Defenses for Homeowners Facing Foreclosure
If you have received a notice of foreclosure from your mortgage company, it is very important that you do not panic. You will not be forced out of your home the next day. Instead, you should discuss your options with an experienced bankruptcy lawyer.
At the Law Office of Weiss & Schmidgall, P.C., in Merrillville, Indiana, we offer a free consultation with one of our skilled bankruptcy attorneys to homeowners who are facing home foreclosure. Our attorneys serve clients in Lake and Porter counties of Indiana, including those as far away as South Bend and Lafayette. We also work with clients in the Chicagoland area of Illinois.
What Are My Options if I am Facing Foreclosure?
Your options will depend on whether you want to keep your home or are more interested in just relieving yourself from debt. Some options include:
- Loan modification: Our lawyers may be able to negotiate a lower interest rate with your mortgage company, reducing your payments.
- Chapter 13 bankruptcy: You can place your arrearage into a Chapter 13 repayment plan and pay it off over a three- to five-year period. If you have a second mortgage, our lawyers may be able to strip the lien from the mortgage, changing into an unsecured debt, which does not have to be repaid in full.
- Deed in lieu of foreclosure: If your lender accepts the deed instead of foreclosure, you won't be on the hook if your home sells for less than the outstanding mortgage.
- Chapter 7 bankruptcy: If your home sells for less than the outstanding mortgage, filing Chapter 7 bankruptcy could even eliminate that debt.
Filing bankruptcy will put an immediate stop to a home foreclosure and give you time to evaluate your options. However, once your home has been sold at a sheriff's sale, you can't get it back.
Free, Confidential Attorney Consultation
Call 866-858-4901 to discuss home foreclosure options with an experienced bankruptcy lawyer. We offer flexible payment plans, and bankruptcy protection can begin with only $100 down to start your case. Day, evening and Saturday appointments are available as needed. Contact us now to schedule your consultation.
We are a Debt Relief Agency, We Help People File For Bankruptcy Relief Under the Bankruptcy Code.
