What about foreclosures?
If you are facing foreclosure, I know the situation is stressful and may seem overwhelming, but I have helped many people who have found themselves in your situation. Chapter 13 Bankruptcy offers a way to stop the foreclosure sale and to retain your property, even over the foreclosing creditor’s objection! I offer a free bankruptcy consultation so you can see if a bankruptcy may help you to avoid the loss of your property which will occur if the foreclosure continues.
For many of my clients, and perhaps for you, facing a foreclosure is something that they never imagined would happen. For them, and perhaps you, the foreclosure is often the result of circumstances beyond their control, such as temporary loss of a job or an illness. An obvious solution to the foreclosure may be to sell the property before the date of the foreclosure sale. However, it is often not possible to conclude the sale before the date of foreclosure. Plus, most people want to keep their home and find a way to get caught up on their payments.
Foreclosure & Chapter 13 Bankruptcy
If you are facing a foreclosure, you may be eligible to file a Chapter 13 proceeding in the United States Bankruptcy Court in the District of Oregon. Chapter 13 allows you to make payments to your creditors over a period of time and to keep your property while you do so. If your mortgage company is unwilling to agree to a payment schedule with you outside of Chapter 13 you can have up to five years under Chapter 13 to cure the delinquency, even if the creditor objects. In some circumstances if the amount of missing mortgage payments is large, we can couple a smaller chapter 13 payment along with the sale or refinance of the home within 3 to 5 years of the bankruptcy filing. Even though one would think it would be difficult to refinance a home during the chapter 13, it can be done using an FHA program. I can also refer you to a couple of different mortgage brokers that have helped previous clients with a refinance to pay off the chapter 13.
Chapter 13 may not be the right choice for you and only a careful review of your circumstances by a lawyer can determine what option is best for you since every case is different. I will be happy to go over all your options and different scenarios to find one that is the best fit for you. If you’re looking for a Chapter 13 bankruptcy attorney near you I can help. There is no charge for the consultation by telephone or in person.
Chapter 13 can be a very affordable solution, particularly when compared to the potential loss of the equity in your home. The cost of Chapter 13 is often less than the costs associated with a refinance or a second mortgage, which typically involves significant points, fees and closing costs, as well as a higher interest rate on the new loan. Many credit experts will tell you that having a foreclosure sale on your record is worse than filing bankruptcy.
If you are facing a foreclosure or are behind three or more payments, call now to schedule your free consultation. There is no obligation, and you may decide a chapter 13 is not the right option or you. But, if chapter 13 is the right option, waiting until the last minute to call lawyer can be disastrous. I urge you to give me a call or send me an email now so that we can take a look at your options as early in the process as possible.
