Many homeowners find themselves hitting periods where they are struggling financially and their mortgage holder is threatening foreclosure. If you are in this situation, a foreclosure lawyer may be able to help you avoid foreclosure and keep your home.
One option is filing for Chapter 13 bankruptcy. Filing a bankruptcy petition will put a hold on any foreclosure action your mortgage company is threatening you with. Once the court approves your Chapter 13 bankruptcy petition, you will then have 60 months to repay your mortgage arrearage. If the court does approve it, the mortgage company must abide by the court’s decision.