| 7 entries found. Viewing page 1 of 1. |
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| May 31, 2010 |
| I am facing foreclosure – Can Bankruptcy Help? |
| Posted By Robert Kovacs |
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Bankruptcy can save your home from foreclosure!
The moment a bankruptcy case is filed with the bankruptcy court the automatic stay comes into effect. The automatic stay prevents creditors from taking certain actions against you including foreclosing on your property.
Bankruptcy will even stop a foreclosure if filed minutes before the foreclosure sale.
Once the case is filed and the foreclosure stopped you may be able to catch-up missed mortgage payments during the course of a chapter 13 plan, eliminate second or third mortgages, or have time to work out a modification with the bank. |
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| February 20, 2010 |
| I filed bankruptcy. When will creditors stop calling? |
| Posted By Robert Kovacs |
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As soon as your bankruptcy case is filed with the Court the “automatic stay” comes into effect. The “automatic stay” is much what it sounds like, it happens automatically upon filing of your case and it stays certain actions against you.
This means as soon as you file bankruptcy your creditors are legally prohibited from, foreclosing on your home, repossessing your car, sending bills, or making collection phone calls.
Of course, your creditors do not know you filed bankruptcy the very instant you file. The Court will send a letter to all the creditors listed in your Creditor Matrix informing them of your filing. This will likely take about two weeks.
If there is an urgent matter, such as a home foreclosure tomorrow, I will call and fax the law office handling the foreclosure to ensure they are aware of your bankruptcy filing and it does not take place.
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| January 24, 2010 |
| You can file bankruptcy and keep your home |
| Posted By Robert Kovacs |
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If you file bankruptcy you will keep your home; unless you want to surrender it to the bank.
In order to keep your home you will need to at a minimum be able to make the current monthly payment on the first mortgage.
If you are filing chapter 7 bankruptcy, you will need to be current with all mortgages on the home when you file and continue to be current after the case is over. This is just like it would be without the bankruptcy filing. As long as you are current with the mortgage payments the bank will not foreclose.
If you are behind on your mortgage, or have a second mortgage, worry not, you will still be able to keep your home. In chapter 13 you are given up to 5 years to catch-up the missed mortgage payments under a court approved plan. Your bank will legally be barred from foreclosing during your bankrutpcy.
Additionally, in chapter 13 you may be able to eliminate your second mortgage and keep your home. In order to eliminate the second mortgage you will have to prove to the Court that the value of your home is less than the value of your first mortgage.
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| January 20, 2010 |
| If I file bankruptcy will it be in the newspaper? |
| Posted By Robert Kovacs |
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No, your bankruptcy filing will not be in the newspaper.
Your bankruptcy filing is public record, which means that someone could go down to the Court house and ask if you had filed bankruptcy; the Court would tell whoever asked if you and filed or not. So, unless you have a neighbor who has a lot of time on his hands and is extremely noisy,
then no one will know about your bankruptcy unless you tell them.
However, the local newspapers here in Massachusetts does not list who filed for bankruptcy. Look for yourself, pick up the newspaper and look for the bankruptcy filings section, you will not find one.
You should know that foreclosure listings are in the newspaper. Also, if you were famous, perhaps a town official or celebrity, then the paper may run a story regarding your bankruptcy.
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| January 15, 2010 |
| HELP! My home is going to be foreclosed on. |
| Posted By Robert Kovacs |
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Filing bankruptcy will automatically stay any foreclosure proceeding. So long as your bankruptcy case is filed prior to the actual foreclosure sale.
If your intention is to permanently save your home from foreclosure then you will need to catch-up your missed mortgage payments in chapter 11, 12, or 13.
In chapter 13 you will have to make a monthly payment for either 3 or 5 years. This payment must be enough to pay back the entire arrears on at least the first mortgage.
In some cases you are able to eliminate the second mortgage and keep your home.
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| January 07, 2010 |
| Home Loan Modification and Bankruptcy |
| Posted By Robert Kovacs |
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If you are struggling with your home payments you may be able to get a bank approved home loan modification.
The government program is run through the Department of Housing and Urban Development. HUD has setup a website for dealing with the issue of home loan modification called Making Homes Affordable, http://makinghomeaffordable.gov/ .
Watch out for companies or lawyers that require a fee for home loan modification help. The government program is FREE and you should not be asked to pay. Remember “if asked to pay walk away.”
Getting a loan modification may reduce your monthly mortgage payment and prevent foreclosure. However, the process often takes several months to complete, and many individuals do not get a modification. If there is a foreclosure sale pending or if you have been contacted by a law office regarding home foreclosure you may not have enough time to complete the modification before the foreclosure sale.
In this case you should consider filing bankruptcy to stop the foreclosure while you continue to work on the loan modification.
If you have facing foreclosure give me a call and we can talk about what can be done to prevent you from losing your home. |
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| December 31, 2009 |
| Telegram and Gazette reports “Foreclosure petitions still high” – Bankruptcy can save your home |
| Posted By Robert Kovacs |
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In an article from the Worcester Telegram and Gazette (http://www.telegram.com/article/20091230/NEWS/912309982/1002) it is reported that foreclosure petitions in Massachusetts remain high.
The good news is that the actual number of foreclosures that have been completed for 2009 has been less than 2008. However, the number of foreclosures started with the filing of a Petition to Foreclose has increased in 2009 from 2008.
Bankruptcy has several options that may help if you have facing foreclosure, in chapter 13 you may be able to eliminate your second mortgage forever, and catch up the missed payments with the first mortgage.
Additionally, you may be able to eliminate all your unsecured debt in either chapter 7 or 13 thus freeing up money to pay towards the mortgage.
If you are facing foreclosure, please give me a call and we can find a solution to the problem. Bankruptcy can stop the foreclosure and save your home BUT ONLY if you file before the foreclosure sale. |
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