For homeowners struggling with significant debt, foreclosure quickly becomes a real possibility as mortgage payments go unpaid and debt burdens only worsen. At the Arnold Law Firm, we help individuals and families in Memphis and throughout western Tennessee understand their options for saving their homes through Chapter 13 or Chapter 7 bankruptcy. If you’re looking to put a stop to foreclosure on your home, reach out to a Memphis, TN foreclosure defense lawyer from our legal team today. We are here to help ensure you remain in your home.
Few things are more frightening than the prospect of losing your home. Not only is your home likely your most valuable asset, but it is also a sentimental asset as well. Your home is where you spend time with your spouse, raise your children, and have friends and family over for the holidays. No one should be able to take that away from you. If you believe this is a possibility, you should strongly consider hiring a dedicated Memphis, TN consumer bankruptcy lawyer from the Arnold Law Firm at once.
There are numerous steps to the foreclosure process. In many cases, a lender won’t take foreclosure action until you miss several payments, which gives you time to explore alternative measures–such as loan modification–to save your home. Our Memphis foreclosure defense lawyer can explain your options while helping you avoid loan modification scams–of which there are many out there.
Two other options for stopping or at the very least delaying foreclosure are Chapter 7 and Chapter 13 bankruptcy. When you file for bankruptcy, an automatic stay goes into effect and your creditors are required to cease all collection activities. If your lender wishes to proceed with the sale, they must obtain permission from the bankruptcy court or wait until your bankruptcy proceedings are complete.
Chapter 13 offers homeowners with a steady income the opportunity to hold onto their homes by making regular payments over a period of three to five years. If you can keep up with your current mortgage payments while paying off the arrearage, you may avoid foreclosure and hold onto your family’s most valuable asset.
If you are struggling with debt and have missed multiple mortgage payments, simply contact the Arnold Law Firm today to discuss your options during a free initial consultation. You have nothing to lose and everything to gain by simply reaching out and having a conversation with our knowledgeable legal team.