Are you a Connecticut homeowner who has fallen behind on mortgage payments? Have you been served with a foreclosure lawsuit? You are probably losing sleep each night and your mind is probably racing during the day, envisioning all sorts of nightmarish scenarios under which you will lose your home.
If you are facing foreclosure, it is important to not lose sight of the fact that there are options available to you to retain your home, even if a lender denies you for a loan modification or other retention options. Attorney Roderick Woods has assisted numerous Connecticut homeowners facing similar plights -- we understand what you are going through. We are non-judgmental and ready to help.
One such alternative to the daunting thought of foreclosure is filing a Petition for Chapter 13 bankruptcy protection. Although it may seem counterintuitive, there are actually a number of strategic advantages to such a filing.
First, an automatic stay pursuant to Section 362 of the Bankruptcy Code will apply to all creditor collection activities, including the foreclosure of a mortgage. The automatic stay halts any foreclosure proceeding against you. Second, unlike Chapter 7 bankruptcy where assets are liquidated to pay creditors, under a Chapter 13 bankruptcy plan, you have the chance to reorganize your debt. Finally, under the Chapter 13 plan, you are able to pay the past due amounts on your mortgage over a period of 36-60 months, depending on the amount owed. Although you still must remain current on your mortgage payment, in addition to the Chapter 13 plan payment, Chapter 13 Bankruptcy protection may be the difference between saving your home and not.
Our firm is extremely skilled at both representing consumers in Bankruptcy and defending homeowners in foreclosure. Utilize this expertise to your advantage! If you are behind on your mortgage payments or a defendant in a foreclosure lawsuit in Connecticut, contact us today at (866) 790-5970 for a case evaluation as to your legal rights.
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment