Foreclosure — it's every homeowner's nightmare. But it does not have to happen. Many people can stop foreclosure and keep their homes by filing for Chapter 13 bankruptcy.
At Lickert Law Firm, we have helped many hard working people in central Arkansas keep their homes and obtain debt relief. If you have missed mortgage payments or are being threatened with foreclosure by your mortgage company, contact our firm.
Lickert Law Firm can stop foreclosure at any point up to the foreclosure sale. But the longer you wait, the more difficulty you will face. Get legal help today.
Foreclosure Process and Problems
Mortgage companies have come under pressure from Congress and the President to work with homeowners to prevent home foreclosures. Unfortunately, home foreclosures continue to increase, even with recent government strategies. Mortgage companies have often provided false hope to homeowners by requesting massive income documentation and offering temporary or trial modification periods of reduced payments only to later deny the mortgage modification while continuing to pursue foreclosure. So–called mortgage relief or rescue companies have also misled homeowners and taken their money without taking action to stop foreclosure or modify mortgages. On the other hand, filing bankruptcy legally stops the foreclosure action, and gives homeowners the option of keeping their homes or surrendering it to the mortgage company without having to pay any debt owed.
Avoid Foreclosure Through a Chapter 13 Bankruptcy
Attorney Doug Lickert can review your situation and legal options in a free consultation. People who have a regular source of income may be eligible for Chapter 13 bankruptcy. A Chapter 13 bankruptcy allows you to pay back the missed mortgage payments over five years, with no interest and late fees. Chapter 13 represents an affordable option that will relieve you of the burden of dealing with your mortgage company or other mortgage relief agencies.
Chapter 7 bankruptcy can also delay foreclosure, allowing you to stay in your home while you look for another place to live or to sell your house on your own terms. If you let the mortgage company foreclose without filing bankruptcy, you will likely be responsible for the deficiency balance still owed and may have to pay taxes on the unpaid debt. Chapter 7 will allow you to wipe out the remaining debt without tax consequences.
Determining whether or not to keep your home or which form of bankruptcy best suits your needs requires careful analysis. Doug Lickert can thoroughly review your situation and recommend the right solution for you.
Contact a Lawyer Today
For a free consultation with a lawyer, contact Lickert Law Firm in North Little Rock, Arkansas.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
