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Home ownership has been referred to as the American dream for generations. That dream becomes a nightmare when you are served with a notice of foreclosure. The idea of losing your home is one of the worst things an American family can face. The sense of frustration that comes with dealing with a large, impersonal financial institution can be overwhelming. You tried to work with the banks to modify your home loan under HAMP or a similar program. You provided everything they requested but you were turned away and now you are running out of time. The hope they offered you now seems like a false one from the start.
In general, a foreclosure is a long process that takes place over several months. If nothing is done you will lose your home. Not only will you lose your home but often your home will be sold for less than what you owe leaving you to pay the balance. Filing bankruptcy under Chapter 13 may allow you to save your home. If there is no way to save your home, filing a Chapter 7 will free you from the debt that can come from a foreclosed home, ensuring that you will not be paying money for a home you lost for years to come.
At Buckrop & VanDeVelde in Rock Island, Illinois, we want you to know that if your house has not been sold then it is not too late. You may be able to save your home by filing a Chapter 13 bankruptcy petition. Many times our clients find that not only can they reinstate their home loan but now they also can afford to make the payments because they are free from the burden of other debts, which caused them to fall behind in the first place. The garnishments have stopped and the collectors have stopped calling. You will be able to answer your phone again with confidence knowing that the person on the other end is someone you want to hear from.
Stop the Foreclosure up Until the Day Your Home Is Sold
Under the Bankruptcy Code, all creditor legal actions must cease upon the filing of a bankruptcy petition. Eliminating your debt through a Chapter 7 or restructuring your monthly debt into a single, affordable payment plan over three to five years is often the breathing room families need in order to save their homes and keep the American dream alive.
Worried About Foreclosure? Getting Clear Answers Will Often Help.
We offer free initial consultations to answer your questions about whether getting a fresh start through bankruptcy can help you stop foreclosure and save your home. We will ask you to bring a number of items to your initial consultation so that we will be able to give you accurate and dependable advice. You will be under no obligation to hire us if you choose not to file.
Behind on a Second Mortgage? You May Be Able to Get Rid of the Second Mortgage and Keep Your Home!
Millions of Americans borrowed money against the rising value of their homes over the past 20 years. It wasn't a mistake. It made smart financial sense. Often the money was used to make needed repairs or to improve the home and increase its value. But with home values declining drastically many homeowners without jobs found themselves unable to sell their houses for the full value of the two mortgages. Many more found that not only was there not enough equity to cover both mortgages but there also was not enough equity to cover the first mortgage alone.
If your home is worth less than what you owe on your first mortgage you can use the Bankruptcy Code to eliminate your second mortgage and keep your home! Left with only one mortgage to pay and by eliminating your remaining debt with one affordable monthly payment the threat of foreclosure may turn into a distant memory and you will be able to sleep again at night knowing that your American dream is safe.
Experienced Rock Island, Davenport, Moline, East Moline, Bettendorf, Clinton, and Muscatine Bankruptcy Attorney
Our office is located in The Law Centre in downtown Rock Island, Illinois, just a short distance from both Iowa and Illinois federal courthouses. Our lawyers and professional staff proudly serve most clients throughout Western Illinois and Eastern Iowa. Call us toll free at 800-627-5704 or contact us by e-mail to arrange a free consultation with an experienced Rock Island foreclosure and bankruptcy attorney today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
