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In Danger of Foreclosure?

Managing Your Mortgage Payments

Are having trouble making your mortgage payments? If so, you may be afraid of losing your home to foreclosure. According to the Federal Deposit Insurance Corporation (FDIC), 1 in every 200 homes is foreclosed upon. In a large city (such as Washington D.C.), the equivalent of 3,000 families will lose their homes every year. The means that, statistically s peaking, one child in every American classroom is at risk of losing his/her home to foreclosure. At the Price Law Group, we want to help people facing financial difficulties.

At the firm, we understand if you feel overwhelmed the prospect of foreclosure or bankruptcy. According to the FDIC, more than 60% of homeowners wish they understand the term and details of their mortgage with greater clarity. Facing foreclosure is hard enough, much less facing it without a clear understanding of your loan agreement. If have an overwhelming amount of debt and are afraid that your house may be foreclosed upon, let an attorney from The Price Law Group help you defend your home against foreclosure.

Defending Your Home with Bankruptcy

Whether you realize it or not, you may be able to fight foreclosure by filing for bankruptcy. Filing for bankruptcy may feel like you've admitted defeat. In reality, it is one way that you can take the security of your home into your own hands. When you file for bankruptcy, your assets will enter a period called "automatic stay." Automatic stay is enacted when you file chapter 13 or chapter 7, and requires that your creditors stop attempting to collect payments. Thus, any plans to foreclose your home will be halted for several months. Automatic stay will not help you under these circumstances:

  • If you lender files a motion to life the automatic stay, your home may be at risk. In essence, lifting automatic stay allows your lender to continue the foreclosure process. Thus, you will not be allowed the extra three to four months to work out your finances. Even if your creditor files a motion to life automatic stay, you will be granted a few months to establish a new foreclosure defense plan.
  • Automatic stay will not help if your lender has already filed a foreclosure notice. Usually, your lender is required to give you a certain amount of time before selling your home. If your lender has told you that your house will be sold, automatic stay will not keep your lender from selling your house to an individual buyer or putting it up for auction; you must file the petition before your lender files the foreclosure notice.

Using Chapter 13 to Your Advantage

Chapter 13 bankruptcy allows you to establish a repayment plan to pay off any outstanding debts that you own on your house, credit card, car, etc. Generally speaking, the court will allow you to suggest an amount of time to repay your debts. Remember: in order to qualify for chapter 13, you must have a substantial income. Otherwise, you only cause further legal complications by not being able to make payments on your chapter 13 payment plan. If you give yourself an adequate amount of time to repay your debts and keep on top of your new, monthly payments you will be able to keep your home.

Your Home and Chapter 7 Bankruptcy

Chapter 7 bankruptcy may be able to discharge all unsecured debts held against you. This includes mortgages and home equity loans. Additionally, chapter 7 forgives you of tax liability regarding any losses suffered by your mortgage lender when you defaulted on your loan. Be careful, though: chapter 7 will not cancel tax liability if the loan is not a mortgage, wasn't used for home improvement, or was used on a home other than your primary residence. Vacation homes and rental properties will not qualify. Before you file for chapter 7, make sure that your home will actually be protected; in some cases, your home may be liquidated if you file a petition for chapter 7 bankruptcy.

Keep in mind that filing a chapter 7 petition may not be able to prevent foreclosure. Unlike chapter 13 bankruptcy, which allows you to establish a repayment plan, chapter 7 allows your lender to liquidate your assets as compensation for your outstanding debt. Under the right circumstances, your lender may be able to liquidate your house. Additionally, you may not be eligible for chapter 7 if you make a significant amount of money. If you make enough money make regular payment towards your outstanding debt, you may be denied chapter 7 bankruptcy. In this case, you should file for chapter 13 bankruptcy instead.

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