Are You Facing Foreclosure on Your Home?
With the recent downturn of the housing market, many people are facing the possibility of foreclosure. People need to know that they have legal options to stop foreclosure —options that may allow them to keep their home and protect their credit score.
The Law Office Kathryn L. Johnson, PLC in Tucson helps people explore their legal options, including foreclosure, Chapter 7, Chapter 13 and home loan modification.
Are You in Risk of Foreclosure?
One of the worst things that you can do is to ignore the problem, hoping it will resolve itself or just go away. You need to take active steps to stop foreclosure. In today's climate, it typically takes approximately six months of no payments for your lender to decide to conduct a foreclosure. Once the notice of trustee's sale is sent, the sale date cannot be set any earlier than 90 days from then.
If you are worried about foreclosure or just want to know your options, contact attorney Kathy Johnson today. Not only is she an experienced lawyer, she is also an Arizona and California real estate broker and mortgage broker who can help you deal with your financial problems.
What Are Your Options to Stop Foreclosure
Whether you are already in foreclosure or not, you have legal options to deal with your challenging financial situation. Lawyer Kathy Johnson will sit down and help you determine whether any of the following are the right option for you:
- Chapter 7 bankruptcy: You may walk away from your mortgage by surrendering your home through Chapter 7. Or if you can obtain a loan modification and are deemed current on your mortgage payments, you can most likely keep your home in a Chapter 7 bankruptcy (up to $150,000 in equity is protectable).
- Chapter 13 bankruptcy: You may be able to keep your home by filing for Chapter 13 bankruptcy. All arrearages owed on the date of filing must be paid in full through the plan. A Chapter 13 bankruptcy will help you get caught back up on your mortgage over time, and will also help re-establish your credit.
- Home loan modification: You may be able to work with your lender through its modification or forbearance programs, or under either of the two recently enacted federal loan modification and refinancing plans.
- Short sale: Your lender may approve a short sale (but be careful — you may owe tax on any "forgiven debt").
Don't Be Afraid to Ask for Help
To learn more about how to stop foreclosure, feel free to contact or call the Law Office of Kathryn L. Johnson, PLC at 520-743-2257 or 888-326-7304 and schedule a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
