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Asked over 2 years ago - Chicago, IL
FlagWe have been in foreclosure since 2008/2009. We both are currently unemployed. Last year the mortage company had us on a forbearance agreement at that time my husband was working. We are currently working with NACA. We have been in our home since 09/06.
To answer your question would require a detailed background of all of the circumstances surrounding your foreclosure. However, generally speaking, one way to keep your home is to file for bankruptcy. The automatic stay will halt the foreclosure action while the bankruptcy case is pending. If you have the ability to make your mortgage payments if you discharge other debt, you might be able to save your home in Chapter 13 bankruptcy. However, sometimes homeowners still cannot afford to keep their home even after bankruptcy, so it might be that the only thing bankruptcy can do is give you more time. Again, the answer will depend on your specific circumstances.
I think you should definitely contact an attorney right away to discuss your options. Good luck!
I have heard great things about NACA and encourage you to continue with your efforts. I wish you the best of luck in that regard.
That being said, If you are currently unemployed, I would imagine that you will have a difficult time working with the mortgage company to keep your home. And, while a Ch. 13 may allow you to keep your home, you will need some income to propose a Ch. 13 plan.
I wish you a lot of luck. But absent income, you'd be unable to keep your home even under the best of circumstances. My suggestion is that you first focuse on your employment situation and hopefully you'll be able to maintain your homeownership until you are ready to resume making payments on your mortgage. At that point, you can start thinking about resuming your mortgage payments.
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