If you are facing home foreclosure, filing bankruptcy can put you in a much stronger financial position, whether you want to keep your home or not. At the law firm of Gross & Patterson, LLC, in Pittsburgh, our attorneys offer a free initial consultation to discuss your mortgage debt situation and explain your options.
Filing Bankruptcy Is the One Sure Way to Stop Home Foreclosure
Bankruptcy law includes an automatic stay that temporarily puts an immediate stop to all actions by creditors to collect debts, including home foreclosure. Filing bankruptcy gives you breathing room and gives you time to decide what you want to do. You have several options:
- If you want to keep your home, you can file Chapter 13 bankruptcy and put the mortgage arrearage into your repayment plan. Filing Chapter 13 bankruptcy allows you to pay off your arrearage over a three- to five-year period without late fees or penalties.
- If you don't want to keep your home, we can discuss your alternatives for getting rid of your mortgage and give you a realistic time frame for when you would be required to leave your house. Filing Chapter 7 bankruptcy will allow you to discharge unpaid mortgage debt when you surrender the home.
When you are behind on your mortgage payments, the bank is in charge. Banks can tack on absurd fees and penalties, and it may even refuse to accept payments. Once you file bankruptcy, the situation changes. Now you can take control and can decide what you want to happen.
What Happens if I Am Underwater on My Mortgage?
If you are underwater on your mortgage and the bank is unwilling to renegotiate your loan, you can surrender the home and get rid of the obligation by filing for bankruptcy.
Learn more: Why you shouldn't just walk away from mortgage debt.
Contact a Pennsylvania Mortgage Foreclosure Lawyer
To schedule a free initial consultation with our Pittsburgh home foreclosure lawyers, call 412-567-4732 or fill out the contact form on this website.
