As one of the top bankruptcy lawyers in Mesa, we answer calls regularly from Phoenix, Gilbert and even Queen Creek on ways to save a home from foreclosure. Our Phoenix foreclosure lawyer not only offers a sympathetic ear to each situation, but guidance and representation on the correct steps to take to protect your home.
People fall behind on mortgage payments for a variety of reasons. We’ve had clients at risk of losing their home because of high medical bills, job loss, reduced income or divorce and separation. Whatever the reason, there is nothing more disrupting to a family than the realization you could loose your home. Often times, a bankruptcy lawyer, such as DM Bankruptcy Law Group, can help with foreclosure-related issues.
When you’re facing foreclosure, it means you’re at risk of losing your home due to being unable to make mortgage payments. Filing for bankruptcy, specifically Chapter 7 or Chapter 13 bankruptcy, can have an impact on the foreclosure process and may help you keep your home or manage the situation more effectively. Below are just six ways our Phoenix foreclosure lawyer may help you save your home:
1) Automatic Stay
When you file for bankruptcy in Arizona, an automatic stay goes into effect, which temporarily halts most collection efforts, including foreclosure proceedings. This gives you time to work out a plan to address your financial difficulties.
2) Chapter 7 Bankruptcy
While Chapter 7 doesn’t directly save your home from foreclosure, it can provide temporary relief and potentially buy you more time to negotiate with your mortgage lender. The bankruptcy process might free up resources that you can use to catch up on missed mortgage payments.
3) Chapter 13 Bankruptcy
This type of bankruptcy allows you to create a repayment plan to catch up on missed mortgage payments over a period of three to five years. It can help you keep your home by restructuring your debts and making them more manageable.
4) Negotiations with Lender
Our Mesa bankruptcy lawyer can negotiate with your mortgage lender on your behalf to work out a plan to prevent foreclosure. This could involve modifying your loan terms, reducing interest rates, or even forgiving a portion of the debt.
5) Mediation and Litigation
If negotiations with the lender aren’t successful, our Phoenix foreclosure lawyer can represent you in mediation or court proceedings related to foreclosure defense. They can help you explore legal options to save your home.
6) Strategic Planning
A bankruptcy lawyer can help you assess your overall financial situation and determine if bankruptcy is the best course of action. They can guide you on whether filing for bankruptcy is the right choice based on your circumstances.
It’s important to note that while a bankruptcy lawyer can assist with foreclosure-related matters, they might not be able to guarantee a specific outcome. The success of using bankruptcy to prevent foreclosure depends on your individual financial situation and the specifics of your case.
If you’re facing foreclosure in Phoenix or Mesa, it’s crucial to consult with a qualified bankruptcy or foreclosure lawyer, such as DM Bankruptcy Law Group in Mesa for a complimentary case consultation. The sooner you explore possible options the quicker and more efficient they can develop a strategy to address your situation.
DISCLAIMER: None of the content in this post shall be construed as legal advice to you, the reader, and no attorney/client relationship is formed by reading this post.