Is Foreclosure a Reality? Learn About Your Options as a Homeowner

If you’re facing foreclosure, here is how you can stop it or slow it down.

Know What is Happening

Educate yourself. Find out what is happening. Read over everything you received from your lender. Check the notices. They may contain some pertinent information on possible options you can explore to prevent foreclosure. Some may also contain important details about the process as well as pending legal action. Reading through everything will help give you a better understanding of your situation.

Talk to a Lawyer

Look for a legal counsel. Find foreclosures lawyers in Phoenix, AZ and talk to them about your case. Consulting with attorneys will help you find out what your possible legal options are in greater detail. Talking to a lawyer can also help you figure out which of those options will suit you best.

File for Bankruptcy

One way you can avoid foreclosure is to file for bankruptcy. You can either choose to file a Chapter 13 or Chapter 7 bankruptcy. To seek out bankruptcy protection, you will need to talk to knowledgeable foreclosures lawyers in Phoenix, AZ to find out more about what you can expect if you go this route.

Chapter 7 Bankruptcy

If you choose this option, then the sale will be legally postponed as the court will issue an order for an “automatic stay” while the bankruptcy is pending. That should give you about three to four months. However, if the lender files for a “motion to lift the automatic stay,” then your time is limited as the debt and house will no longer be protected in the bankruptcy. the three or four months.

Chapter 13 Bankruptcy

If you want to stay in your property for the indefinite future, then file for a chapter 13 bankruptcy. This will let you pay off the late unpaid payments you have, according to a Chapter 13 repayment plan.

Choose Legal Help

Finding the right lawyer will improve your chances of getting a desired outcome. By hiring the services of a competent attorney right from the start, you can get the guidance and support you need every step of the way. From considering your legal options to going to court, the right lawyer can help you understand your options, pick the right one, and stave off the foreclosure for good.

Ready to get help? For a free consultation with foreclosures lawyers in Phoenix AZ, contact The Law Office of Larry P. Karandreas, PLLC.

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