Foreclosure can be a life's most devastating event. You worked so hard to purchase the house of your dreams. You spent so much time settling. Your kids go to school there.
Foreclosure is an uprooting of families caught in an unfortunate financial circumstances. Most of our clients faced foreclosure due to a sudden and unplanned financial circumstances like:
- Loss of Income or Employment
- Disability
- Other medical conditions
- Death in the Family
- Other devastating financial circumstances
We can help you get back on you feet.
We can help you save your house.
Below are the options available to a debtor facing foreclosure and wishing to save the property:
Loan Modification Chapter 13 Bankruptcy
Loan Modification.
Loan Modification is a special program that your lender agreed to participated in to prevent foreclosures and remedy some of the defaults. In most cases, a loan modification is like getting another mortgage or a loan for the house. Your lender will require you to submit a new application, including your income and employment verification, run your credit, appraise your house and conduct their loan underwriting process. In a nutshell to qualify for loan modification lenders are most strongly considering:
- Your income and employment history
- Available Equity in your Property
- Your ability to cure any past-due amounts
- Credit History and the probability of default
- Other financial circumstances
Loan Modification will extend the term of your mortgage, roll-in your past-due payments and fees into the new payment, and, in most cases, reduce the interest rate to a current market rate.
Loan modifications are allowed only a limited number of times (normally only once) in the loan life-time.
Modifications can be pursued while the debtor is in the Chapter 13 Bankruptcy. However, the modification must be successful before the plan confirmation hearing.
We can help you with your loan modifications.
We will communicate with your lender and assist with submitting an application and required supporting documents.
We will negotiate the best possible deal for you.
Chapter 13 Bankruptcy.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts. Debtors are able to propose a plan to make payments of the delinquent mortgage and bring it current within the specified time.
Filing Chapter 13 stops all foreclosure activity. This includes the lawsuit itself, the phone calls and letters and sheriff's sale proceedings. It is very important that you propose a good plan and make all payments, or your case could be dismissed and the creditor could restart the foreclosure again.
We can help with Chapter 13 Bankruptcy Foreclosure Defense.
Low initial payments and payment plans available.
Call now for Free Consultation
PA (215) 515-7113
Litvak Legal Group, PLLC.
Call your attorney directly
NJ (732) 624-6283
NJ (732) 624-6283
Foreclosure Defense
Are you facing Foreclosure Law Suit?
Do you have a pending Sheriff's Sale?
We can help YOU
save YOUR house!
PA (215) 515-7113
NJ (732) 624-6283
PA (215) 515-7113
Litvak Legal Group
Litvak Legal Group, PLLC © 2013 All Rights Reserved