Exploring Options for a Distressed Mortgage
Chapter 13 Bankruptcy — Loan Modifications
If you are behind on your mortgage and facing foreclosure, it may still be possible to save your home. But it must be done carefully, and some parties offering help may not have your best interests in mind.
Nathan D. Baney, Attorney at Law is in your corner. I don't work for the lenders, I work for you. My only goal is to use the appropriate legal means to stop foreclosure and put my homeowner clients in the best legal and financial position for the long run.
Alexandria, Fairfax and Northern Virginia — Washington, D.C.
Contact me today for a free consultation and honest analysis regarding bankruptcy and other options for mortgage trouble.
Saving Your Home Through Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy protection is the surest way to prevent foreclosure and has tremendous advantages:
- It immediately stops foreclosure proceedings.
- Your mortgage arrears and late fees are rolled into your repayment plan.
- If you are "upside down" on your mortgage, you may qualify for lien stripping, which eliminates a second mortgage (home improvement loan or home equity loan) — a huge debt wiped completely clean.
- Filing for bankruptcy will also stop car repossession and harassing phone calls from other creditors.
I will sit down with you to explain all the pros and cons of each type of bankruptcy and help you understand the options available for keeping your home.
Beware of the Pitfalls of Loan Modifications
I can draft and present a modification request to the bank or mortgage company to restructure your loan for lower payments or an extension that allows you to catch up and avoid foreclosure. Beware of companies specializing in loan modifications — many of these start-ups are scams or "trial period" loans that are a short-term fix. Also, many lenders have a dual track — while you are working with them on a possible modification, they continue with foreclosure — and some homeowners lose that race to the finish. As your lawyer, I will make sure that your modification is legitimate and actually helps you.
Walking Away from a Home You Can't Afford
If you are out of work or can't keep up with your mortgage for whatever reason, it may be best to surrender your home now rather than keep pouring money into it. In a short sale, your house is sold to the highest bidder, and the bank agrees to forgive the difference of what you owe. The process can take many months. I can help you understand the process and help you determine if a short sale is right for you.
Act Quickly to Save Your Home
Even if the foreclosure process has started, I can file an emergency petition to stop the process and buy you time. Call me at 571-482-7358 for a free initial consultation. I can arrange evening or weekend appointments at my Alexandria office, or I can travel to you.
Under the current Bankruptcy Code, I am classified as a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
