How Can I Save My Home From Foreclosure?
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How Can I Save My Home From Foreclosure?

How Can I Save My Home From Foreclosure?
September 29, 2015

People get into financial trouble for a lot of reasons. Sometimes they make poor money decisions, but in many other instances unfortunate circumstances happen that are simply out of their control. There are many possible financial consequences that can come from these situations, including serious debt, bankruptcy and/or foreclosure. Foreclosure can be a very scary thing to go through for most people. No one really wants to lose his or her home. While foreclosure is a scary prospect, there are some alternatives that might help people in this situation save their home.

There are several possible avenues that you can explore if you want to save your home from foreclosure. One possibility is to refinance the terms of your loan, which could lower your payment and thus make it possible for you to meet the monthly payment. You could also seek government help through the Home Affordable Modification Program. Another option is bankruptcy, which many people are afraid to pursue. Bankruptcy is a serious decision, but there are some benefits to filing for bankruptcy, especially in regards to saving your home from foreclosure. So if your house is in foreclosure or even set for a sheriff’s sale, a chapter 13 can stop the foreclosure or sheriff sale and allow you to keep your house and catch up the default over 5 years.

If you choose Chapter 7 then most likely your lender will be able to go ahead with the foreclosure. On the other hand, if you choose Chapter 13 bankruptcy then you will have an opportunity to save your home. Through Chapter 13 you are allowed to pay off a mortgage “arrearage” by spreading it out over the life of the new payment agreement that has to be approved by the court. You will need at least enough money to make your current monthly payment as well as your arrearage, in order to make this option possible.

No two situations are exactly alike and some of these options will work for some homeowners but not for others. That’s why if you are in this situation, you should meet with a Merrillville bankruptcy attorney who can review your situation and determine what options are best for you given the specific circumstances of your particular case. At the Law office of Kevin M. Schmidt we take the time to listen to your situation and weigh all of the aspects in play. We will help you determine which option is best and then we develop a strategy that best meets your needs. If you are facing the possibility of foreclosure in Merrillville, then please contact our office today at 219-756-0555. You can also reach us online by clicking here. We help you with all matters relating to bankruptcy.

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At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed

Our Phone Number219-756-0555
Contact via Emailinfo@kmslawoffice.net
Our Location200 E. 80th Place
Suite 110
Merrillville, IN 46410
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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis.