Few things are more rewarding than the day you become a homeowner. Years of hard work results in you finally having a place you can call your own and grow old in.
Unfortunately, life sometimes gets in the way and, due to unforeseen economic or personal hardships, you may be unable to make your mortgage payments. When this happens, you are at risk of foreclosure, meaning the bank will take control of your home and leave you debating what to do next.
That said, there are ways you can stop a foreclosure sale. They include:
1) Reinstating the Loan;
2) Selling the property;
3) Surrendering the property; or
4) Filing for Bankruptcy
Notably, there is a provision of the Bankruptcy Code referred to as the “automatic stay.” The automatic stay stops the foreclosure action as soon as your file for bankruptcy. The automatic stay applies in both Chapter 7 and Chapter 13 cases; although in regards to Chapter 7 it’s just a temporary solution, while in Chapter 13 it remains in effect for 3 to 5 years, allowing you to repay your back mortgage payments over time.
Regardless of your situation, the prudent measure to take when facing foreclosure is to speak with an attorney that specializes in that area. As a mortgage foreclosure attorney in Buffalo, NY, I have an in-depth knowledge of foreclosure, real estate and bankruptcy laws. I will provide you with the guidance and support you need throughout your ordeal.
If your home is in foreclosure contact Buffalo NY bankruptcy attorney Thomas Denny to help you determine whether Chapter 7 or Chapter 13 is best for your situation
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Mr. Thomas Deny is exceptionally skilled in his trade. He is personable, smart, provides amazing service & treats you like a friend. I highly recommend his services. He is a great Attorney and Happy to now call him a friend.
Top Notch!! I would give 10 stars if available!!!!
Thank you Tom!