Foreclosing on your home: can you keep your car?

Having your house foreclosed on is a big deal and a lot of people wonder just how it will affect the other things that they own. This is true especially of their car. In most cases people who have their homes foreclosed on will also owe money on their car so making sure that you can keep it is an important consideration.

In most cases if the bank forecloses on your home you are going to be able to keep your car. Since they are separate loans one in general does not affect the other. That being said if you are also behind on your car payments and the bank CIVIcforecloses on your home you can be sure that the lender for your car loan will also be pretty quick to repossess. Therefore it is important to make sure that you take steps to help you to keep both your assets if possible.

If you are facing a foreclosure on your home it is important to make sure that you contact a lawyer who specializes in the field like Rosicki Rosicki and Associates. They will be able to work with you to find options that may allow you to save not only your car but your house. In most cases the best bet is to work with the bank to modify your mortgage. At the same time it might also make sense to modify your car loan as well. This will reduce the monthly payments that you have to make and will hopefully allow you to keep both your house and your car.

The other option that you may want to consider if you are facing a foreclosure is bankruptcy. In this case your car and your house would both be considered but in most cases you will be able to keep both. Ideally you will be able to work out an arrangement with your creditors as part of the bankruptcy settlement that will allow you to keep both. The downside, besides the huge hit your credit will take, is that you may end up losing both if it turns out that there is no workable way for you to restructure the payments.

If you are facing a foreclosure the most important thing is to make sure that you take action. Most people with debt problems simply try to avoid them in the hopes that they will go away, they won’t. The earlier you address the problems the more options you will have and the easier it will be to come up with a solution. Therefore if you are behind on your payments on your house, or your car, it is a good idea to talk to a lawyer who specializes in foreclosures and bankruptcy to see what your options are and what can be done to solve the problem.