HomeHow to Stop Foreclosure with Bankruptcy
Keep your home in bankruptcy. You must keep making your mortgage payments. As you probably know you don’t actually own your home the bank or lender does. Until the mortgage is paid off the lender has the right to foreclose if you miss your mortgage payments. Chapter 7 bankruptcy doesn’t change this, although it might pause the foreclosure for awhile.
If you currently “own” a home it’s important that you hire an experienced bankruptcy attorney. Attorneys can help you with filing for bankruptcy and know the law. Why should you take the risk of losing everything you own to creditors when you can contact an attorney to take care of it for you.
Liens On Your Home
Chapter 7 bankruptcy won’t eliminate liens on your home that were created with your consent or certain non-consensual liens (such as tax liens or mechanics liens). If you’ve pledged your home as security for loans other than your mortgage those creditors have claims against your home.
Keep Your Home In Bankruptcy
Unfortunately, even if you pay your mortgage payments you can still lose your home unless a homestead exception protects your equity. If you were to sell your home today, without filing for bankruptcy, the money raised by the sale would first go to the mortgage lender then to lienholders to pay off the liens, and finally to pay off the costs of sale and any taxes due. If there is anything left over that’s yours to keep.
There are other circumstances that might cause you to lose a home. Such as:
- If you’re behind on your mortgage payments.
- Bankruptcy Caused by a divorce.
- The worth of your home is less than what you owe.
All or any of these conditions might apply to you, which is why it’s important for you to hire someone to handle your bankruptcy. Our bankruptcy attorneys have helped thousands of people who were in your exact situation. At the Law Offices of Marc Grossman we have the knowledge and know how to get you through this difficult time in your life and will fight for you every step of the way. Why wait?
If you have questions about how to keep your home in bankruptcy, call us now at 1-855-LOMG-911 or use the contact form on this page. Initial consultations are always free and there is no obligation, just answers.