Homeowners universally fear foreclosure during challenging economic times. Temporary income reductions, job loss and unexpected cash emergencies often prove too much to bear. Lenders also loath foreclosure but nevertheless initiate the process with little or no regard for the effect on families during temporary financial setbacks.
Most lenders throughout the U.S. consider foreclosure when a mortgage is three months past due. Of course, a few lenders may be more understanding and allow more time. The most effective way homeowners gain more time is to give a lender advance notice of future nonpayment and further request temporary payment reductions. As long as a homeowner provides full disclosure and remains willing to work cooperatively with a lender, the odds of success improve dramatically.
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At some future point, virtually all lenders enforce liens and post properties for sale when payments remain significantly past due. Everyone should expect a notice of foreclosure if falling four months behind. At this point, for most people, the burden of making four mortgage payments simultaneously is unfeasible.
Homeowners across the nation encounter a wide variety of state foreclosure statutes. Despite these differences, state statutes remain predictably similar. A homeowner must receive advance notice of the intent to seize property. Homeowners must receive a reasonable amount of time to cure a default. In addition, all notices of an intent to foreclose must be posted publicly, including the date, time and place of the intend sale. Few legal defenses exist to prevent to conclusion of a sale as long as payments remain unpaid.
Filing bankruptcy under any chapter immediately invokes numerous debtor protections contained in Section 363 of the Bankruptcy Code. The automatic stay provision of this section functions similar to a federal court injunction. After filing, lenders cannot legally demand payment, enforce liens, seize property or liquidate collateral. Individuals who file bankruptcy receive automatic protection whether filing Chapter 7, Chapter 11 or Chapter 13.
The cost of filing bankruptcy varies according to the complexity of cases and the ability of attorneys. Attorney fees typically comprise the bulk of costs incurred throughout the process. U.S. courts across the nation also regulate the amount of fees an attorney may charge in a typical consumer case. Fees may increase however, upon request, if an attorney encounters unusual circumstances or novel legal issues.
Pro bono attorneys provide legal assistance to individuals without charge. In most situations, city, county and state bar associations provide a list of resources for locating pro bono services. Income may be a qualifying factor. In addition, many highly-qualified pro bono attorneys seek out clients who are unfairly victimized by over-zealous creditors who may assert unfounded legal accusations. Overall, the ultimate decision to accept pro bono clients lies in the hands of individual attorneys.
The U.S. Code and local court rules regulate filing fees. Fees must be paid at the time of filing, or alternatively, debtors may qualify for a fee waiver. Any person or household that earns less than 150% of the published poverty rate in their state of residency may receive a waiver. The clerk of the court in each federal district provides additional information, without charge, to anyone who inquires.
The clerk of each federal districts also supplies debtors with no-cost bankruptcy forms. The official forms obtained from a clerk of the court include instructions. These forms are the most current available at any cost. Be aware also that the instructions, although valuable, cannot contain legal advice for the benefit of debtors, creditors, or any party in interest.
In small and simple cases, a few debtors file bankruptcy successfully without incurring costs or fees. In the vast majority of cases, most debtors benefit far more by relying on competent legal advice provided by a bankruptcy attorney. The risk of making a mistake can cost much more than paying attorney fees and many mistakes may produce far-reaching adverse consequences.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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