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What if I am behind on my mortgage payments?

 
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.  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 our 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.

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. Chapter 13 may not be the right choice for you. Only a careful review of your circumstances by a lawyer can determine what option is best for you since every case is different. .

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. 

Other options should also be considered.  You may be a candidate for a short sale or execution of a deed-in-lieu of foreclosure.  The later is sometimes called "Cash for Keys".  The lender is willing to pay the borrower to just sign the real estate over to the bank via a deed-in-lieu of foreclosure.  This allows the bank to avoid the legal fees, expenses, and time involved in their proceeding with foreclosure.

If you are facing a foreclosure or are behind three or more payments, call now to schedule your free consultation.  There is no obligation. But, if chapter 13 is the right option, waiting until the last minute to call lawyer can be disastrous.

 

Important Disclaimer: I provide this website for information and advertising purposes only. It is not intended to and does not constitute bankruptcy assistance services or specific legal advice on a specific matter.  As I am sure you understand, I can only offer to provide such people that participate in a telephone or office consultation directly with me. The information contained on this website does not and should not be construed as legal advice.  You should not act on any of the information contained in this website without first conferring with an attorney licensed in your jurisdiction. No attorney-client relationship or privilege is formed by visiting this site or by sending unsolicited email. Initial emails should not contain any confidential information or information you want to keep secret. I am licensed only in Kansas and Missouri and offer my services only in Kansas and Missouri. The applicable laws may have changed after the information on this website was published. While I strive to keep the information current, you should not presume that all information is up to date since laws change frequently.  You must confer with an attorney to be sure you have current information.  Sections 341, 342, 527(a) and 527(b) of the Bankruptcy Code require that an “assisted person” be given certain required disclosures and notices.  I urge every person who is considering bankruptcy to seek the advice of a competent attorney.

The choice of a lawyer is an important decision and should not be based solely upon advertisements.