What Is Foreclosure?
A foreclosure begins after a homeowner falls behind on their mortgage payments, usually by three or more months. Typically, once a foreclosure is filed, the homeowner has between seven and eight months before the property is sold at a sheriff's sale. In the event that the homeowner is unable to resolve the situation, bankruptcy may be the last remaining option.
Just because a foreclosure has been filed doesn't mean you will lose your home. A foreclosure will not be finalized for several months. Timothy J. Helbing at the Helbing Law Office, LLC, an Appleton attorney experienced at helping clients through foreclosure, will explain how bankruptcy can help you save your home.
Time is of the essence when a foreclosure is pending. Do not waste valuable time negotiating with the creditor. Contact an Appleton lawyer that has experience with filing bankruptcy to prevent home foreclosure or call us at 866-654-1317
Once a Chapter 7 or Chapter 13 bankruptcy is filed, the court issues an automatic stay. This prevents creditors from attempting to collect a debt (including foreclosure) while the bankruptcy is pending. Creditors must petition the court to have the stay lifted and continue the foreclosure proceedings. This may delay the foreclosure by a couple of months.
Chapter 13 Allows Homeowners to Keep Their Homes
A Chapter 13 bankruptcy provides homeowners with an opportunity to keep their homes. Homeowners submit a plan to repay the arrears on their home over a three to five year period. They must also continue to pay their regular mortgage going forward. Once the repayment is successfully completed, the homeowners have avoided foreclosure and are allowed to keep their homes.
Contact Us at Our Oshkosh Underwater Mortgage Lawyer
To schedule an appointment with experienced Oshkosh attorney Timothy J. Helbing , please contact us.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
