Home Loan Debt And Foreclosure: Getting The Relief You Need
You only have to be late making one mortgage payment for a lender to begin foreclosure proceedings. When you are struggling with home loan debt and other forms of debt, it can feel impossible to ever catch up. The good news is debt relief options are available and, in some cases, you may even be able to hold onto your home. Seeking advice from a skilled lawyer is essential to helping you determine the best path forward.
At the Law Offices of Darin D. Pinto, P.C., our attorney provides experienced guidance through bankruptcy and debt relief. When you come to us, we will provide you with personalized, responsive representation that is designed to help you achieve lasting solutions to the problem of overwhelming debt.
Keeping Your Home
If a lender has begun foreclosure proceedings or is threatening you with foreclosure, you can seek relief by filing for Chapter 13 bankruptcy. When you file for bankruptcy protection, all collections actions, including foreclosure, will come to an immediate stop. In some cases, this gives people the time they need to get up-to-date with their mortgage payments. For others, this may prove to be impossible. If you are unable to catch up on your payments, it may be possible to modify your loan as part of the Chapter 13 process, lowering your payment to something that is more affordable. We understand how to negotiate with mortgage companies and will do everything we can to keep you in your home if that is your goal.
Losing Your Home While Minimizing Damage To Your Credit Record
In some cases, saving your home may be impossible. However, you may be able to get out from under your home without the damage that a foreclosure can cause to your credit record. We can request that your lender agree to a short sale if your home is worth less than what you owe. The bank will take the money from the sale and use it toward your debt. In some instances, a buyer may assume the mortgage outright.
If a short sale is not the right fit for your situation, you may be able to seek a deed in lieu of foreclosure. In these cases, you would sign the deed to your home over to the bank without having to go through the foreclosure process. We can help explore your options to determine the best approach to your situation.
Contact Us. We Are Here To Help.
We understand how stressful it can be to be in danger of losing your house. We are here to help shoulder some of that stress while getting you on the path to a better financial future. To schedule a consultation, call us at 908-317-9405 or contact us online. From our offices in Westfield, we serve clients throughout the surrounding areas of New Jersey.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.