Phoenix Foreclosure Defense Lawyers
Filing for Bankruptcy in Arizona Can Stop Foreclosure
Many individuals are faced with the prospect of having their homes taken
from them through the process of foreclosure. Mortgage companies generally
start about three to six months after the first mortgage payment has been
missed. Many debtors have very high mortgage payments and
foreclosure is not uncommon. When you are faced with foreclosure, you need to learn about the available
defense options and how you can potentially save your house and improve
your financial situation. Speak with our firm's experienced Phoenix
bankruptcy lawyer for further information.
Contact us
at (602) 635-9102 for the legal advocate that you need.
Guiding You Through Your Foreclosure Defense Options
When you are in need of defensive actions against your looming foreclosure,
our firm is here to help. We can discuss your specific situation in a
free case evaluation.
Some of the possible defenses available include establishing that:
- Terms of the mortgage are unconscionable
- Foreclosing party did not follow state procedures
- Foreclosing party cannot prove it owns mortgage
- You are a service member on active duty
If you are at risk for losing your home, there may be a number of solutions
available to you.
Filing for bankruptcy is beneficial when you are unable to work out an agreement with your lender
that will allow you to remain in your house. You can file for bankruptcy under
Chapter 7 or
Chapter 13 to either save your home or at least remain in it longer than you would
be allowed to otherwise.
Put a Temporary Stop on the Foreclosure Process
When you experience temporary financial setbacks stemming from a medical
situation, job loss, or other economic factor, it may cause you to fall
behind on mortgage payments. Individuals may face foreclosure because
they are unable to resume making regular payments or unable to pay the
penalties they have accrued during hard economic times. When facing a
foreclosure because of a temporary financial setback, bankruptcy may get
you the help you need to get back up to speed.
Because the foreclosure process may be initiated in or outside of court,
it can be difficult for individuals to negotiate with their lenders about
making arrangements for mortgage payments. When there are no other options
in preventing or stalling a foreclosure, filing for Chapter 7 bankruptcy
may be an optimal choice.
Chapter 7 bankruptcy can temporarily stop foreclosure and/or the sale of your home for 45 to 65 days after filing. This may
give you the time you need to catch up on payments.
Alternatives to Avoid Foreclosure
In addition to bankruptcy, you do have several other options to prevent
foreclosure.
For example, you could pursue the following:
- Refinancing into a fixed rate mortgage
- Negotiating a modification with your lender
- Creating a repayment plan approved by your lender
- Agreeing to a deed in lieu or short sale
When you come to our firm, we can carefully assess your situation and help
you determine what your best options are. You may need a solid credit
score and some financial backing to achieve refinancing or loan modification,
making it crucial that you discuss your matter with a foreclosure defense
lawyer prior to pursuing any solution. In many cases, bankruptcy may end
up being the best possible option to help a family avoid foreclosure and
move forward towards a brighter financial future.
Let Us Help You Save Your Home: Call (602) 635-9102
At Leonard V. Sominsky, ESQ., PC, our
Phoenix bankruptcy attorney understands the impact that a negative financial situation can have on
your life. We encourage you to take action to improve your financial situation,
beginning with consulting our firm to review your circumstances and options.
We have the experience necessary to help you accomplish a positive result
and are devoted to providing the attention you deserve.