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The possibility of losing one's home can be an upsetting prospect, but, fortunately, there are some legal safeguards in place that may help you better navigate this experience. Foreclosure attorney Jeremy Bueker of the Bueker Law Firm in Stuttgart, Arkansas, is committed to helping his clients understand the foreclosure process and the options available. To that end, he provides some answers to the more frequently asked questions about foreclosure.

FAQs About the Foreclosure Process

What Is Foreclosure?

Foreclosure is the legal process by which a lender repossesses property after the borrower fails to keep current on payment obligations. A foreclosure is usually initiated after other attempts to recoup the debt have failed. In most cases, you will first receive a notice that you are in default of your loan; consider this a red flag that it's time to start exploring your legal options and possible next steps.

What Are Some of Those Options?

There are a few different paths you can take, depending on the exact nature of your circumstances. For those who genuinely do not have the funds to repay what they owe, Chapter 7 bankruptcy can provide a fresh financial start, though you may need to sell your home to satisfy at least some of your debt.

attorneyChapter 13 bankruptcy, which restructures your debt into more manageable payments, is a viable option for those with the resources to put toward a monthly repayment plan. With Chapter 13, you can often keep your home as long as you stay current on your mortgage and repayment agreements.

Do I Need a Foreclosure Attorney?

To ensure you understand the complexities of the legal process, it's in your best interest to hire a foreclosure lawyer. They will also deal with lenders and courts on your behalf, which removes a major burden from your shoulders during a challenging time. There are numerous nuts-and-bolts of foreclosure that your lawyer will tend to as well; things like paperwork completion and document submission are handled by your legal representative.

How Long Does Foreclosure Take?

It depends. A basic, straightforward foreclosure is typically completed in about four months. A more in-depth or complex foreclosure could take up to a year. But it's important to understand that no foreclosure is initiated immediately; borrowers are often given a substantial amount of warning that foreclosure is imminent, so act quickly to make the best use of your time.

Let Bueker Law Firm look out for you and your interests at every stage of foreclosure. For over 16 years, Attorney Bueker has been serving area residents in all aspects of foreclosure and bankruptcy. Call (870) 673-1313, visit his firm's website, or message them on Facebook to set up a free consultation with a foreclosure attorney.

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