Also Serving Mason, Wilmington, Hillsboro, and Middletown Areas
Foreclosure and Restructuring Your Loans
There are two ways to legally stop your foreclosure. The first is to catch up on the missed payments and late charges that led to the foreclosure in the first place. Of course, this is often impossible because the missed payments often add up to thousands of dollars in arrearages. It is very difficult to get caught up on a mortgage that’s months behind. Many times, the mortgage company will no longer accept your payments once the foreclosure has been filed.
The second way to stop foreclosure is to file a bankruptcy. Filing bankruptcy puts an automatic stay into place that stops all foreclosure actions, as well as other creditor actions against you. A Chapter 13 bankruptcy allows you to pay back the missed mortgage payments over five years, with no ongoing interest or late fees. This makes keeping your home an affordable option if you’ve fallen behind.
At the law firm of Harold Jarnicki & Associates, our attorneys have more than 40 years of experience that we will use to help you stay in your home.
If you have been threatened with foreclosure, you have probably received letters from so-called foreclosure rescue or mortgage relief companies. Ignore these. These companies tend to be misleading and are sometimes fraudulent, which is why Attorney General offices across the country are trying to shut these companies down. These foreclosure relief companies may take your money, temporarily stall the foreclosure, and you still end up losing your home to foreclosure shortly thereafter. On the other hand, filing bankruptcy legally stops the foreclosure action, and gives you the option of keeping your home or surrendering it back to the bank with no debt to be paid back.
Should You Keep Your Home?
Perhaps you have determined that your house payments do not fit within your budget, so you want to get rid of your home. Do not just let the foreclosure happen, and do not just deed the house back to the bank without first speaking with us. If you let the bank foreclose or deed it back to the bank, you are usually still liable for the deficiency, which is the difference between what the bank resold the home for at auction and what you owed on it. You will likely be sued for this deficiency. The bankruptcy will protect you from any deficiency owed on a foreclosed home, as the debt is discharged in the bankruptcy. Filing bankruptcy will also stall the foreclosure and buy you time to stay in your house before the foreclosure, allowing you extra time to find a new place and even sell your house on your own terms.
Of course, you may want to keep your house. By filing bankruptcy, you can stop foreclosure and figure out the best way to make your payments. In Chapter 7, you can eliminate your other debts so you can focus on your overdue house payments. In Chapter 13, you can include your missed payments as part of your debt repayment plan, paying back the arrearage with no ongoing interest or late fees. You have options. We will help you choose the right one.
You Can Use an Automatic Stay to Stop Repossession of Your Car and Belongings
If you are behind on your vehicle payments or have been threatened with having your car, truck, or motorcycle repossessed, it is important to know that you do not have to let this happen. Filing bankruptcy legally stops vehicle repossession. It puts an automatic stay into place that stops all creditor actions against you, including repossession of your car and other property.
At the law firm of Harold Jarnicki & Associates, our lawyers have more than 40 years of experience. You can be confident that we will put that experience to work for you, helping you keep your motor vehicle.
Do You Want to Keep Your Car? Lower your payments?
Have you decided that your car payments do not really fit within your budget? Perhaps you are considering just letting your car be repossessed, or giving it back to the bank, also known as a voluntary surrender. Do not do this, because doing so will leave you on the hook for large amounts of money. Your creditor will likely sue you for the deficiency, which means the difference between what you owe and what they were able to sell your car for at auction.
Filing bankruptcy stops the repossession and buys you time to explore your options, including keeping your car or selling it on your own terms. If you plan on surrendering the vehicle or if it is already repossessed, filing bankruptcy will eliminate the debt still owed on the vehicle, which is often many thousands of dollars.
Keeping your car is a definite possibility. By filing bankruptcy, you can stop the repossession process and determine a strategy to catch up on your payments. Chapter 7 allows you to eliminate other debts so you can focus on your past due car payments. Chapter 13 allows you to include missed payments as part of your debt repayment plan. Both Chapter 7 and Chapter 13 have options to possibly lower the payments on your existing vehicle. In many situations, the bankruptcy laws allow you to pay back only the value of your vehicle, not the entire amount of the loan owed. Our attorneys will show you all the options available.
Has Your Car Already Been Repossessed?
If your motor vehicle has already been taken away, you may be able to get it back. As long as it has not been sold, there are steps that can be taken to get the vehicle back and keep it. This is no easy task, and it requires fast action, but our experienced lawyers know how to do it.
Contact Us for Your Free Initial Consultation
At our law firm, we understand that you work and that you have time constraints. We strive to make our services and appointment times as flexible as possible. We are happy to arrange meetings on evenings and weekends as necessary. We serve clients throughout the Lebanon, Mason, Middletown, Wilmington, Hillsboro, and Batavia areas. We are able to serve clients in the Highland, Warren, Clinton, Butler, Clermont, Montgomery, Hamilton and Greene Counties counties as well.
To discuss your case with one of our foreclosure or repossession defense attorneys, contact us today. We serve clients throughout Lebanon, Middletown, Mason, Wilmington, Hillsboro, Maineville, West Chester and beyond.