Can You Halt Foreclosure?
The idea of losing your home to foreclosure is a daunting prospect. However, even after you receive a foreclosure notice, you can take steps to prevent the process from finalizing. Filing for either Chapter 7 or Chapter 13 bankruptcy places an automatic stay on your creditors and halts impending foreclosures, at least temporarily. The experienced attorneys at Christman & Fascetta LLC can carefully evaluate your estate and counsel whether filing for bankruptcy may assist your family.
Preventing Foreclosure With Chapter 13
Filing for Chapter 13 bankruptcy provides you with the best chances of halting foreclosure. Since Chapter 13 reorganizes your debt payments, you can pay off your arrear and current mortgage payments over a three-to five-year time period to retain your home. Second or third mortgage payments may be classified as unsecured debt and may not need to be repaid. For this opportunity to work, you must make sufficient income in order to afford your new mortgage payments. If you cannot afford your payments, you can still lose your home.
The Effect Of Chapter 7 On Foreclosure
It is more difficult, but not impossible, to prevent foreclosure when you file for Chapter 7 bankruptcy. While filing for bankruptcy places an automatic stay on your creditors, they may petition the courts to lift the stay and continue the foreclosure process if you are behind in your mortgage payments. Our experienced attorneys can thoroughly evaluate your situation and advise you on the best method to protect your home. We can explore loan modification options, Chapter 13 bankruptcy and other avenues to prevent foreclosure.
Contact Our Firm For Knowledgeable Guidance
If you are concerned about the risk of foreclosure, contact our knowledgeable lawyers for personalized counsel. We will do everything we can to help you retain your home and to secure your financial future.
Christman & Fascetta LLC provides Maryland families over 25 years of bankruptcy experience. Call our trusted lawyers at to schedule a free consultation, or email us today. With our main office in Towson, we offer two other locations in the Baltimore region.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.