If you have a foreclosure action filed against you or your mortgage company is threatening foreclosure, you need to speak with an attorney. The attorney will be able to advise you what options you may have available to you that can not only stop the foreclosure but also may be able to help you save your home. There are many options available right now that you may qualify for such as reinstating or refinancing your loan, entering a payment plan with your lender, or you may qualify to have your mortgage modified. A loan modification may allow you to bring your loan current, to reduce your interest rate, or to reduce your monthly payment, and in some cases, all three may be possible. The attorney can help you negotiate with your lender to see what specific options you have available. You can find Foreclosure Help in Allentown, PA that will assist you in finding a solution to your problem.
When you call and schedule your initial consultation, you will be advised what information you need to bring with you. After reviewing your information and discussing what options may be available to you, your lawyer will advise you on how to proceed. If you have a defense to the foreclosure action, your attorney can file an Answer on your behalf and represent you throughout the foreclosure process. Depending on your specific circumstances, your lawyer may advise you that your best option is to file bankruptcy. When you file bankruptcy, a bankruptcy stay is in effect which stops all collection attempts by your creditors including foreclosure actions and collection phone calls.
A Chapter 7 Bankruptcy is a liquidation of your debts which could result in some debts being forgiven as well as some assets being lost. There are specific guidelines that are followed, and they are set out in the Bankruptcy Code. The Bankruptcy Court and the assigned Trustee will decide the debts that will be forgiven, the debts that you will have to pay, and the assets you will give up or retain. A Chapter 13 Bankruptcy allows you to adjust your payments on your debts, and you will typically be able to keep your assets. The laws for Foreclosure and Bankruptcy cases are extremely complicated, and you should hire an attorney to help you navigate through them and to represent you in both courts.
