Can I Save My Home?

San Antonio Lawyer Protecting Your Home From Foreclosure

When you have fallen behind on your mortgage and are in danger of foreclosure, filing for bankruptcy can stop the foreclosure process and allow you to keep your home for the immediate future. Both Chapter 7 and Chapter 13 bankruptcy will prevent foreclosure, but you should discuss your long-term options with an experienced bankruptcy attorney.

Stopping Foreclosure Proceedings in South Texas

The loss of a job, a medical emergency, or other unforeseen circumstances can have an immediate impact on your life, making it nearly impossible to meet your financial obligations. When you are responsible for mortgage payments on your home, it is easy to fall behind quickly, and lenders are often unforgiving on missed payments.

In some cases, it may be possible to sell your home to avoid foreclosure. Home values, however, have fallen to the point where many homeowners cannot sell because they owe more than the home is worth. This is where bankruptcy may be able to offer a solution.

Chapter 7 and Chapter 13 Bankruptcy

Consumer bankruptcy typically falls under one of two chapters in the United States Bankruptcy Code: Chapter 7 and Chapter 13. Both types of bankruptcy will stop a foreclosure proceeding or sale immediately. In a Chapter 7 bankruptcy, you will be permitted to stay in your home while the bankruptcy is open but the home may be forfeited unless you can work out a modification with the mortgage company. A short sale may also be an option to complete a Chapter 7 bankruptcy.

When you file Chapter 13 bankruptcy, you will most likely be able to keep your home, as long you comply with the terms of your repayment plan and continue making mortgage payments. Your home, however, is only of the factors that should be considered in choosing the right type of bankruptcy.

Call Us Today

If you are behind on your mortgage and your lender has begun the foreclosure process, you need help. Contact the Law Offices of Chance M. McGhee for a free consultation today. Call 210-342-3400 and speak with an experienced San Antonio bankruptcy attorney about your available options.