Many people would say the easiest way to avoid foreclosure would simply be to make sure that you do not end up there in the first place. As many people already know, this is much easier said than done. There are many ways a person can find himself or herself in foreclosure. You could shop too much or find yourself without work. You could also become seriously ill or your extended family could be in need of emergency money. The key is to make sure that when those unexpected things happen, you are taking steps to make sure that you recover and do not go all the way through the foreclosure process.

If you have currently received a breach of contract or default letter from your mortgage company, you will want to see about making payment arrangements with them prior to the account going into active foreclosure status. If you find that the mortgage company is demanding more money than you have to give go ahead and end the call nicely. Call back to their customer service department and ask if they accept quick collect payments. Most likely, they do and they will give you a Code City and a Code State code that you will need to send your payment. Go ahead and send in a payment. As long as there are no stops on the account, your one payment will post to your account. This will buy you another month before you are back in the same situation. This month could be all you need to make sure that you are able to find a way to bring the loan current. Start researching all of your options.

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A vast majority of bankruptcy filers to their good fortune are not subject to the means test since if your when compared to the state median income, their income is lower than that. You may still be permissible to file chapter 7 bankruptcy even if your income exceeds more than} the state median income if you pass the means test. You can still eliminate or wipe out credit card debt, medical bills, judgments, stop garnishment and keep your personal property, home, and car as long as their values do not exceed the bankruptcy exemptions you are allowed to take. However, if your income exceeds more than the stat median income and you fail the means test, you probably may file a chapter 13 bankruptcy for debt settlement. An approved education course must be completed in personal financial management before your debts gets discharged. Credit counseling must be received from an approved credit counseling and nonprofit budget agency within 180 days prior to filing bankruptcy. Exceptions are there in case of an emergency situation and counseling could not be received within five days or in cases where the U.S. Bankruptcy Trustee has resolute that the approved agencies are inadequate in providing the required counseling.

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