bankruptcy and divorce california
Is it better to foreclose first, or go into bankruptcy?
My mother is falling behind on her mortgage payments and in the middle of divorce. Eventually she will have to foreclose, but should she wait until the divorce is done with? Whats the best course of action. Anybody? She lives in California.
Bankruptcy is almost never the best way out of a difficult financial situation. She may not have to lose her home.
Many lenders are now willing to work with a homeowner, in order to help them avoid foreclosure. Since your mother’s financial situation is taking a hit due to divorce, they may allow her to renegotiate her mortgage. She may be able to accomplish one or more of the following:
** Reduce the principle amount owed
** Reduce her interest payments
** Lenthen her mortgage
** Recapitalize any late payments
** Reduce her monthly payment
She should contact her lender to see if the lender would be willing to offer any assistance. If she cannot make any headway dealing with them directly, she should seek out a reputable, experienced mortgage negotiation firm.
Let me know if you need a referral. She should see what her divorce terms may be. Perhaps, she will be able to receive enough support to put her in a position to maintain the payments.
Good luck, and avoid bankruptcy unless you get into a hopeless position. If your mother’s sole source of income is retirement benefits, and not earned income, then bankruptcy would be a waste of time, as her benefits cannot be attached.
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