People facing foreclosure oftentimes reach out to our office too late in the process to avoid needing to file bankruptcy. That doesn’t mean that there aren’t other options out there. Many mortgage companies and servicers offer loan modification to people who have fallen behind on payments. There are also outside organization such as Step Forward through MSHDA which provides free money to eligible homeowners to get current. Loan modifications or applications for the Step Forward program through MSHDA usually take at minimum a month to be determined eligible. If your foreclosure hasn’t been set then you may want to consider these options as soon as possible.
If you have a foreclosure date set then your options are minimal. Either the mortgage company must agree to postpone the sale or you need a Court to stop the sale. The automatic stay under the Bankruptcy Code can stop the foreclosure. We have filed thousands of cases to stop these sales and get the mortgage caught up through a Chapter 13 case over a three to five-year period. That doesn’t keep the homeowner from simultaneously continuing to pursue loan modification options through their mortgage company or pursuing options through the Step Forward program. We offer a free consultation and we are here to answer your questions.
At the law offices of Andersen, Ellis & Shephard, we have represented thousands of individuals in consumer bankruptcy filings.