What Can You Do About Home Mortgage Foreclosures?
One of the most serious and frightening consequences of financial hardship is the prospect of losing your home. Today, many people with adjustable rate mortgages have seen mortgage payments go up drastically — and amassed crippling debt trying to keep up.
Although we focus on consumer bankruptcy at our Memphis law firm, we do not present bankruptcy as the only option for debtors. Whether you have already gone through foreclosure and are left with more debt than you can handle, or you are looking for legal options that may save your home, contact an experienced lawyer today.
Eliminating Mortgage Debt After Foreclosures
If a foreclosure sale has already taken place on your former home, you may be most concerned about eliminating related debt. Even if this debt is forgiven post foreclosure, you may face severe IRS tax consequences, because this type of forgiven debt can be treated as "1099" income. We can discuss your options under these circumstances.
Saving Your Home Through Chapter 13 Bankruptcy
In some cases, attorney Jonathan Garrett may be able to file an emergency Chapter 13 bankruptcy case to give you time to negotiate a refinance with your lender or sort through other possible solutions. This automatic stay protection will stop a foreclosure action temporarily, but you will have other obligations to repay debt under your Chapter 13 plan.
Preserving Your Home and Equity in a Bankruptcy
Although our laws limit what property you can keep after filing Chapter 7 or Chapter 13 bankruptcy, this does not necessarily mean you must lose your home.
If you are not yet facing the foreclosure of your home, but have a large amount of unsecured debt and are worried about your ability to make future payments, now is the time to contact us. We will look carefully at your individual case, prioritizing ways to keep you in your home if it can be made affordable for you.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
