Posted on Friday, March 25th, 2016 at 8:10 am
On any given weekday, somebody in Northern Kentucky is getting a foreclosure complaint. Whether it arrives by certified mail or whether a sheriff brings it to your door, the feeling is always the same: despair, grief, the feeling of being overwhelmed.
Some people do not want to lose their homes, while others have already given the house up for lost but worry about the mortgage debt following them for the rest of their lives. Many are intimidated by big law firm names like Lerner, Sampson & Rothfuss, or Weltman, Weinberg & Reis. And, most importantly, many people don’t realize how many rights they actually have.
You have the power to save your home, even though you are in arrears on your mortgage. You have the power to wipe out the mortgage debt so you can start fresh in a new home without the shadow of old debts looming over you. All you need to do is decide now, at this moment, to take action. Start being proactive and asserting your rights, instead of waiting for the bank to cut off your mortgage and throw you out of your home.
Chapter 13 Bankruptcy Can Save Your Home
A foreclosure can be stopped with a Chapter 13 bankruptcy. While any bankruptcy filing can stop a foreclosure lawsuit, only a Chapter 13 bankruptcy allows you to stay in your home by restructuring your overdue mortgage payments according to your ability to pay, not the mortgage company’s schedule. A Chapter 13 last for no less than three but no more than five years, and you will have that entire time to repay the mortgage. For that reason, even a large mortgage arrearage can be broken down into manageable chunks for repayment.
Chapter 13 bankruptcies provide immediate relief from foreclosure lawsuits, but they also provide lasting relief. When you set a good faith payment plan at the start of your Chapter 13 bankruptcy, the mortgage company’s attorneys cannot challenge that plan. Even large firms such as Lerner, Sampson & Rothfuss or Javitch Rothbone cannot beat Lawrence & Associates’ clients when a good faith plan for repayment has been set. Sometimes, depending on the amount of debt and a client’s budget, repayment plans for mortgage arrearages can be as low as a hundred dollars a month!
Chapter 7 Bankruptcy Gets Rid of Mortgage Debt
Lawrence & Associates can help you erase old mortgage debt by filing a Chapter 7 bankruptcy. Although a Chapter 7 bankruptcy will not allow you to keep your home if you are behind on payments when you file the bankruptcy, it will eliminate any need for you to make additional payments on the debt. Often, since the foreclosure process must be stalled during the bankruptcy and since the foreclosure process last for several months once restarted, our clients can live in their home for months after filing bankruptcy before they need to find a new house or apartment.
Lawrence & Associates can help you stop a foreclosure. We are Working Hard for the Working Class, and we want to work for you! Get a fresh start by calling us first. The sooner you call, the better your chances of righting the ship and sailing into a better financial future. Call Lawrence & Associates today!