How to Stop Foreclosures

Chapter 13 Bankruptcy Will Stop Sheriff or Foreclosure Sales!

Foreclosures are everywhere.  People have fallen behind with  mortgage payments just like you.  You have sent the mortgage  modification documents to the mortgage company over and over again.   You think your mortgage company is giving you the run  around in the mortgage modification process?  It happens too often. The problem is trying to explain your situation and work something out with the lender.  THEY DO NOT CARE!    You made an agreement with them and they want their money or they   want your home.  You don't want to be out on the street and homeless.  You want to save your home from foreclosure.   

Chapter 13 bankruptcy can halt home foreclosure in its tracks!

Filing bankruptcy STOPS the foreclosure process!   Chapter 13 bankruptcy gives you an opportunity to save the home.  However, the unfortunate reality is that many people delay seeking representation and getting answers to their Chapter 13 bankruptcy questions.  They rely on the representations from mortgage brokers, their mortgage company, or third parties who promise that they can procure some type of mortgage modification rather than independent legal counsel who is looking out for you.

What Is Real Estate Foreclosure?

Real estate foreclosure is a legal proceeding in which a creditor pursues legal action to take real estate against which they have loaned money and the debtor has defaulted on his or her obligation to make payments.  If the creditor sells the real estate at the sheriff sale to try and satisfy their loan, any remaining balance after the liquidation (sale) is called a deficiency balance. In most states, Debtors are still obligated to pay the deficiency balance even after they lose the property. 

How Does Chapter 13 Bankruptcy Stop Foreclosure?

Chapter 13 bankruptcy provides for an automatic stay, which halts all collection efforts including the foreclosure legal proceedings or the sheriff sale of your real estate.  Indiana is a judicial foreclosure state, which means that Indiana residents still own their real estate until the sheriff sale is over.   Generally, upon notification of a bankruptcy filing, the mortgage company is REQUIRED to remove the real estate from the sheriff sale and comply with the Debtor’s repayment plan under chapter 13 bankruptcy.  

For example, a Debtor who was 8  months delinquent on mortgage payments where the payments are approx $800.00 per month,  could file a Chapter 13 Bankruptcy and pay back the $6400.00 delinquency plus the regular mortgage payments over the plan life. Assuming you can afford the repayment plan, the mortgage company has no choice.  The mortgage company must allow to you to cure your mortgage arrearage.

What should you do now?

If you face foreclosure or a sheriff sale unfortunately time is not on your side; you may need to file a Chapter 13 bankruptcy immediately. If I am going to help you, we need to talk as soon as possible.

How do I get started?   

Call Steven P. Taylor, P.C. | Indianapolis * Kokomo | Foreclosure  Attorney

The first step in the process is finding an experienced Chapter 13 bankruptcy attorney. We understand that for many clients, Saturdays are the only days they have off, so we make ourselves available. We welcome the opportunity to meet with you to talk to you about your situation at no charge. More than anything, we look forward to helping our clients get a fresh start so that they can start living their lives again.

Contact the law firm of Steven P. Taylor, P.C. today in Indianapolis at (317) 271-1111 or in Kokomo at (765) 868-0807 for a free consultation about whether you should file for  Chapter 13 bankruptcy  to save your home in Indiana or email us your questions.  Steven P. Taylor will assist you in determining whether a Chapter 13 bankruptcy is the best path for you, and will guide you through the bankruptcy process

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Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if  Chapter 13 bankruptcy  to save your home will work for you.

Steven P. Taylor, P.C. | Indianapolis * Kokomo | Chapter 13 Bankruptcy Attorney |