They’re Foreclosing on My House Today–What Can I Do?!?

Posted by on Feb 3, 2015 in Bankruptcy | 0 comments

They’re Foreclosing on My House Today–What Can I Do?!?

First piece of advice:  don’t wait until the last minute.  If you know your house is being foreclosed by the mortgage company, go to a bankruptcy attorney as soon as you get the notice.  It gives your attorney time to see the situation and recommend the best course of action.

 

Second:  The only way to keep the house from being foreclosed is either a loan modification, which would have to have been in the works before the foreclosure date, or bankruptcy, which has to be filed with the court before the sale is called on the courthouse steps.

 

You must take a credit counseling class (on-line or by phone) before the bankruptcy can be filed, so that’s another reason not to wait until the last minute.

 

Your attorney can file what’s called a “skeleton petition” with the bankruptcy court–it has only the basic information needed to file a bankruptcy and the supporting documents are due to the court within 14 days.  In my time doing bankruptcy, many clients no longer feel the sense of urgency once the bankruptcy stops the foreclosure and become very lax in getting the necessary documents to me.  This can cause the bankruptcy to be dismissed and the foreclosure process starts up again.  If you have a bankruptcy dismissed and file another one within a year, there is only a 30-day stay (meaning the creditor can begin foreclosure again 30 days after you file), so your attorney has to jump through more hoops to get that extended.  That costs you money, as your attorney has to file a motion and attend a hearing on that matter.

 

In short, once you know your home is being foreclosed, see an attorney right away.  We can help you in the best possible way if we have enough time to see the details of your case.

 

Contact me for a free in-office consultation at 770-631-2334 or e-mail me at sheila@rambecklaw.com .