Declaring Bankruptcy to Stop Foreclosure
You have worked hard for the right to own a home and facing the possibility of losing it to foreclosure is a terrifying prospect. If you are behind on your mortgage payments or have been notified of your lender's intent to foreclose, don't feel like you have no choice but to give up your home. Filing for bankruptcy can stop foreclosure and give you the time you need to get your financial affairs in order.
An experienced bankruptcy lawyer can help you understand your options and get you started on a path that leads to freedom from your debt without losing your home. At the Salt Lake City, Utah based law office of Justin M. Myers, Attorney-at-Law, LLC, we have worked with many clients facing foreclosure.
Protecting Your Interests and Your Home
When you file for bankruptcy, you receive an automatic stay against all collection activity from creditors and lenders. This includes stopping foreclosure procedures. Filing for Chapter 13 bankruptcy allows you to consolidate all your debt, including mortgage arrears, into one payment plan. You then repay the back mortgage payments over time and continue to make your regular mortgage payments as usual.
Wiping Out Second and Third Mortgages
Another advantage of Chapter 13 bankruptcy is the possibility of eliminating any additional mortgages on your home. This is referred to as lien stripping. If the value of your home is less than the amount you owe on the primary mortgage, any additional loans secured by the home could be stripped away since there is no property value to support them.
Schedule Your Free Initial Consultation
Contact our office today to learn more about stopping foreclosure. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 888-811-7784 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
