Consult A Bankruptcy Attorney About Stopping Foreclosure.

Mortgage foreclosures are sweeping across the country at record rates. If you are facing a foreclosure, you’re not alone; Northern Ohio is experiencing record numbers of home foreclosures. Adjustable rate mortgages, poor lending practices, and a weak economy have added up to a perfect storm for mortgage defaults.

Foreclosure is the legal proceeding in which a bank or mortgage lender repossesses a home due to the owner's failure to comply with the terms of the mortgage. Usually this occurs when the homeowner has fallen behind on 3 to 4 monthly payments. In Ohio, the lender must obtain a judgment decree, publish notice of the foreclosure action, and have the home appraised by three appraisers. In order to save your home, you must bring the mortgage current, enter into an agreement with the lender, or file a Bankruptcy, usually a Chapter 13 Bankruptcy. You must file the bankruptcy case before the sale date set for the foreclosure.

Chapter 13 bankruptcy is an excellent and effective approach to stopping foreclosure. As soon as a Chapter 13 bankruptcy petition is filed, an automatic stay is entered by the court that will immediately stop the foreclosure along with any other creditor action that is being taken against you. This includes judgments, garnishments, repossessions, collection calls, and any other effort to collect debt.

You get immediate protection and immediate peace of mind.

The next step will be to file a proposed plan of reorganization that gives you between three and five years to catch up on the past due mortgage payments. Most of your other debt may also be discharged in the process. If you qualify for Chapter 13, we can force your creditors to accept what you can afford.

In order to qualify for Chapter 13 bankruptcy you must have sufficient income to make your plan payments, which will also include your current mortgage payment. Your income must also cover your normal household living expenses.

If you wait until the day of your foreclosure sale to seek advice, you will lose your home. If you contact us today, we may be able to file your Chapter 13 petition quickly enough to save your home.

Call The Right Bankruptcy Attorney 24/7 At: 1-888-70-RIGHT or (216) 291-4744