What’s foreclosure?

When a homeowner cannot pay their mortgage, a foreclosure may occur. A foreclosure enables the lender to seize the property, evict the homeowner under the terms of the mortgage deal.

Here are some suggestions:

Paying you a mortgage on time

Mortgage Refinancing

It’s a bad idea to pay your mortgage to a company that isn’t your loan servicer.

Avoid rent-to-own scams or other forms of mortgage fraud.

Do not (ever) sign any documents unless a lawyer or a third-party expert has reviewed them.

Give out this information only after you’ve double-checked the company’s legitimacy.

Keep all personal information safe, like your Social Security number or bank account number.

What to do in case of foreclosure?

If you are now facing possible foreclosure, Chapter 13 or bankruptcy may be an option for you. Chapter 13 helps If you have significant credit card debt, personal loans, or medical expenses. Chapter 13 cases, often known as “liquidation,” “debt wipe-out,” or “new start,” are usually resolved four months following the filing date. In addition, they will grant you a Bankruptcy Discharge, which means you will no longer be responsible for the discharged debts.

 Speak to a bankruptcy lawyer before or during the first three months of the delay period. The closer the foreclosure sale date approaches, the fewer options you have. And the more likely you are to remove a specific lien on your home or a mortgage. Our bankruptcy attorneys can explain these options to you.

 Other chapters use several different options to cut a specific mortgage lien. And, in some cases, altogether drop a dependent lien in both the primary house and other real estate. But, again, a consultation with an experienced bankruptcy lawyer will help you in this regard. We are sure we can do it.

We’ll work together to see if filing Chapter 13 is the best option for you.