Roswell Bankruptcy Lawyers
Preventing foreclosures before it is too late
Homeowners who fall behind on mortgage payments for whatever reason may find themselves suddenly facing foreclosure. The prospect of losing a home is scary, but homeowners can often avoid foreclosure if they act quickly and take measures to avoid the filing of a Notice of Default.
Lenders will file a Notice of Default when mortgage payments become seriously delinquent, so the worst thing a struggling homeowner can do is put off taking action, or ignore attempts that the lender makes to get in contact.
Most importantly, seek advice from a lawyer from one of the trusted bankruptcy law firms in the Roswell area. The bankruptcy services of Herman & Russo, P.C. can help you save your home.
Steps to avoid foreclosure
As any bankruptcy lawyer will instruct, if you have missed one or more payments and you know you are unable to meet your mortgage obligations, call your lender as soon as possible. Explain your situation and the reason you have not paid. Your lender will consider your hardship circumstances and may offer you some alternative options to foreclosure:
- Forbearance. When a lender grants you forbearance, you are given extra time to make up your payments after formulating a new payment plan that is affordable for you and acceptable to your lender.
- Debt forgiveness. While this rarely occurs, sometimes a lender may forgive one or two missed payments if he or she can be convinced that you will be current on all future payment obligations.
- Repayment plan. Your lender may allow you to spread out your missed payments over a longer term by dividing up the missed amount and adding it to your monthly requirements until it is paid off.
- Note modification. On an adjustable loan, the lender may freeze or alter the interest rate to make it more manageable for you.
- Refinance. Depending on your equity, you may be able to add the back payments to your loan balance.
Declaring bankruptcy to avoid foreclosure
As a last resort, declaring bankruptcy may allow you to retain your home and other essential assets and to have your unpaid debts forgiven. Certain regulations apply, depending on the type of bankruptcy protection you seek and the current status of your payments. But generally, you have the best chances of keeping your house if your mortgage payments are current or if you negotiated an alternative with your lenders when you file for bankruptcy. You can maximize your options by consulting with a Roswell bankruptcy attorney early on.
Take control. Get relief. Contact us.
Bankruptcy may not be for everyone, but it is one way to gain a fresh start in life. We work hard to bring you the best legal representation in debt relief matters. You can call us at either office location of Woodstock, Georgia at 678-925-3510 or Alpharetta, Georgia at 678-925-3551. You can also contact us online and put our experience to work for you.
Serving Woodstock, Roswell, Alpharetta, Canton, Fulton, Acworth, Kennesaw, Cumming, Fulton County, Forsyth County, and Cherokee County, Georgia.
