Chapter 13 Stop Foreclosure

Many homeowners struggled to repay their mortgages during the last year due to job loss, disease, or a decline in income. Consider all your options to retain your home while facing foreclosure. One option is to file for bankruptcy, which prevents your home from being prohibited immediately. Consulting a bankruptcy lawyer will help avoid stress and fear of foreclosure at an early stage.

The law on foreclosure requires you to obtain a default notice first. This notice suggests that the terms of the loan agreement are being breached. Before the mortgage company can refuse your home, you must wait for three months from the notification of default to send you the notice period. The date of sale signals the date of foreclosure of your estate. This deadline must be set at least 21 days after the date of the sales notice. Once you have issued a default notice, you need to weigh in advance all your options and consult an insolvency attorney who can inform you whether bankruptcy will help you stay home. Chapter 7 Bankruptcy prohibits your home’s foreclosure but only provides you with temporary relief as the mortgage lender will be able to forfeit your home when you are obsolete. Chapter 13 of the bankruptcy section gives you the option of paying your mortgage arrears via a monthly payment plan to keep your house.

The best way to prepare your bankruptcy case is to contact our bankruptcy lawyers early. Unfortunately, in the last few days before the foreclosure date, several homeowners are waiting for assistance. Our office can deal with emergencies, but if possible, you can avoid this case. Preparing bankruptcy promptly will prevent errors and problems with obtaining the documentation required for bringing bankruptcies under Chapter 13.

Chapter 13 on bankruptcy forbids your house’s loss at once and requires you to recover in a payment plan past mortgage payments and property taxes.