In the event of foreclosure bankruptcy is an option for a property owner but with the many programs now available rushing to file bankruptcy is not necessarily recommended. Federal legislation now mandates forestalling the foreclosure process in the event the homeowner requests an extension. In addition, banks are not equipped to be property owners or managers, especially of vacant properties which give rise to the likelihood of vandalism and deterioration. In the current market where so many properties, both occupied and unoccupied, remain on the market unsold even at drastically reduced prices lenders are very willing to revise loans so that borrowers, especially homeowners, can retain properties. Of course, there are considerations such as tax implications which may be triggered through processes such as short sales or debt forgiveness by lenders.
In the event of foreclosure there are many options and considerations making it advisable to retain counsel to assist in the resolution of any foreclosure.
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