Steps to recover from foreclosure

Fox News shared some tips on January 23 offering advice on how to spring back from a foreclosure experience.

• After a foreclosure, borrowers should fix their credit by continuously using their credit and make it a point to pay on time. Lenders may grant loans to borrowers who work to build a continuous and reputable credit history.

• After foreclosure, previous homeowners may need to wait for years before they can qualify for loans from lenders. However, the duration of the waiting period may possibly be reduced if the foreclosure was a result of losing a job unexpectedly or the death of a family member.

• After a foreclosure, borrowers should diligently settle their taxes. People may avoid hefty foreclosure taxes if they prove that they are completely broke or if they seek bankruptcy protection.

The lawyers of Greenway Bankruptcy Law, LLC, know that many homeowners in Birmingham have lost their homes to foreclosure. If you believe your home is being threatened with the same process, our lawyers may work with you to prevent it from happening. Find out how we may help you safeguard your home today by calling (205) 324-4000.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.