No one wants to lose the home they have worked so hard to keep. Unfortunately, situations can arise that cause you to get behind on your mortgage payments. Once you are at least three payments behind, the mortgage holder can begin the process of foreclosure. If you have not yet gone into the foreclosure process, there may be a way you can avoid it altogether. Through a Foreclosure Attorney in Valdosta, you may be able to file for bankruptcy and keep your home.
When you meet with the Foreclosure Attorney in Valdosta, he or she will give you information on bankruptcy and how it can help you to avoid the foreclosure process. You will be asked to bring in information on all the debts you owe and your monthly income.
Through chapter 13 bankruptcy, the attorney can list all of your debts. Once your bankruptcy has been approved by a judge, the creditors you owe cannot pursue you for your debt in any way. This gives you time to get current and stay current on your mortgage.
The period for chapter 13 bankruptcy typically lasts between two to five years. Your time period will depend on the amount of debt you owe and the amount of income you have coming in each month.
As you pay a payment to the court each month, this amount will be distributed among those you owe. It is imperative you continue to pay your mortgage payments on time and catch up on any payments in arrears.
At the end of your bankruptcy period, you will no longer be in danger of foreclosure as long as your payments are all caught up and current. This will allow you to save your home from bankruptcy and give you time to get in better financial shape.
If you are being threatened with foreclosure, contact the Allow them to assist you in the process of filing for bankruptcy so you do not have to lose your home. Call today for a consultation appointment so you can learn more about your options and how to proceed.
