So many people believe that once they receive the letter from their mortgage company that the home has entered the foreclosure process, they have to leave. This is the absolute last thing you want to do. Even though the foreclosure process has begun, you are still the legal owner of the home and it will remain that way until you sell it or it becomes sold through a foreclosure auction. Why leave the house unless you have to, especially if you would like to keep it.

If you do want to keep the house, you want to make sure that you are looking through all of the options that are available to you out there. The more you research, the more you will find that there are so many ways you can get the funding you need to save your home. Even your mortgage company may have a few options for you to look into. Many mortgage companies can offer their borrowers repayment plans, loan modifications or maybe even a refinance. Speaking of refinance, you can still go out to other lenders to seek financial assistance from them. You can refinance your home with another lender, which will automatically stop the foreclosure proceedings. Some people are told that they do not have this option while the home is in foreclosure but you do. You can even sell the home if you like.

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Among different debt options to get your finances back on track is bankruptcy, a pretty drastic measure that can sometimes do more harm than good. That explains why in many cases filing bankruptcy is considered a last resort to give a debtor a “fresh start”. However, due to the New Bankruptcy Law that went into effect October 17, 2005, declaring yourself bankrupt has become more expensive and complex than what it used to be. What’s even worse: due to this new regulation, less filers will actually be able to get a “fresh start”. Here’s a brief glossary to understand the main differences between filing under the old and the new law. Disposable Income: the money the consumer has after paying for his living expenses. Chapter 7: most of the debt is cancelled, giving the debtor a “fresh start”. A consumer’s assets (minus his exempt property) are liquidated and given to creditors. Chapter 13: the debtor is placed on a repayment plan for up to five years. Less People Will Be Able To File Under Chapter 7 This means less people will get a “fresh start” and more people will be placed on a repayment plan. The new Law specifies that if a consumer has an income higher than the median for his State, he’ll need to file under Chapter 13 instead of 7. Thus, instead of cancelling most of his debts, a debtor will be assigned to a repayment plan.

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