Foreclosure and Mortgage Issues:
Do you need to stop or delay a foreclosure, or catch up a mortgage arrearage?
In the current recession, more and more homeowners are finding themselves unable to keep their house payments current. Unpaid mortgages result in default and foreclosure, which are extraordinarily stressful for homeowners and their families. Bankruptcy can be an effective tool to stop foreclosures, giving homeowners time to explore their options. Those options can include:
- Using a Chapter 13 bankruptcy to bring a past-due mortgage current.
- Using a Chapter 7 or 13 bankruptcy to “strip off” a second mortgage or home equity loan, which converts the loan to unsecured debt and allows homeowners to regain some equity in their property.
- Stopping foreclosure to allow time for applying for and negotiating a mortgage modification, under the Making Home Affordable (HAMP) program or otherwise.
- Using bankruptcy to surrender a property worth less than what is owed without future liability.
If you are in default on your mortgage or have been given notice of a foreclosure sale, it is essential that you seek legal counsel quickly in order to explore and exercise your options. Our attorneys deal with foreclosure issues routinely, and have the necessary skill and experience to analyze your options and recommend the best course of action.
If you have questions or need assistance, call us today to speak with one of our lawyers by phone or in person.