F is for Foreclosure

General bk | 08. Dec, 2011 by | 16 Comments

Foreclosure is one of the big factors that drive clients to my office. How can bankruptcy help you with foreclosure?

If you can afford your mortgage, a Chapter 13 bankruptcy can give you time to pay back your mortgage arrears. Generally speaking, you would need to be able to maintain your current mortgage payments and pay a minimum of 1/60th of your mortgage arrears per month as part of a Chapter 13 plan. This works well if the arrearage was caused by losing a job, but now you are working. Or you have family members or people living with you who are willing to help you make payments.

If you can’t afford your mortgage, a bankruptcy can help you to stall for time while you try to get a loan modification. The bankruptcy imposes a stay on all collection activity, including foreclosures. It will typically take 2-3 months for a mortgage lender to get permission from the Bankruptcy Court to resume foreclosure. This stay will give you time to either start or complete a loan modification. Mortgage lenders are able to modify loans for people in Chapter 7 or 13 bankruptcy.

Lastly, if you no longer want the property, a bankruptcy can delay a foreclosure auction and give you some additional time in the property. Once you file, you would stop making mortgage payments so you can use that extra money to save up for your first month’s rent, security deposit, and moving expenses when the lender finally forecloses. I have an increasing number of clients who have filed bankruptcy but the lender doesn’t foreclose. If the lender doesn’t foreclose and you’re not paying the mortgage, you are essentially getting free rent.

For other F bankruptcy terms: Future Flow Agreement – New York Bankruptcy Lawyer, Jay S. Fleischman
Forms – Jacksonville, Florida Bankruptcy Attorney, J. Dinkins G. Grange
First – Northern California Bankruptcy Lawyer, Cathy Moran
Forgiveness of Debt – Los Angeles Bankruptcy Lawyer, Mark J. Markus
Family Farmer/Fisherman – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Foreclosure – Colorado Springs Bankruptcy Lawyer Bob Doig
Failure Begets Success – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr MBA
Financial Fatigue – Cleveland Area Bankruptcy Lawyer, Bill Balena
Forms – Jacksonville, Florida Bankruptcy Attorney, J. Dinkins G. Grange
Fraud – Philadelphia Bankruptcy Attorney, Kim Coleman
Fraudulent Transfer – Downriver, Michigan Bankruptcy Attorney, Christopher McAvoy
Fresh Start – Marin County Bankruptcy Attorney, Catherine Eranthe
Fraudulent Transfer – San Francisco Bankruptcy Attorney, Jeena Cho
Fresh Start – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Free Consultation – Wisconsin Bankruptcy Lawyer, Bret Nason
Free Consultation-Livonia, Michigan Bankruptcy Attorney, Peter Behrmann
Fees, Bankruptcy Attorney-Michigan Bankruptcy Attorney Kurt OKeefe
Filing Requirements-Miami Bankruptcy Attorney, Dorota Trzeciecka
Free Credit Report-Jacksonville Bankruptcy Attorney, J. Dinkins G. Grange
Fees-Birmingham Bankruptcy Attorney, Elizabeth Johnson
Pigs Get Fat Hogs Get Slaughtered-Houston Bankruptcy Attorneys, Busby & Associates

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