Foreclosure Options
Don’t Face Foreclosure Alone.
Let Us Help You Explore All Your Options.
The home truly is a family’s castle
Nothing is as sacred as our family, our beliefs and our home. Your home is your most valuable asset. Yet we all know that life is unpredictable and sometimes, circumstances beyond your control arise and prevent you from making your mortgage payments.
How does this happen?
There are many reasons why homeowners face difficulty in making mortgage payments: temporary unemployment, loss of overtime, medical illness or injuries, marital difficulties, unexpected expenses, the list goes on. Whatever the reason, it is important to be informed of all available options and to act quickly.
How we may be able to assist you
Our office provides effective assistance to home and property owners faced with the possibility of losing their homes or property by providing effective solutions based on the individual’s particular situation and current financial status. Timely intervention by a knowledgeable and experienced professional is critical. We help you explore all options available so that you may find the most efficient and economical solution that meets your objective.
We put our knowledge and expertise into action
Most delinquent borrowers are unaware of legal strategies or options that may be available to them. In over half of foreclosure cases, they don’t even contact their lender. Once you retain our services, we immediately put our legal knowledge and expertise to use in finding the most effective means to help you deal with foreclosure.
How Chapter 13 Bankruptcy Helps When You Are In Foreclosure
If you are eligible, filing for Chapter 13 bankruptcy may be the most effective legal strategy to stop the foreclosure if all other options have failed. Filing for Chapter 13 protection immediately stops the foreclosure process and allows you to make payments under a court-supervised plan. If you are behind in paying property taxes, you may even include these in your repayment plan. Our law firm has successfully helped hundreds of individuals and families avoid foreclosure by assisting them in obtaining Chapter 13 relief. If foreclosure is unavoidable and results in a deficiency for which you are liable, filing for Chapter 7 bankruptcy may discharge the debt.
“Lien Stripping” under Chapter 13 – Reduce What You Owe On Your Property
If you have a second mortgage on your property that is not supported with equity, it may be possible to either completely wipe out or pay only a portion of the underlying debt. This is done by a process called “lien stripping” whereby we will ask the bankruptcy court to legally remove the mortgage on your property and convert the underlying debt into an unsecured debt. Unsecured debts in Chapter 13 are paid only based on the amount of your surplus income every month. If surplus income is insufficient to pay unsecured creditors, these creditors get paid only a portion of the debt owed, or in some cases, zero. If this is an option in your case, we will discuss it with you at your free consultation. “Lien Stripping” often offers greater advantages than a loan modification because of the potential to reduce a significant amount of what you owe on your property.
