One of the most common questions debtors have when they speak to an Iowa bankruptcy lawyer is, \u201cWhat is involved in foreclosure?\u201d<\/p>\n
Declaring bankruptcy is a stressful thing to do: with so many details, documents, rules, regulations and various meetings, it can be a nightmare to manage everything going on. The most upsetting part of bankruptcy for most is the threat of foreclosure.<\/p>\n
Generally speaking, foreclosure is when a lender takes action to repossess someone\u2019s property — property they have a mortgage against, resulting from money lent to the debtor. In the case of a mortgage, the home is considered to be the collateral. Thus, if an individual stops making payments on their mortgage, the financial institution holding the paper on that property has the right to take the property back on default.<\/p>\n
The foreclosure process does vary slightly from state to state; if you live in Iowa, you will want to discuss the (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" One of the most common questions debtors have when they speak to an Iowa bankruptcy lawyer is, \u201cWhat is involved in foreclosure?\u201d Declaring bankruptcy is a stressful thing to do: with so many details, documents, rules, regulations and various meetings,…<\/span><\/p>\n