Buying a home is one of life's most rewarding achievements. After years of hard work, it is an incredible feeling to finally have a place to call your own. But sometimes, life has other plans. Unexpected adversity, like job loss, divorce, or a medical emergency, can make it a struggle to keep up with mortgage payments. In these difficult times, homeowners may find themselves at risk of losing the home they worked so hard to obtain.
It's worth noting that the banks may share some responsibility in these situations. Predatory lending practices, such as imposing unfair terms, high interest rates, and excessive penalties, can contribute to borrowers defaulting on their loans and facing the threat of foreclosure. These exploitative tactics only exacerbate the challenges faced by distressed homeowners.
Lenders are legally required to make a good faith effort to provide options to homeowners facing foreclosure. However, the reality is that most lenders lack the resources and motivation to actually help. Despite their promises, banks rarely agree to refinance loans for borrowers who are already in default.
Fortunately, the law offers a way for you to save your property from foreclosure. Filing for Chapter 13 bankruptcy halts the foreclosure process and allows you to repay past due mortgage payments over a three or five-year period. This enables you to catch up on the arrears while continuing your regular mortgage payments.
As a leading foreclosure lawyer in Buffalo, NY, Thomas Denny has assisted many homeowners in saving their homes from the auction block.
Find out if you qualify for Chapter 13 protection. Contact us online or call 716-800-1234 to schedule a free phone consultation.
