If you've received a foreclosure notice, don't panic just yet. With the right legal assistance, you may be able to save your home.
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
How Bankruptcy Can Stop a Foreclosure
A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage or the filing of a Chapter 13 bankruptcy.
- Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage.
- Chapter 13 Bankruptcy: Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five-year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.
Contact Us Today
If you are in foreclosure and want to save your home, you must act quickly. Call Steffens Law Office, P.C. at 308-210-2738 or use the contact form provided on this site to schedule an initial consultation.