Bankruptcy and Foreclosure
Can foreclosure be stopped with bankruptcy?
Cincinnati bankruptcy lawyer Richard West explains everything you need to know about bankruptcy and foreclosure!
Many people who visit a Cincinnati bankruptcy lawyer have questions about bankruptcy and foreclosure.
Are you consumed with foreclosure worries? Is a foreclosure about to start, ready to be filed, or been in the process for some time? A quick answer from a Cincinnati bankruptcy lawyer is that you can stop a foreclosure with bankruptcy.
How did you get into this predicament? What happened to put you here?
Medical problems, the loss of a job, a divorce, and many other unexpected life events can lead to your world and finances being turned upside down. Maybe you have been struggling to pay the mortgage for months or even longer, trying to pay your bills and still have enough so you can eat each month.
When there is not enough money to pay everybody that you owe it is a natural reaction to pay the creditors who call constantly and scream for payment.
As a Cincinnati bankruptcy lawyer I can tell you this creditor is never your mortgage lender.
This lender will never harass you on a daily basis, call you constantly, or send letter after letter demanding that you pay them. Normally all you will get is a quiet letter through the mail.
You figure that it is no big deal, after all the mortgage lender is not harassing you all the time so they must not be worried about the past due payments that you have missed. They must understand, right? You really will catch it up when you can. Honestly.
As you fall behind on a few monthly payments your worry increases, but there are still no calls from the mortgage lender. You are not being harassed by this creditor, and life is busy with all of your other responsibilities and duties.
You will make a payment as soon as you can, and you honestly mean it, as soon as the money is available. You keep telling yourself that the next time you get paid you will make a monthly payment, and even send a little extra to start paying off the past due amount as well.
Next thing you know you receive an acceleration letter from the lender. According to the letter “You have to catch it ALL up or your mortgage will be referred to the ‘legal department’ for foreclosure.”
Foreclosure. The word that you have been dreading and definitely DID NOT want to see.
Bankruptcy and foreclosure – What options do you have now?
Would your lender work with you?
Could you qualify for a loan modification?
Catching up all of the payments that you you have missed is an impossible feat. If this was at all possible you would never have fallen behind to begin with.
You could try to get a loan modification, good luck with staying sane and being successful with this process. This is a dangerous route that is full of frustration, and a nerve wracking experience. My experience as a Cincinnati bankruptcy lawyer is that loan modification attempts also have an extremely high rate of failure.
Warning: Foreclosure will move forward even if you are attempting to get a loan modification, making the loss of your home possible even at this point.
Over 95% of my clients who have started the loan modification process have told me horror stories, confiding to their Cincinnati bankruptcy lawyer stories of frustration, slow responses or even no responses at all, and paperwork that seems to be frequently lost. Some clients who have tried to get their loans modified have described having their mortgage purchased during the loan modification process, and that means starting back out at square one.
In the meantime you find people taking photos of your home, and they have been hired by the mortgage foreclosure attorneys. These individuals do not explain why they are there or what they are doing.
Asking the loan modification staff will not get you answers either. This process is automatically controlled by a computer somewhere, believe it or not, and the order comes from this automated source.
As the process of foreclosure drags on you could find people who are potential bidders for your home stopping by to look, and some may even be nervy enough to knock on your door and try to ask you questions. This is not acceptable, you are still the owner of the home, for now at least! Explain to the trespassers that the police will be called and they will be removed if they do not leave immediately.
At the same time the foreclosure process continues unless you know enough to file an answer to the court when the foreclosure case was initiated by the lender. What does this even mean? If an answer was not filed then legally you ARE NOT even entitled to receive notices about any part of the foreclosure process. You could be kept in the dark about EVERYTHING going on with the potential foreclosure and sale of your home! No joke, the rules allow this.
It is imperative to consult with a Cincinnati bankruptcy lawyer so that you are protected and you have the best legal advice possible as the foreclosure process plays out. This is true even if your plans do not necessarily include bankruptcy, or if you doubt that a loan modification would be approved by your lender. You need to know what is going on and maintain some input and control over the process. A bankruptcy lawyer in Cincinnati can help with this.
At some point you will need to make a number of decisions. What is realistic given your current circumstances? Believe it or not there are more options than you probably know, and definitely more options available than “they” are willing to discuss with you.
It is good to have options. Even better is knowing what your options actually are and how they can be combined to give you the best possible result in your specific situation.
In my experience as a bankruptcy lawyer in Cincinnati I have represented thousands of clients at every point in the foreclosure process, and I can help you deal with this process as well. We will go over what your options and the various possibilities are, and which ones could benefit you the most.
Your future, and your financial recovery, will be largely dependent on how your foreclosure is handled right now!
No matter where you are in the foreclosure process, at the beginning or closer to the middle, you must be aware of your options for the best results. Seeking advice from an experienced and highly qualified bankruptcy attorney in Cincinnati as soon as foreclosure becomes a possibility will help make sure you have all the information needed and the highest number of options possible.
If foreclosure is even a slight worry for you then don’t delay. Determine what the lender can and can’t do, what you can do and where you can turn as well as what you are not allowed to do, as soon as possible to protect yourself and your home!
Call (937) 748-1749 today to receive a free foreclosure consultation. We can make the difficult act of getting started much easier on you, and we can help you get the peace of mind and sleep at night that you need and deserve right now.