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No one wants to have a house foreclosed on. Unfortunately, given the current economic climate and the ongoing pandemic, foreclosure is a part of everyday life for a lot of struggling people right here in Milwaukee. If you are at risk of foreclosure or currently facing it, then Kingstad Law is here to assist. We can help you avoid foreclosure in Milwaukee.
Fore Closure Defense in Milwaukee
In law, the best defense is an experienced lawyer, but lawyers are not one-size-fits-all. Many assume from watching TV or reading books that lawyers can handle any type of law case, but that’s just not true. Some lawyers are experts in criminal law, some handle SSDI benefits, others tackle big business law, and still others are here to help you face a foreclosure.
Kingstad Law is that latter type of law firm. We have been in the courtroom before on many foreclosure cases, we have worked with clients and creditors to help keep people in their homes and with their heads above water.
Read More: How to Fight a Foreclosure In Court in Milwaukee
How to Avoid Foreclosure
If you are not in foreclosure yet, but you have no way to continue paying or even just catch up on your mortgage, then you can consider selling the home, selling other assets, attempting to refinance your loan, mediate your loan, or filing for bankruptcy. Most people have an option somewhere up there, but the ideal option will depend very much on your situation and that is why you should consult legal counsel.
What is Foreclosure Mediation in Milwaukee?
Banks and other financial institutions are not unreasonable. They want their money, and in many cases, foreclosing on your home and selling it will not maximize their profits. Even from a purely financial standpoint on their part, they want you to be able to pay. After all, that’s why they extended you a mortgage in the first place.
This is where mediation comes in. Often, assuming you are not dreadfully behind on your mortgage or incapable of making any kind of strong payment, your creditor will be willing to negotiate. This could include anything from a payment plan, a temporary reprieve from payments with an extension of your loan, or even refinancing the loan. This is an important option and one that you should consider taking. Going in with an experienced attorney in your corner will drastically increase the odds of a favorable outcome.
Does a Foreclosure Mean You Should File For Bankruptcy?
This is a complicated question because it’s different for every person and every situation. Truth be told, there is no magic formula that will decide the best thing for you, but know that bankruptcy, especially Chapter 13 bankruptcy, can be an option. Luckily, if you become a Kingstad Law client, and we find that route to be the most favorable, we are also experienced in bankruptcy and can get you through that process as well.
Can You File Chapter 7 and Keep Your House in Wisconsin?
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