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You can avoid foreclosure with bankruptcy or other programs

Foreclosure may seem like a weighted term; it can be something people keep quiet and don't talk about. The truth is, though, that it's much more common than people think. In fact, it's been reported that at least one child in each classroom across the United States is at risk of losing his or her home due to mortgages that his or her parents can't afford.

What's interesting is that Neighbor Works claims that over six in 10 people don't know that mortgage lenders do have programs and services to help those struggling to pay their mortgages. On top of that, your attorney may have other programs that he or she knows about that can help you pay down your debts, consolidate your debts or have them eliminated without risking your home.

Foreclosures are long processes, and because of that, they are also reversible if you can stop them in time. Filing for bankruptcy is one way you can do so. With certain kinds of bankruptcies, you have allowances and exemptions. Home exemptions may allow you to protect your home from bankruptcy while eliminating other debts that are making it hard to pay your mortgage. With the other debts gone, it's much more likely that you'll be able to afford to keep your home.

Foreclosure isn't always the only solution, and bankruptcy or other consolidation programs may help you keep your home for the long term. Speaking with an attorney before you decide on foreclosure is a smart move. Our website has more information on the steps you can take to help free up your finances.

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