How Bankruptcy Affects Homes, Real Estate and Mortgages.

Save your home through bankruptcyYou can file bankruptcy and keep your house.

Bankruptcy will help you get rid of your debt and you can still keep your home and other real estate. At the Law Offices of Richard E. Sexner LLC we will review the value of your house and the amount you owe on it. If the house is worth about the same or less than what you owe on it then there are no issues about keeping your property. As long as you keep making your regular mortgage payments you can keep the house and still get rid of your other debts in a bankruptcy.

If your real estate is worth more than what you owe on it (i.e. it could possibly be sold at a profit) we will run a calculation of the equity and see what can be done. Even if you have a lot of equity in the property we can still file a Chapter 13 Bankruptcy to help you with your debt. Under a Chapter 13 the bankruptcy trustee cannot take your real estate. Let the Law Offices of Richard E. Sexner LLC help you determine how to best get rid of your debt and make sure you keep your home. Contact us now.

If you lose property in foreclosure the bank can still come after you for the mortgage. Bankruptcy can help.

CAUTION: Even if you get rid of real estate in foreclosure the mortgage company can still come after you for the balance. Bankruptcy can protect you from the mortgage company ever coming after you.

When you take out a mortgage there are two parts. In one part the mortgage company puts a lien on the real estate. This allows them to take the property if you default on the mortgage. When the mortgage company forecloses on a property they are exercising this right. The other part is where they loan you money to purchase the real estate. This is a loan like any other debt. They gave you money and you pay it back with interest. The problem in surrendering real estate is that even after they take the property you still owe them the money you borrowed. When they sell the property at foreclosure they will use part of it to pay down the money you owe, but this is usually not enough to cover the whole loan. The result is that you can owe $50,000 or $100,000 or more to the mortgage company even after the property is gone. This is called a “deficiency judgment”. Bankruptcy can protect you from owing the mortgage company. We can include a “deficiency judgment” in the bankruptcy so you will owe nothing. You do not have to wait until the property is sold before you file for bankruptcy. Contact the Law Offices of Richard E. Sexner now to find you how we can help to protect you.

Bankruptcy can stop a foreclosure and help you catch up on your mortgage.

Have you have fallen behind on your mortgage payments or you are about to fall behind? If you fell behind on your mortgage, we can force the mortgage company to accept a long term repayment on the arrearages. Under a Chapter 13 Bankruptcy we can force the mortgage company to stop any foreclosure proceeding. We can then force them to accept a long term repayment on the amount you have fallen behind. This type of bankruptcy is most helpful for people who have had some type of temporary setback (for example: illness, loss of work, drop in business, etc.). After we file for bankruptcy you will start paying your regular monthly mortgage payments plus an extra payment to a Chapter 13 trustee. This way we can save your house and give you a repayment plan that can also include any other bills. We will give you an path to get back on top of your finances. However, you will have to have your case filed before the mortgage company can complete the foreclosure and sale. If you wait too long, the bankruptcy cannot help you -- you need to act quickly! Contact the Law Offices of Richard E. Sexner to find out how we can save your home.

If you feel you are going to fall behind on your mortgage payments a bankruptcy can put you in a better position to afford your current mortgage payments. In a Chapter 7 Bankruptcy, you can get rid of all of your credit card, medical and most other debt. Sometimes, when those debts are gone a family is better able to afford mortgage payments.

How long can I stay in my house if I want to surrender it in the bankruptcy?

Even if you list the house in the bankruptcy the mortgage company still has to go through the state courts for a foreclosure and eviction. This can take a matter of weeks or months. It is also possible to stay in the house for two years or more with foreclosure defense. Click here to find out more about foreclosure defense.
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