If you’ve fallen behind on your home mortgage, a Chapter 13 bankruptcy may be the best way to give you the opportunity to catch up on your delinquent mortgage payments. The cost of housing in Savannah and the surrounding areas has increased over the past several years and in many cases, your monthly mortgage payment may be less than the cost of renting an apartment. Bankruptcy can help you keep your house and get you current with your lender mortgage.
If you think that your lender may be about to foreclose but do not know for certain, DON’T STICK YOUR HEAD IN THE SAND! BE PROACTIVE! First, call your mortgage lender and find out directly from them the status of your mortgage; ask them specifically whether your mortgage has been referred to an attorney for foreclosure. Many times, clients will believe that they are in the process of modifying their mortgage while another department within the mortgage company is simultaneously proceeding to foreclose on the house.
Filing a bankruptcy petition will stop the foreclosure on your house but DO NOT WAIT UNTIL THE LAST MINUTE TO CONTACT AN ATTORNEY! Foreclosures in Georgia occur on the first Tuesday of every month. If you wait until the Monday before your scheduled foreclosures on Tuesday, most attorneys will have to charge you a substantial upfront fee to file an emergency bankruptcy petition. If you contact an attorney two or three weeks earlier, you will generally be able to avoid the larger up-front fees.
If you are delinquent on your mortgage payments and wish to keep your house, a Chapter 13 bankruptcy will allow you to spread your delinquent payments over 36 – 60 months depending on your bankruptcy plan. However, you will also have to resume making your regular monthly mortgage payments during the plan. To discuss bankruptcy as a means to stop a mortgage foreclosure,
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With the LAW OFFICES OF MARK A. BANDY, P.C.