Home ownership has been referred to as the American dream for generations. That dream can become a nightmare when you are served with a notice of foreclosure. The idea of losing your home is one of the most trying experiences an American family can face. The sense of frustration that comes with dealing with a large, impersonal financial institution can be overwhelming. You may have 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.
At the law firm of Buckrop & VanDeVelde, our Rock Island foreclosure attorneys 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 for Chapter 13 bankruptcy protection. 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 the other debts which caused them to fall behind in the first place.
Helping Find the Debt Relief Option That Is Right for You
In general, a foreclosure is a long process that takes place over several months. If nothing is done, you will lose your home. Often your home will be sold for less than what you owe, leaving you to pay the balance. Filing for bankruptcy under Chapter 13 may allow you to save your home. If there is no way to save your home, filing for Chapter 7 bankruptcy will free you from the debt that can come from a foreclosed home, ensuring that you will not be paying money for years to come for a home you lost.
Stop the Foreclosure Up Until the Day Your Home Is Sold
Under the U.S. Bankruptcy Code, all creditor legal actions must cease upon the filing of a bankruptcy petition. Eliminating your debt through 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 U.S. Bankruptcy Code to eliminate your second mortgage and keep your home! Left with only one mortgage to pay, one affordable monthly payment and due to eliminating your remaining debit, 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.
Contact Our Moline Mortgage Lawyers
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 online 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 U.S Bankruptcy Code.