You can save your home if you file for bankruptcy when you have a foreclosure notice from your bank, as long as you qualify as a solid payment plan. Chapter 13 will delay foreclosure and give you time to focus on your default mortgage. Learn more in Chapter 13 on how to save your home if your lender starts forfeiture.
Your lender must obey the foreclosure laws in your state.
Only because you’ve been informed of foreclosure does not mean that the bank will automatically sell your home. Each state has different laws setting out the restitution procedures to be followed by a lender.
Some states require lenders to file lawsuits in a state court to have your house seized in the foreclosure procedure. Some require a lender to bypass the court by way of a simplified procedure known as out-of-court forecasting.
In any case, the lender will inform you before selling the house of foreclosure. The period that the lender has to wait to sell varies by country and can last up to a few weeks. When you get a letter from your bank, check to see how long the lender will take to auction your home. You will want to move as quickly as possible.
Chapter 13 Avoid Foreclosure Sale Filing
When you file for bankruptcy, your lender is prevented from selling foreclosure by an auto stay arrangement. Most creditors, including your mortgage lender, can not continue collection without additional legal approval by auto-stay. You can save your home as long as it is not forbidden.
Chapter 13 Bankruptcy helps you to recover late fees for mortgages.
As well as stopping foreclosure sales, Chapter 13 allows you to remedy and save your mortgage default. You will make your mortgage payments on your auto remain in your Chapter 13 Payment Schedule. Your strategy is a cost-effective way to repair your loss for up to five years. For a longer period. For a longer period.
This is the method.
You compensate for the arrears by charging an insolvency trustee on a monthly plan. In return, the trustee must give your creditor the monthly repayment payment stated in your contract. You will continue to make your regular mortgage payments while setting your standard. You are no longer in default and can keep your home until you complete all the contract payments.
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.
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