Options For Homeowners Facing Foreclosure

The feeling created by the media regarding foreclosures, leads people to believe losing your home is an absolute conclusion if you fall behind on payments or can no longer afford your mortgage.  This is not the always the case.

At Roy Petty & Associates, our attorneys work closely with homeowners seeking ways to avoid foreclosure. Often, declaring bankruptcy may be the only or most effective means for keeping your home. We can evaluate your financial situation and determine how best to assist you in pursuing your financial and legal rights.

Foreclosure is expensive and a hassle for banks to jump through the required hoops. Most banks would rather modify a home loan than simply foreclose on a home. Banks often stand to lose money if they foreclose on a home as opposed to renegotiating the mortgage itself.  Oftentimes, just the act of filing for bankruptcy can increase your ability to modify your mortgage.

Roy Petty & Associates may be able to prevent you from losing your home to foreclosure.

Avoiding Foreclosure Through Bankruptcy

Depending on your financial situation, it may be in your best interests to file for bankruptcy under Chapter 7 or Chapter 13. Here are just a few”

First, the terms of Chapter 7 and Chapter 13 Bankruptcies contain a substantial homestead exemption.  Second, if the main portion of your debts are discharged, it is likely that you may have enough money to remain current on your mortgage payment or be able to negotiate a loan modification.

If you do not qualify for Chapter 7, you can still file for bankruptcy under Chapter 13.  In a Chapter 13 a Plan of reorganization is filing allowing you to pay any past due amounts back to the bank over a period of time. During this time, the bank cannot simply foreclose on your home once you have filed for Bankruptcy. In fact, filing for Chapter 13 may be the most effective means of convincing your bank to modify your loan or renegotiate its payment schedule.

Contact Our Lawyers

If you’re facing foreclosure or find that the bank is unresponsive to your requests for a loan modification, contact our attorneys at Roy Petty & Associates, today to schedule an appointment to discuss your situation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.