I HAVE TRIED TO GET A LOAN MODIFICATION FOR MONTHS AND THE MORTGAGE COMPANY HAS GIVEN ME THE RUN AROUND AND WON’T ACCEPT MY PAYMENTS. NOW I AM IN FORECLOSURE. CAN YOU HELP ME?
Steven N. Taieb, Esquire has seen this scenario on numerous occasions with several clients.
It is very dangerous to play with the mortgage company yourself since there are a lot of hurdles that you confront and then before you know it, you are substantially behind on your mortgage and your home is listed for sheriff sale.
Since your credit is already affected, the best solution is to file a Chapter 13 bankruptcy reorganization. Just like our President’s companies have used the bankruptcy process to file Chapter 11, Congress gives an individual the right to reorganize to save his or her property in Chapter 13.
The moment you file the Chapter 13, a bankruptcy stay goes into effect which is an automatic stay. (Please note the law deals with how the stay operates for people who have other bankruptcies pending within the last year.)
However when there are no prior cases pending within the last year. the Chapter 13 immediately stops the foreclosure. You also have an option of numerous plans to save your home. You can either cure the arrears and resume payments, try to sell the property, refinance or seek a loan modification.
But the major thing for you to realize is the power of the automatic stay, which not only stops foreclosure but it stops any collection proceeding, repossession or utility shut off.
Thus, the greatest power of the Chapter 13 is that it takes a universal approach to deal with your debt problems while saving your property.
If you are in a situation where the mortgage company is playing games with you and won’t accept your mortgage payments don’t delay. Call TAIEBLAW to get an attorney who as the author of The Debt Trap: How Your Life Choices Impact Your Financial Future, and will get to the root of the problem.
If you have any questions concerning this matter or any other matter contact TAIEBLAW at 856-235-4994 or visit our website at TAIEBLAW.COM.
Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 33 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.
We are more than happy to discuss all your options and to see if bankruptcy is the best option for you.