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After a foreclosure: what are your options?

Imagine after a long day at work, you head home just wanting to relax. It's been a stressful few months because your finances have started to overwhelm you. As you approach your house, you see a notice that the bank is foreclosing on your property, leaving you in a very difficult position. You could lose your home, and you don't know where to turn. Do you have any options? What can you do?

The thing about foreclosure is that it can make you feel as though you don't have any recourse. But, in fact, you do have many options after a foreclosure. For one, a bankruptcy filing can actually serve as an important steppingstone for you in your effort to save your home, or at least provide you with some extra time to deal with the foreclosure without losing a roof over your head. 

You can also try to renegotiate your loan with your lender. Not only can a modified loan plan remove the foreclosure, but it can also give you the confidence and flexibility to repay what you owe, hopefully preventing a future foreclosure.

There are other circumstances in a foreclosure case that warrant taking action. For example, in the event of robo-signing -- a process which sees officials sign off on loans and other documentation without fully checking or vetting the documents -- you should consult with an attorney to fully investigate your case.

Ultimately, if you receive notice that your home is in foreclosure, remember that you still have options.

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