Is your home in foreclosure, or have you missed three or more payments? We are here to help.
Can You Stop Foreclosure?
Some options are temporary. When you defend the foreclosure in state court, you will stop the foreclosure for some time. Generally, it only delays the foreclosure and is not a permanent solution. Other options give you a permanent solution to save your home. We can do that.
Resolve your Foreclosure Problem and Save your Home
Loan Modification
When you apply for Loss Mitigation, you are asking to change the terms of the mortgage:
1. Defer the arrearage until the end of the mortgage.
2. Extend the term of the mortgage.
3. Reduce the interest rate.
4. Completely forgive all the arrearage or a part of it.
5. Or a combination of the above.
In essence, the goal is that the mortgage becomes current. The foreclosure is over.
Mortgage companies look to deny applications for the slightest of reasons. Or they deny receiving the application. That’s why you need a professional. Someone who works for you. Someone who can go through the maze of a loss mitigation application. Someone who is on your side.
CHAPTER 13
There are two (2) types of Chapter 13s to save your home.
TRADITIONAL CHAPTER 13
How does it work?
- You have a regular income.
- You can pay your current monthly mortgage payment.
- You can pay the back mortgage (the arrears) over time: generally, three (3) to five (5) years.
- You still have enough money to pay your other monthly expenses.
- Also, you consolidate all your debts into one package. One monthly payment covers the back mortgage payments and all your other debts.
A NEW CHAPTER 13 WITH A MORTGAGE MODIFICATION.
There was a moratorium on foreclosures for a while. The result is that many homeowners are very far behind on payments: too far to catch up.
File Chapter 13 with an immediate application for Loan Modification.
How does it work?
- You have a regular income.
- You can pay your current monthly mortgage payment.
- You do not have to pay back the arrears in Chapter 13.
- You can pay a modest Chapter 13 payment.
- You still have enough money to pay your other monthly expenses.
- Also, you consolidate all your debts into one package.
Will it work if I file Chapter 13 with an application to modify my mortgage?
Answer: Seventy Percent (70%) of mortgage modifications go through—pretty good odds.
WHAT IF I DON’T GET THE MODIFICATION?
You stopped the foreclosure while the mortgage application was pending. You haven’t lost anything.
You can
- continue Chapter 13 and avoid a foreclosure deficiency,
- you can convert your Chapter 13 to Chapter 7.
- or you can dismiss Chapter 13.
You still have the same rights you had before. You can fight the foreclosure in state court.
Talk to an Experienced Lawyer Today
Are you concerned you could lose your home through foreclosure? Then contact ROBERT J. ADAMS & ASSOCIATES.
Our consultation is free and confidential. We have experience helping homeowners like you to save their homes.
At the bottom Contact ROBERT J. ADAMS & ASSOCIATES by phone (312-804-19044) or online.