Trust a Queens Attorney Who Understands Bankruptcy’s Effects on Foreclosure
In many cases, you can get a fresh start without losing your home
If your home is in foreclosure and negotiations with your lender have failed, bankruptcy may be an option for saving your home and getting you back on track. Homeowners must weigh the pros and cons when contemplating bankruptcy during foreclosure. Mark E. Cohen, Esq. makes certain you understand each one.
Can bankruptcy prevent foreclosures in Queens?
Perhaps the chief benefit of bankruptcy is the automatic stay. An order by the bankruptcy court halts all collection efforts against you, including stopping foreclosure in Queens, at least temporarily. If your lender does not petition the court to remove the stay to allow foreclosure to proceed, you can address your home debt in the bankruptcy proceeding.
In Chapter 7, your mortgage is not a debt you can walk away from and still keep your home. You must catch up on your payments and continue with regular mortgage payments if you want to permanently halt foreclosure. Filing for bankruptcy usually buys the time you need to work out an acceptable payment arrangement with your lender. If the lender refuses your proposal, foreclosure will proceed.
In a Chapter 13 bankruptcy, your repayment plan can include your mortgage and allows you to make your overdue payments over three to five years. If you miss any of your plan payments, you will be back where you started — with your lender pursuing foreclosure.
How does bankruptcy affect my mortgage?
If you are having trouble making mortgage payments but are not yet in foreclosure, bankruptcy may give you the opportunities to save your home and get on the path to financial responsibility. Loan modifications obtained with mortgage holders during bankruptcy can be just the solution many homeowners are looking for.
Bankruptcy is quite a drastic option. To be certain it is right for you, you should thoroughly discuss your situation with me, a Queens bankruptcy attorney with experience and resources to see you through.
To ease the stress of overwhelming debt, call a bankruptcy and real estate attorney in Queens
All too often, good people find themselves in financial trouble that quickly spirals out of control. For more than 30 years, I have helped people like you understand the available options, make informed decisions and navigate through the complex process of filing for bankruptcy.
Located on Old Country Road in Westbury, I offer a wide range of services to individuals and families suffering from the weight of debt. Call Mark E. Cohen, Esq. at 718-223-5492 or contact me online to schedule a free consultation.