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Can I Save My House From Foreclosure?

foreclosure
  • Blog
  • Jill
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  • July 6, 2020

Can I Save My House From Foreclosure?

Foreclosure is a terrifying potential for any homeowner. This life-ruining process should be feared and avoided at all costs. If you have found yourself in the unfortunate position where you may lose your home, all hope is not lost. There are a few things you can do to get back on track with your mortgage, such as hiring foreclosure defense, making a mortgage modification, or filing for bankruptcy. 

What Is Foreclosure? 

Foreclosure is a legal process that occurs when a lender takes ownership of a property from the original borrower. This happens because the original borrower has fallen behind on mortgage payments for a property. If you were to fall behind on mortgage payments and experience foreclosure, you would be evicted from your home. After the eviction, the lender would then sell your home. When the borrower misses a mortgage payment, foreclosure happens. This process can take several months. Foreclosure is a very scary threat; nobody wants to lose their home. Fortunately, there are steps that you can take to save your house from foreclosure. 

Loan Modification

A loan modification will allow you to refinance your mortgage loan or extend the term of your loan. There is a chance that your lender could allow you to make monthly mortgage payments that are within your financial range. To qualify for a loan modification, you must convince your lender that your current financial situation is temporary and that you have a plan to make your payments. 

File for Bankruptcy

Filing for bankruptcy is a great way to make up for missed mortgage payments. By filing for bankruptcy, you can completely eliminate many different types of debt. With bankruptcy, you can reorganize your debt and will be able to catch up on missed mortgage payments. 

There are two types of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 bankruptcy is for those who have no assets. This form of bankruptcy allows you to dispose of unsecured debts. However, Chapter 7 bankruptcy can put you at risk of losing your property to liquidation. Chapter 13 bankruptcy, on the other hand, will not put your property at risk. This form of bankruptcy requires that you plan out exactly how you intend to repay your current and previous debts. Chapter 13 bankruptcy will not only protect you from losing your home but will allow you to keep other pieces of property. 

Hire Foreclosure Defense 

If you are confused by the process of foreclosure or have a judicial foreclosure, you may want to hire a foreclosure defense (Glenn) to aid you. Not only will your lawyer help you through your foreclosure, but they will help you examine other options to avoid going to court. If you have a judicial foreclosure, you will experience many more restrictions and only 30 days to respond to your lender’s lawsuit against you. A lawyer will help you write your response and come up with strong arguments to prove that you are capable of making your mortgage payments. 

Foreclosure Defense with Bartifay Law Offices 

Bartifay Law Offices understands that the process of foreclosure is complex and stressful. For anyone, losing their home is their worst nightmare. With over 20 years of experience, we have the capabilities to help you save your home. Our attorneys will examine your situation and offer you consultation and defense. If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, Bartifay Law Offices can help you with this as well. For a free consultation, reach us at 412-824-4011.

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