If you've received a foreclosure sale notice, it's important to know that there is help available and you CAN stop a foreclosure sale from happening, but you need to act quickly.
A foreclosure usually begins when a party falls behind on mortgage payments or sometimes falls behind on property tax payments. Both of these situations can be fixed in a Chapter 13 Bankruptcy case. Unlike other types of bankruptcy, a Chapter 13 bankruptcy can be used to save assets, like a house or car. A Chapter 13 allows a debtor (the person filing for bankruptcy) to not only pay the amounts that are due on their home on a regular basis, like ongoing mortgage payments, but also forces either the mortgage company or tax authority to accept past-due payments as well. The past-due amounts can even be spread out over a period of up to five (5) years!
Beware that when you receive a foreclosure notice, this is often public information. This means that you may receive notices from out of state companies offering foreclosure assistance. Know that many of these are, at best, ineffective, and at worst, scams. Never pay someone a lump sum of money if they are promising something that sounds improbable. It is best to meet with a local attorney in your area to discuss your options. A local attorney is not only licensed to practice law in your state but will also know local resources and practices to help you stay in your home.
If you're facing foreclosure, contact our office today to find out what options are available to save your home. 269-381-4471