With the current state of the economy, many Americans are dealing with home foreclosure. If you are facing home foreclosure, you will want to contact your lender immediately to see if you are eligible for any home loan modification programs. You will also want to verify that your lender has correctly applied your payments to verify the existence of a default on your home loan. If you are served with a foreclosure complaint, you will want to seek legal counsel to avoid entry of a default judgment against you. If you are not eligible for a loan modification, you may want to look at filing for Chapter 13 bankruptcy relief. In a Chapter 13 bankruptcy, you would propose a plan that would allow you to cure your arrearages on your home loan over a 3-5 year period; however, you would have to be able to keep any post-filing house payments current. Regardless of what option you choose the key to keeping your home when facing a foreclosure crisis is to be proactive and not wait to the last minute to address the pending sale of your home.
Jamie Harris is an associate attorney with DelCotto Law Group PLLC. Her practice of law focuses on helping business owners hurdle financial obstacles. Jamie is best known for her experience in filing Chapter 7, 11, 12, and 13 bankruptcies. In her Chapter 11 cases, Jamie has represented companies from many different industries including healthcare, nonprofit, trucking, construction, commercial real estate and telecommunications.