How To Stop Foreclosure With Bankruptcy

The cost of housing in New York can put stress on any budget. Falling behind on the mortgage is stressful. Many people in New York do not know where to turn when debt problems put their house, condo or co-op at risk of foreclosure. Others have attempted to work with the bank to obtain a home loan modification, but remain in dire risk of losing their homes.

If you are facing foreclosure, there are legal options available that can protect your home. If you have received notice of foreclosure, or if your lender is threatening to accelerate your loan, now is the time to act.

Filing for bankruptcy is an effective method to put a halt to the foreclosure process. A strong advantage of any bankruptcy is the automatic stay that immediately takes effect upon the filing of the petition. The stay requires creditors to immediately halt all efforts to collect on a debt. That includes putting a stop to the foreclosure.

Banks are often more receptive to loan modifications in association with bankruptcy.

Straight Answers From An Experienced Real Estate And Bankruptcy Lawyer

Since 1980, I have helped individuals and families protect their homes through bankruptcy. When you arrange a consultation to learn if bankruptcy is right for you, I will review your assets and debts, and provide you with solid advice on all of your legal debt relief options. You will work one-on-one with a lawyer with vast experience in both bankruptcy and New York real estate law. If you want to keep your home, bankruptcy may be your best option.

Many homeowners rely on Chapter 13 as a foreclosure defense plan. If you have a reliable income, Chapter 13 will allow you to make up the arrears on your mortgage payment over the course of three to five years. If you have a second mortgage, you can strip the second mortgage lien in bankruptcy if the market value of your home does not exceed the balance of your first mortgage.

However, some homeowners choose to surrender the home in bankruptcy when they are underwater. The bankruptcy will protect you from owing the bank the difference between the amount the lender gets at the foreclosure sale and the balance due on your mortgage (plus costs arising in the foreclosure). Best of all, you may stay in the home during the long foreclosure process.

Contact A Trusted Foreclosure Defense Attorney

Call 800-592-3020 or email the law office of Nathan Horowitz, Esq, for more information about preventing foreclosure in New York. I will answer your questions and provide knowledgeable guidance to allow you to make informed decisions. I have offices in White Plains and Carmel to serve you.

The law practice of Nathan Horowitz, Esq, is recognized by federal law as a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.