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Can Bankruptcy Save My House?

Most homeowners with mortgage troubles try to resolve the problems with their lending banks before resorting to bankruptcy as a solution. You may have gotten behind on your mortgage after a house repair emergency, a health crisis or a job loss.

Perhaps you tried to work with your bank, asking for forbearance as you attempted to repay the mortgage arrearage over time. You may have applied for a loan modification and believed the bank would hold off on collections until that application was processed. The bank may have even indicated that you could repay over time. Then unexpectedly, you received a letter from the bank threatening foreclosure.

From law offices in Wytheville and Christiansburg, Scot S. Farthing Attorney at Law, PC, has helped many homeowners stop foreclosure and get mortgages back on track through Chapter 13 bankruptcy. Others have walked away with no mortgage debt remaining by filing Chapter 7 bankruptcy.

Talk To A Bankruptcy Attorney To Learn How To Stop Foreclosure

Once you have gotten behind on your mortgage, it can be difficult to impossible to catch up through reasonable efforts. A financial crisis can throw you off without a clear way to get back on track. At a time like this, considering bankruptcy can be a smart strategy. Filing for bankruptcy has the power to stop foreclosure immediately. Then through debt reorganization in a Chapter 13 bankruptcy, you may be able to repay the mortgage arrearage over three to five years’ time at a low interest rate.

On the other hand, you may decide it is best to let your house and your mortgage go. Even in this case, filing bankruptcy can buy you time. You may be able to continue living in your house without making any payments until your bankruptcy discharge is complete. In addition, you will get a fresh start with other debts eliminated or greatly reduced through bankruptcy.

Contact A Virginia Law Firm For Information On Mortgage Troubles And Bankruptcy

Particular circumstances will differ from case to case. Bring questions such as “Can bankruptcy save my house?” to your free initial consultation at Scot S. Farthing Attorney at Law, PC, in Wytheville or Christiansburg. Discuss your financial situation, your mortgage and your long-term goals with an experienced Virginia bankruptcy lawyer — and walk away with relief and new direction in mind. Send an email or call for more information.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.