Posted On: April 16, 2011

How to Take Advantage of Home Foreclosure

Over the past few years, the rate of mortgage defaults and foreclosures has reached an all-time high. While being foreclosed on will often be disastrous for your credit and cause you to lose your home, there are several ways you could take advantage of the foreclosure process and make the best of the situation.

The first way that you could take advantage of a home foreclosure is by paying down other debt. When you go through the foreclosure process you can stop making home payments altogether until you are evicted from your home. Since this process could take months, the money that is normally used to make a mortgage payment could be used to pay down other debt.

The second way that you could take advantage of a home foreclosure is by saving more for retirement. Similar to paying down debt, you could use the excess personal cash flow you save from not making a mortgage payment to save for retirement. Saving for retirement would be preferred over putting money into a normal savings account because the money in a savings account is protected in the event that the mortgage lender tries to sue you for any loss they incur.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

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