Owning your own home is a major life accomplishment. While there is nothing quite like being able to buy a house you can call your own, purchasing a home is a long-term financial commitment. While you might have been able to afford the mortgage payments when you originally bought the house, circumstances in life may have changed making it all but impossible to keep up with payments on your home loan. Losing a job, coming down with a serious illness, sustaining severe injuries in an accident, going through a divorce and even a change in the housing market can all lead to an individual falling behind on mortgage payments. Should this happen to you, you could find yourself facing foreclosure and the potential loss of your home.
If you are worried about losing your home to foreclosure, we advise you waste no time in securing legal representation from a Detroit bankruptcy lawyer at Marshall D. Schultz. With more than 25 years of bankruptcy experience, our legal team is more than qualified to help you come up with a viable resolution that will significantly increase your chances of being able to retain possession of your home. In certain situations, Chapter 13 bankruptcy can be used as a very effective foreclosure defense.
Individuals are given the time and opportunity in Chapter 13 to restructure their existing debt so the majority of it can be paid off over a 3-5 year period of time. Mortgage payments in arrears can be added to a Chapter 13 repayment plan and gradually paid off during the course of the bankruptcy. Providing you continue to make regular monthly mortgage payments, in addition to paying down your arrearage, you will be allowed to keep your home. If you would rather avoid filing for bankruptcy, we may be able to help you obtain a loan modification or assist you with other foreclosure defense options. Contact our law offices today to find more or to get started on the bankruptcy process.