Foreclosures

Staten Island Bankruptcy Attorney

If you are behind on your mortgage payments and your home lender is about to commence foreclosure proceedings, I can help. With a Chapter 13 bankruptcy, I can stop foreclosure. I will show you how you can establish an interest-free payment plan to pay back your mortgage arrears and reinstate your mortgage. The Law Offices of Charles R. Tropp, assists many people who face foreclosure. You do not have to lose your home. Contact our law offices to find out how.

A Patch of Bad Luck

Although each foreclosure story is unique, all share some similarities. First, someone lost a job, or someone in the family had a health issue. The first month you are unable to pay, nothing happened. The second month, you got a letter. The third month brought a phone call. Now, four months later, they want all four payments at once. Even if you got another job, or health has been restored, you only have enough money for one or two. The bank is adamant. Either it gets four months, or it will foreclose.

Dealing with the Bank

One solution is to sign a forbearance agreement to pay back what you owe. Even if the bank grants forbearance, you may not be able to afford the high payments. Most forbearance agreements only go for a maximum of six to twelve months. The bank will also want a substantial down payment. After you fill out a lot of paperwork the bank may determine that you do not qualify for their forbearance program and they may proceed with the foreclosure anyway.

The Chapter 13 Plan

In a chapter 13 case you file a "plan" showing how you will pay off you past-due debt and current debt over a period of three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property - especially your home and car - which might otherwise be lost provided that you can make the required monthly payments.

If you are dealing with the possible foreclosure of your home, contact the Law Offices of Charles R. Tropp for a free consultation.