Options for Homeowners Who Face Foreclosure
If you have received a home foreclosure notice in western Michigan, don't panic. There are legal ways to stop or at least delay a home foreclosure, as long as you act soon enough.
At the law firm of Michael M. Malinowski PLC in Grand Rapids, Michigan, I offer a free initial consultation to answer your questions about home foreclosure. I am a lawyer with 25 years of experience representing homeowners in western Michigan.
How Can I Stop a Home Foreclosure?
While home loan modifications may offer hope for some homeowners, the only sure way to stop a foreclosure and keep your home is to file for Chapter 13 bankruptcy protection.
When you file Chapter 13 bankruptcy, your mortgage arrearages can be put into a Chapter 13 payment plan and paid off over a five-year period. You can also strip second mortgages from your loan.
To stop a home foreclosure, you must file bankruptcy before your house is sold.
Can I Delay a Home Foreclosure?
If you don't have enough income to continue making your house payments, you can delay the foreclosure for up to 11 months by filing Chapter 7 bankruptcy.
Filing Chapter 7 bankruptcy will allow you to continue living in your home without paying your mortgage. You can save the money you would otherwise have to pay to rent an apartment. That money will provide you a financial cushion to help you find a new place to live after you emerge from bankruptcy.
Filing Chapter 7 bankruptcy will also protect you from owing any money to the bank if your home is not sold for enough money to pay off your mortgage.
Free Bankruptcy Attorney Consultation
You don't have to live with the stress of losing your home. For a free consultation about your options as a homeowner, call me, lawyer Mike Malinowski, at 888-339-6017 or fill out our contact form on this Web site. My law office is in Grand Rapids, Michigan.
