When It is Time to Get Help – Chapter 13 Bankruptcy

If you fall adequately far behind on your mortgage payments – characteristically more than 120 days delinquent under federal law – the lender can start a legal process, referred to as a foreclosure, which enables the lender to put your home on sale to repay the loan.

Before officially beginning a foreclosure process, the lender typically must, under the terms of the mortgage contract, send you a letter (referred to as a breach letter) notifying you of its intention to begin foreclosure proceedings.  To prevent your bank from moving forward with the foreclosure, you’ll need to bring your loan current within a specified period of time, typically within 30 days.

Filing for Chapter 13 bankruptcy is a favorable solution if your lender won’t modify your loan, or if your pockets aren’t deep enough to sustain an expensive legal battle. If you qualify, you can keep your house and pay your arrears over the course of 3-5 years.

How Can an Attorney Help?

The foreclosure proceedings are challenging to understand and master, even for an attorney. For instance, court procedures differ from state to state, and even from court to court. Similarly, nonjudicial foreclosure procedures are immensely different in different states.

In your fight against the foreclosure, you’ll need to understand how to file documents with the court, rules of evidence, and more. Midtown Bankruptcy has skilled foreclosure attorneys that can help you navigate the rules and advise you about your various options. A lawyer can help you prevent foreclosure altogether by working out a “loss mitigation” possibility (such as a loan modification), represent you through the foreclosure action, or help you salvage your home in a Chapter 13 bankruptcy. The experts at Midtown Bankruptcy can professionally help you with Chapter 13 bankruptcy. Talk to the experienced professionals at Midtown Bankruptcy today to discuss your case today.

Contact our experts @ https://www.midtownbankruptcy.com/

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