Losing Your Home in Foreclosure?
There are a number of reasons why your home could be in danger of foreclosure. Perhaps you were planning on re-financing, but declining home values means that you now have an upside down mortgage — and owe more than the home is worth. Perhaps you were unemployed for five or six months and simply got behind on your payments. Or perhaps you have an adjustable rate mortgage (ARM) with an unworkable balloon payment looming.
There are many reasons why an individual or family can get behind on their mortgage payments. At Joyner Law Office, located in downtown Chicago, we have experience with a variety of different ways in which you can stop or delay a home foreclosure and work to save your primary residence.
Foreclosure Options to Consider
Keep in mind that changing the amount you owe is generally not an option, but the timing and duration of your payments or repayment plan may be adjustable.
- Emergency filings are available during non-business hours if the sheriff has a foreclosure sale scheduled for the next day. A lawyer can file your bankruptcy online at any time of day, 24/7 and although we do not recommend waiting until the last moment, an emergency filing is an option.
- Chapter 7 bankruptcy is an option if your home is your primary asset and you pass the means test. Your primary residence is one of the eligible exclusions in a Chapter 7 bankruptcy, but you generally must be able to pay all past due payments in order to avoid foreclosure.
- Chapter 13 bankruptcy is an option if you fail the means test and you make all past due payments. If you fail to make the agreed upon repayments to the trustee however, your home is no longer a protected asset.
- Foreclosure stops immediately when you file for bankruptcy. We take care of this for you.
- Loan modification is an option that works in some instances. We can help you explore this option.
Act Now to Save Your Home
If you are feeling stressed or desperate due to a pending home foreclosure, Joyner Law Firm can help. Our firm focuses on bankruptcy law and other debt relief methods available in Illinois. Call our toll free number, 888-675-4569, or send us an e-mail to schedule an initial free consultation with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
