You can still save your house if you’re behind mortgage payments, and the default auction is coming shortly. You will petition for bankruptcy or file a lawsuit against the bank to avoid delaying the default. If you have a little more time to spare, you can apply for a loan waiver or other training program.
Bankruptcy refers to the legal mechanisms used by debtors when creditors are unable to pay. The bankruptcy motion suspends the daily procedure of the property of the debtor and his creditors. The cornerstone of bankruptcy is the reorganization of the rights and obligations between the creditor and the creditor.
With Chapter 11 bankruptcy, you will reorganize your finances, pay off your mortgage, and make a financial recovery. The plan typically lasts between three and five years. It takes time, but it can be an extremely productive way to improve and get back on track.
You may use it to escape default, make late mortgage payments, adjust mortgage terms, and pay the debt tax without penalties or interest. And if you pay off all of your credit card debt for 3-5 years, you won’t pay interest for that time to prevent your debt from moving.
Bankruptcy filing holds all creditors on board immediately. This is because the court will put its arms around you from the moment you sue and protect you against all of your creditors. This protection is referred to as a forced suspension. You can not legally recover your salary or bank account from creditors. Your car, house, or other property could not be taken back. You can not affect your public service or your social benefits.
Chapter 11 can be used to buy time needed. You may have a lot of investment assets worth less than you owe. You will only repay what you owe to the property in Chapter 11 bankruptcy, and you will be able to extend the mortgage terms and apply historically low-interest rates.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.