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Foreclosure Attorney Liberty County GA
Mortgage Foreclosures Increasing Across the Country:
Mortgage foreclosures continue to crash down on Americans at an alarming rate. Banks are calling in their mortgage notes and if you fear that you'll lose your home, you're not alone. $330 billion in adjustable rate mortgages have adjusted or will adjust upward in 2009. By the end of 2013, more than three million homeowners will face dramatically increased mortgage payments.
If you're like most consumers, you may not know that bankruptcy may be able to help you save your home in the face of a looming foreclosure. Chapter 13 bankruptcy is a very powerful tool if you have fallen behind on your mortgage payments and want to save your home from foreclosure.
Mortgage Foreclosure and Chapter 13 Bankruptcy in Liberty County GA:
Chapter 13 bankruptcy can stop foreclosure, but what does foreclosure mean? In fact, stopping mortgage foreclosures is the driving force behind many Chapter 13 bankruptcies, and it can stop a mortgage foreclosure proceeding in its tracks. However, the Chapter 13 bankruptcy must be filed before the mortgage company sells your home. The bankruptcy filing gives homeowners the time they need to cure delinquent mortgage payments.
A Chapter 13 bankruptcy plan provides for the repayment of the mortgage arrears and other secured debts from future income rather than from the current sale of your assets. Under Chapter 13, the payments you make are fixed so that you can meet all your necessary living expenses first and then pay any surplus income to creditors. A consumer bankruptcy attorney in Liberty County GA can help you structure a repayment plan that works for you and your creditors. Homeowners must make all mortgage payments that come due during the Chapter 13 plan. Your mortgage company cannot contact you in regard to your pre-filing mortgage arrears while you are in the Chapter 13 bankruptcy. However, if you fail to make your post-filing mortgage payments the mortgage can ask the bankruptcy court to lift the protection of the bankruptcy code and resume the foreclosure proceeding. The possibility of refinancing your mortgage after you have gotten back on track with your Chapter 13 plan is realistic for many consumers.
The loss of a home is as stressful as the loss of a job or the loss of a loved one. We encourage you to see us in Savannah or Hinesville, GA at the first sign of impending foreclosure. Consultations are free and without obligation. There are time tested strategies for saving your home and these are best employed earlier in the process rather than later, so that you won’t be getting yourself into a process where you find yourself asking, “What is foreclosure?”
If a Chapter 13 case is filed in Liberty County GA, the foreclosure proceedings stop right away. We notify the foreclosing attorney and you will not hear from them again. Under Chapter 13, the past due amounts you owe on the mortgage can be paid over five years and the future payments you begin paying again.
Many clients use Chapter 13 to stop the foreclosure then pursue loan modification to permanently reduce their monthly mortgage payments. Loan modification programs have been available for some five years now and we have seen hundreds of our clients accomplish successful modifications. Beware of persons who promise to help you save your home a fee, sadly, we have seen a number of clients who paid one of these persons but received no help: before they can to see us.
In our experience in Savannah and Hinesville, you are more likely to be approved for a loan modification after you file for bankruptcy. In our opinion, the filing of a bankruptcy proves to the lender your hardship is real: also the same Department of Justice who oversee bankruptcy filings are the ones who regulate the mortgage industry. We think mortgage lenders are apt to be on their best behavior when they know the Department of Justice has oversight on your mortgage loan after you've filed Chapter 13 or Chapter 7. Before getting panicked, just go to your nearest banker and honestly ask, “What does foreclosure mean?