Saving Your Home From Foreclosure
Even if your home has gone into foreclosure, it is not too late to try to save it. Filing Chapter 13 bankruptcy before the sale date can stop/postpone the sale. Your regular monthly mortgage payments will resume after the filing of the bankruptcy and the payments that you were behind prior to filing bankruptcy will be brought current through the Chapter 13 Plan of Reorganization.
Removing your 2nd mortgage
Under certain circumstances, it may be possible to “scrape off” the 2nd mortgage against your home through a Chapter 13 Plan of Reorganization. An appraisal would be required and the value of the home must be less than the amount due on the first mortgage. Other factors will determine if this is an option available to you, which can be discussed at your consultation.
Understanding the Anti-Deficiency Statute
If your home has been lost to foreclosure, you may not be responsible for the balance owed. There are several factors to determine if your loan falls into this category, which can be discussed at your consultation. You would also want to consult with a tax advisor or real estate attorney concerning any possible tax consequences.
Advantages of Working With a Lawyer
If your home is in foreclosure, and has not yet been sold, you are not out of options. Contact one of our offices online or call 602-252-7552 to learn about the possible ways your home may be saved. For over 29 years, Mark Lischwe has been helping people maintain their residence through Chapter 13 reorganization. Let us see if we can do the same for you.