Stay in Your Home While Minimizing Your Losses
Have you missed mortgage payments and are now in fear of foreclosure? If you are like most people who are considering bankruptcy, your top priority is staying in your home.
You do have options. Chapter 7 and Chapter 13 bankruptcy can stop foreclosure, at least temporarily, if filed before the foreclosure sale date of your home. If you believe that foreclosure of your home is a possibility due to missed mortgage payments, discuss your case with a bankruptcy lawyer at the Flint, Michigan law firm of Marrs & Terry, PLLC. Contact our law office to schedule a consultation. Our services are available to individuals in Flint and the surrounding areas in Michigan.
Prevent Foreclosure of Your Home
- Filing Chapter 7 bankruptcy: Because your mortgage is a secured debt, it cannot be discharged through bankruptcy. However, the relief provided by bankruptcy may allow you to resume making mortgage payments and catch up on missed payments. Provided you want to keep your home, you can reaffirm your mortgage.
- Filing Chapter 13 bankruptcy: While the terms of your first mortgage cannot be modified, the terms of a second mortgage can be. In fact, stripping second mortgages is a possibility. Filing under Chapter 13 allows you to repay late payments over the course of three to five years if your mortgage payments are in arrears.
Keep Equity If Your Home is Sold
The equity you have in your home is a critical asset. If possible, you want to sell your home in order to cash out the equity, you don't want to lose it. However, today's real estate market has made it difficult to sell a home for the price you paid for it only a few years ago.
In these situations, short sales are often on peoples' minds. If you are considering a short sale, make certain to discuss the matter with an attorney first. Short sales have consequences that should not be overlooked, consequences that include still owing money to the bank and costly tax implications.
Take action and change your financial future for the better. Contact Marrs & Terry, PLLC online or call us toll free at 866-665-8095.
We provide second opinions to those who have been told by other lawyers that they do not qualify for bankruptcy. We will make certain you are not missing a debt relief opportunity.
