Foreclosure rates are rising through the roof both nationally and in Central and Western Massachusetts. If you are behind on your home mortgage payments, worried that you will soon be unable to keep up with your payments or are facing foreclosure there are a number of possible strategies that may be available to you to help you and your family to stay in your home. Among the possibilities are loan modification agreements.
An experienced bankruptcy attorney, like James Wingfield, can help you to negotiate with your mortgage company to refinance or modify the terms of your loan. In addition, if you are on the verge of a foreclosure or are well behind on your mortgage payments, certain types of bankruptcy may give you some breathing room while a modification is negotiated, or simply to allow you to catch up on your past-due payments. Alternatively, a bankruptcy may allow you to discharge other debts while keeping up with your current obligations under a home mortgage.
A Chapter 13 case is particularly useful if you find yourself behind on your mortgage. Chapter 13 allows you to cure prior mortgage defaults, or defaults on other secured loans such as a car loan. While some people are “forced” into Chapter 13 because their income is too high for a Chapter 7 filing under the 2005 bankruptcy code amendments, Chapter 13 may be the best option for filers with past due mortgage debt.
Only a qualified bankruptcy attorney, such as James Wingfield, can help you to determine which strategy for stopping a pending foreclosure or saving your home is right for you. You should not wait! If you are worried about staying in your home you should not hesitate to get advice from a professional. To schedule a free consultation call the Law Offices of James Wingfield today at (508) 797-0200, email us, or visit our contact page.