Defending Homeowners Against Foreclosure
If you have received a notice of foreclosure or are being sued by 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 attorney.
At the Law Office of Weiss & Schmidgall, P.C., in Indiana, we offer a free consultation with one of our skilled Merrillville foreclosure alternatives attorneys to individuals facing home foreclosure.
What Are My Options if I'm 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 modifications: Our lawyers may be able to negotiate with your mortgage company to get your loan caught up and possibly even reduce your payment substantially.
- 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.
- In rem judgment: Much like a deed in lieu, expect that you can often stay in your home until the time of the sheriff's sale.
- Short sales: Your lender may be willing to accept less than the outstanding amount you owe on your loan and sell the property at a loss.
- Forbearance agreements: Sometimes you can get your mortgage lender to agree to a suspension, reduction or postponement of payments for a specific period of time.
- 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 it into an unsecured debt, which does not have to be repaid in full.
- Chapter 7 bankruptcy: If your home sells for less than the outstanding mortgage, filing Chapter 7 bankruptcy could 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 Consultation With NW Indiana Deed in Lieu Attorneys
Call 866-858-4901 to discuss home foreclosure defense options with an experienced lawyer in the Region. We offer flexible payment plans, and it only takes $500 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.
