We understand the stress you may be experiencing over a home foreclosure or bankruptcy. David Soble years of legal expertise can help you keep your home. Don’t let temporary financial struggles be the reason for losing your home – David offers successful, practical and realistic solutions for his clients.
WHAT IS A FORECLOSURE?
Foreclosures happen when a homeowner neglects to pay their mortgage, resulting in their lending institution taking control of the property. If the homeowner cannot raise enough money to pay the debt owed on the mortgage, then it is auctioned off by the lending institution. Foreclosure is a long process, which begins after approximately 3 months of missed payments. The homeowner will receive a notice of foreclosure, and then will have a specified period of time (anywhere between one and four months) to work out a settlement arrangement with the lending institution before the home goes to foreclosure sale.
WHAT IS BANKRUPTCY (AND HOW CAN IT AFFECT MY HOME)?
Bankruptcy is a legal process that helps consumers who are struggling financially to repay or eliminate their debts. There are multiple types of bankruptcy, but the two most common types of bankruptcy for consumers are Chapter 7 and Chapter 13 bankruptcy. Chapter 13 bankruptcy is only for individuals who have a reliable source of income, while nearly anyone can file for Chapter 7 bankruptcy. In both cases, the legal proceedings lasts several months. Chapter 13 bankruptcies generally do not involve any seizure of property, but instead, result in a strict payment plan lasting many years. Chapter 7 usually involves liquidation of assets – which could include selling your home. David can help keep your home from foreclosure, and more importantly, keep you from filing bankruptcy altogether.
HOW CAN PROVEN RESOURCE HELP ME KEEP MY HOME?
If you fear that you may lose your home to a foreclosure there are solutions. A skilled and knowledgeable lawyer like David Soble, can help you negotiate with creditors to develop a payment plan, so you can keep your house. These processes differ depending on your specific situation.
If you have received a foreclosure notice, there are a few different steps you can take. At the first sign of a potential foreclosure, you should begin negotiations with your lender to see if you can make partial or late payments. If things have escalated, you may actually be able to use Chapter 7 bankruptcy to delay the foreclosure or you may qualify for one of the government’s foreclosure aid programs, known as HAMP or HARP. If you are not facing a foreclosure, but are worried about losing your home due to bankruptcy, consult with your lawyer – most likely, you do not have enough equity in your home to result in a sale and even if you do, there are certain exemptions you can claim to avoid a sale.
If you are worried about losing your home, call David Soble today. He is here to help you through every step of the foreclosure or bankruptcy process.