How bankruptcy can help someone who is in foreclosure
Unfortunately, many South Carolinians are experiencing either foreclosure or periods where they are falling behind on their mortgage payments. For many of these homeowners, finding solutions to their mortgage issues is paramount. Some possible solutions vary between loan modifications, refinancing, borrowing money from family members to catch up, and short-term forbearance agreements. For some people, these solutions fix the problems and they move on. For others, they cannot refinance due to their credit scores and loan modifications are either denied or stalled. In these cases, bankruptcy may be the homeowners only alternative to save their home.
How does bankruptcy help someone who is in foreclosure and in danger of losing their home? The bankruptcy code has provisions that creates an “automatic stay” from creditors seeking to