Once a foreclosure is in process it is unlikely that a refinance loan will be approved by any bank. Foreclosures show up on credit reports soon after they are first initiated and most banks will not lend to someone who has recently had a home foreclosed. If a refinance is attempted as soon as financial difficulties are perceived and before mortgage payments are missed, it is much more likely to go through and can help prevent late payments and foreclosure by lowering future monthly payments.
Denver Bankruptcy FAQ:
Denver debt settlement options
No. Although credit counselors can help an individual understand their financial options, it is illegal for them to give legal advice, including advice that pertains to filing bankruptcy. A lawyer can act as a credit councilor, but a non-lawyer credit councilor cannot make legal suggestions or represent any individual in a court proceeding.
Using any or all of the debt management strategies listed above will not make an individual ineligible to file bankruptcy if an individual or couple is otherwise qualified to file. Even when debt management strategies cannot prevent a bankruptcy, they may be able to lighten the impact of a bankruptcy filing by reducing debt or resolving non-dischargeable debts.
Some people have luck reducing their debts and making their monthly payments more manageable on their own. However, most forms of extreme debt management can be made easier with the help of a professional. Although there are specially trained individuals that can help with different types of debt management options, only a lawyer can truly give legal advice. Since the resolution of extreme amounts of debts can easily become a legal matter, it is often a good idea to begin the process of resolving significant debt by consulting a lawyer to explore your best options.
Yes. Many options exist to decrease or eliminate debt over time if a bankruptcy will not work for an individual or couple. Common means include, building a budget and managing expenditures, receiving credit counseling and exploring repayment options, negotiating debts to lower monthly payments, and consolidating debts into one monthly payment with a low interest rate.