You Can Stop Foreclosure

ishot-4If you have found yourself in the unfortunate predicament where you are about to lose your house and property, the professionals at Sloane Realty could help you get out from under the burden by finding you a buyer for your Southport Real Estate.

You may have considered filing for bankruptcy in order to prevent foreclosure. In some cases filing bankruptcy can stop foreclosure but there are certain procedures that have to be followed.

The first question has to be, are you sure your house is in foreclosure? Many people think that as soon as they miss a payment or two the bank will come and put them out on the street. This is not true. Your lender does not want your house. They want you to keep your house and make your payments and will work with you as much as they can to have that happen.

If you’ve already gotten a notice of intent to foreclose, you need to meet an attorney to discuss your options. Of course this will cost money too and if you can’t make your mortgage payments because you’ve lost your job and have no income then it might be hard to pay a lawyer but many have free initial consultations so you might want to take them up on that. Perhaps they can set up a payment plan for once you’re back up on your feet.

Filing Chapter 13 bankruptcy can stop foreclosure on your Southport Real Estate mortgage by creating a stay. A stay means that no collector can take any further action against you in regard to you owing a bill and that includes your mortgage. The stay does gives you time to work out a repayment plan, which includes the mortgage arrears that you owe, and presents it to the state trustee and your secured creditors. Usually Chapter 13 allows you 3 to 5 years to repay your secured creditors and some unsecured creditors, depending on your financial situation. But, again, if you’ve lost your job and have no income it will be tough to work out any plan to repay at this point in time.

Your Chapter 13 repayment plan may include other bills and back payments as well as your mortgage arrears. If your plan is accepted and your bankruptcy is confirmed, you start with a clean slate in your mortgage payments. If you still do not have the income to make your mortgage payments, your lender can ask to have the stay lifted and the foreclosure process will continue. Bankruptcy will not stop foreclosure if you do not have the income to start back making payments after the bankruptcy.

Do not wait until the last minute. There are still other options that you may have if you do not have the funds to make all the back payments. Contact Sloane Realty today. We can often move Southport Real Estate quickly and it might just be the answer you’re looking for.

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