Stop Home Foreclosure Through Bankruptcy
Our Experienced Bankruptcy Attorneys Fight for You to Keep Your Home
Despite your best intentions, difficult financial circumstances may cause you to fall behind on your mortgage payments. Don’t live in fear over the possibility of losing your home – filing for bankruptcy may be able to help save your home. The renowned South Jersey bankruptcy lawyers at McDowell Posternock Apell & Detrick, PC have over 80 years of combined experience helping our clients stop home foreclosures. We will thoroughly explain your options and take every action to help you obtain debt relief and put your life back on track.
Bankruptcy May Save Your Home
Once you file bankruptcy, the automatic stay will immediately stop any foreclosure proceedings. There are two types of bankruptcy homeowners typically use y to stop mortgage lenders from seizing their homes:
- Chapter 13– With the help of our knowledgeable attorneys, you’ll devise a reasonable monthly plan to pay off your current mortgage payments, your back payments and any remaining debts through Chapter 13 bankruptcy. Your assets will be protected and you’ll have approximately three to five years to pay off your past due payments.
- Chapter 7– If you cannot afford to pay off the money you owe in the three to five year timespan, you may qualify for Chapter 7. A Chapter 7 filing will delay a foreclosure, allowing you to keep your home, and discharge all your other debts so you can pay your mortgage – however, your home can still be foreclosed if you don’t continue making payments.
If you don’t qualify for or don’t want to declare bankruptcy, there are other options available to avoid foreclosure:
- Short Sale– If the value of your house has decreased, you may be able to sell it at its current market value if your mortgage lender agrees to it. Unfortunately you’ll be leaving your home, but all your mortgage debt will be eliminated and your credit will remain intact.
- Loan Modification– You may be able work out an agreement with your mortgage lender to change the terms of the loan and make the payments more manageable. There is a possibility your lender may not agree to the plan, and your credit will still be affected.
It’s crucial that you contact an experienced bankruptcy attorney as soon as you receive a summons, as you may have only six to seven months to stop your house from being sold at a foreclosure sale once the process begins.
Why should I contact a NJ bankruptcy attorney to help stop my home from being foreclosed?
- To help determine if declaring bankruptcy can help save your home, and what option is best for your circumstances.
- To communicate with your mortgage lender for you, leaving you with peace of mind.
- To draft all the necessary documents and guide you through the often complex process of filing bankruptcy
Seek bankruptcy advice with a free phone consultation
Determine whether bankruptcy can save your home and livelihood – call McDowell Posternock Apell & Detrick, PC or fill out our contact form to schedule a free phone consultation.