on what you’ve shared that will give you the most legal protection and let you regroup with a fresh start.
I know the situation feels really bad and is personally embarrassing. I lived through it myself. I also know you probably feel like a loser, you’re depressed and stressed. But this is a technical problem about dollars and cents and not a public personal reflection of the man you are. Implement the solution and move forward.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
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One of the best ways to keep from going into foreclosure is to get a loan modification. You should however be careful when picking the process in which you would like to go about getting the modification as each lender may have a different procedure or set of protocols that must be met first. The quickest most effecient way of getting a lender to accept the modification, however, is to hire a lawyer, as the banks will be more willing to give the best possible modification if legal action is taken.