You’ve worked hard for the house you live in and you can’t imagine what you would do with your family if you lost the house through foreclosure. Feeling desperate you panic, freeze and do nothing—and that is the worst possible situation to find yourself in. But we can help! We can save your home by stopping foreclosure!
We know that just the thought of losing your home is a terrifying thing, which is why we are here to show you how bankruptcy can help stop foreclosure and get you and your family the security that they so badly deserve! We’re standing by to answer your questions—get started today with a 100% free evaluation!
What Exactly Is Foreclosure?
Foreclosure is a process that lenders (banks) typically begin when the purchaser of a home falls behind on their mortgage payments for a period of time (usually around 90-days). Foreclosure is the legal process by which the lender attempts to obtain physical possession of the home and then sell that home at auction to pay for the defunct mortgage of the original home purchaser.
There are many steps that have to take place for a lender to properly foreclose on a home and our expert bankruptcy and foreclosure advocates know what to look for and how to make it as difficult as possible on the lender to take a persons home away from them!
The foreclosure process takes a long time—usually 6-months to a year at least. The lender must provide you with proper notice (service of the summons and foreclosure complaint) and you must be given your chance to defend yourself in court. Before you exhaust your efforts, it is absolutely necessary to talk with one of our experts and find out how bankruptcy just may be the best way to save your home and stop the foreclosure process!
How Can I Live Rent Free?
When a persons house goes into foreclosure, the process takes months to complete. Our attorney experts know how to prolong the process even longer than you ever would have imagined. If you are ready to let go of your home and want to live rent free for months in rare instances, bankruptcy is probably the best option for you! Contact us now to learn how!
Here’s how it works: When a person files for bankruptcy, something called the “automatic stay” is triggered. This means that bill collectors and banks trying to kick you out of your home must stop their actions immediately. Our attorney experts will then fight to make sure that the bank does not move forward with their process for months! This will allow you to live in your home without paying a dime to the bank, allowing you to save money for future rent or to re-build your nest egg. Of course, not everyone can qualify for this–but a qualified foreclosure and bankruptcy attorney expert will provide you with a 100% free evaluation and let you your options!
Chapter 13 Bankruptcy Can Save Your Home
We believe that everyone should be able to do whatever they can and fight to keep their home. If you are feeling the pressure of late mortgage payments and are realizing that foreclosure is an inevitability and there is no way you would be able to get current with your mortgage payments, Chapter 13 bankruptcy may be the answer for you!
Chapter 13 bankruptcy allows an individual to set up a “payment plan” to pay off some debt and eliminate others over the length of the repayment plan that is proposed (up to 5-years). If you can successfully make all your payments on time for the length of your plan, you can avoid foreclosure and keep your home!
Chapter 13 bankruptcy also helps some people erase second and third mortgages that may have been taken out on the home. Because the first mortgage is a “secured debt”, meaning it is secured by the value of the actual property, it cannot be eliminated. However, the second or third mortgage may no longer be “secured”, especially if your home has dropped in value. Chapter 13 bankruptcy will “strip” the second and third mortgages off the home and categorize them as unsecured debt—taking away their powers of enforcement and eliminating most, if not all of the debt owed to those lenders!
Delaying Foreclosure: The Automatic Stay
Filing either a Chapter 7 bankruptcy of a Chapter 13 bankruptcy immediately starts a relief period for the debtor filing bankruptcy. This stops lawsuits, wage garnishments, and most importantly—foreclosure for the duration of the automatic stay period. Even if your home is scheduled to be sold at auction already, the filing of a bankruptcy and the automatic stay immediately stops the auction sale for at least the next 3 or 4 months.
But eventually, the lender will be able to foreclose by following their legal rights. A lender may file a “motion to lift the stay.” What this means is that the lender may ask the court to lift the automatic stay and ask for permission to continue with the foreclosure and sale of the home. If they move quickly, they may be able to eliminate one of the four months you typically have, but this is becoming increasingly unlikely as more and more foreclosures are filed, the files that include a bankruptcy usually get pushed to the bottom of the stack. Attorney experts will fight to buy you as much time as possible to live rent-free in the home!
The experts here at Bankruptandbroke.com are ready to get started on saving your home from foreclosure through bankruptcy! Whether it’s the filing of a Chapter 13 bankruptcy to restructure your mortgage payment and make it manageable or the filing of a Chapter 7 bankruptcy, allowing you to live rent-free for months at a time (saving money to hopefully obtain new living arrangements), we are here to help! Filling out the form and contacting us is your first step to saving your home and financial freedom! Don’t panic and freeze—just contact us for your free consultation! Get started today!