We stop foreclosures in Cumberland, York and Dauphin County every month. Our experienced bankruptcy attorney has helped many families keep their homes – and we can do the same for you.
If you are current on your mortgage, can you keep it up-to-date? If so, filing bankruptcy could save your home or another piece of real estate property from foreclosure.
When you file a Chapter 13 bankruptcy, your mortgage lender must immediately stop any pending foreclosure. You don’t have forever though – you have to file bankruptcy while there is still a foreclosure to stop.
Once your case is filed, you start making your regular mortgage payments again as they come due. Sometimes, the future payments are included in your Chapter 13 plan. Sometimes, you have to make them directly to the mortgage lender.
For all the payments you’re behind on, you are generally given many months to catch up. In Pennsylvania, in most cases, you can spread this payment out over the entire duration of your Chapter 13 plan, which is anywhere from 36 to 60 months. For example, if you were $3,000 behind in your mortgage payments before filing bankruptcy under Chapter 13, if the Chapter 13 plan is set up to run for 48 months, you’d only pay $62.50 per month ($3,000 / 48 = $62.50).
When should I come to see an attorney about filing bankruptcy?
If your house is in foreclosure or about to be, you should consult an attorney immediately – the sooner the better. The earlier you are in the process of foreclosure or threatened foreclosure:
the more options you have
the quicker you will find out what your options are
the less the foreclosure expenses the mortgage lender will have incurred and the less you will have to pay back
the more time there is to figure out if filing bankruptcy is right for you, and if so, the more time there will be for getting all the documents properly prepared
Call us today at (717) 202-2277 for a free consultation.