Articles Tagged with Stop Foreclosure

homeNot unless you would like to! It is understandable to be concerned about your home when thinking about filing bankruptcy to deal with other debt concerns. As long as you are current on your payments, the mortgage company cannot and will not foreclose.  They will send out a Reaffirmation Agreement (and more than likely offer you a loan modification as well).  The Reaffirmation Agreement is a document where you “sign back up” for your home loan either with the same loan/note details or possibly better if a loan modification is offered.

We also need to check and see if the equity in your home is over the Mississippi exemption or not.  If it is not over, your home is fully protected. If it is over, depending upon how much, there will be options to discuss.For example, your home is worth $100,000. You owe $90,000. Your equity is $10,000.  This easily falls under the Mississippi exemption ($75,000).  But if your home is worth $100,000 and is paid off, then you are over the Mississippi exemption by $25,000 and we would need to discuss options prior to filing your bankruptcy case.  It doesn’t mean that you cannot file, it simply means we have some things to take a stronger look at and discuss first.

Exemptions are protections for your property given to you by Mississippi Law. Exemptions are not the same in every state.  These protections allow you to keep the stuff that you already have, so you don’t have to start all over again with nothing.

credit bureausThe bankruptcy code does not require that you reaffirm, or sign an agreement to continue to be personally responsible for the payments on your mortgage. As long as you continue to pay the house notes they cannot foreclose.  However, most mortgage companies will not report your payments to the credit bureaus if you did not sign a reaffirmation agreement. So it is important to know that it is still possible to get your payments included on your credit reports.

  1. Request a payment history from your mortgage company. (The mortgage company is required by law to provide one every year free of charge.)
  2. Send a letter to the three credit bureaus – TransUnion, Equifax, and Experian,  and dispute the fact that your mortgage payments do not show up or that you have not paid your mortgage payments and attach a copy of the payment history you obtained from the mortgage company.

To review the various commercials of bankruptcy and mortgage attorney Frank Coxwell as seen on TV in Mississippi, click here to go to our Media page.  Mr. Coxwell covers various areas of bankruptcy and mortgage legal options available in Mississippi to consumers struggling with financial issues. Stop garnishments. Stop Foreclosure. Deal with student loan and tax debt.  Stop lawsuits. Protect yourself, your paycheck, your family, and your property.

frank_can help you_smaller sizefrank_consultation_smallerFrank_Save Home

At least twice a month I receive calls from homeowners who are in the middle of the modification process with their mortgage company and they get notice of a foreclosure.  Over and over they had been told the modification was still being reviewed.  In some cases they were told they’d been approved.  But all of a sudden they find their home is being advertised in the newspaper and a sale date is set at the courthouse. Mortgage companies review loans for modification and try to foreclosure at the same time.  This is known as “dual tracking”.  They don’t stop the foreclosure process when a mortgage is considered for a modification.  If you are in the modification process with your mortgage company you can never assume that it will be approved or they won’t foreclose.  The foreclosure process in Mississippi is quick, so you can’t trust anything they tell you over the phone.  If you become aware your home is in foreclosure, contact our office immediately.  We can stop the foreclosure sale through filing a Chapter 13 bankruptcy and you can still follow-up with a modification, if needed.  You never want to be in a position of trying to get your home back after the foreclosure.  Better to be safe than sorry and stop the foreclosure before it happens.

I will be teaching in the Millsaps College Community Enrichment program – 2012 Fall Series that is open to the public.  I will be hosting 2 sessions under the section “Money & Business”. Click here to register.

“Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session

Oct 4 & Oct 11 from 6:00pm – 8:00pm.  Millsaps Tuition Cost: $40.00 per person.

First of all, discuss your situation with a competent and knowledgeable bankruptcy attorney, preferably one who only represents consumers.  Do it before you do anything thing else, before you pay any creditors or relatives, before you give any property away, before you let the house go, before you take on new credit or sell any of your property.

There are numerous differences between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy in Mississippi and many reasons to choose one over the other.   Here is a list of reasons why a Mississippi Chapter 13 Bankruptcy might be the best option for you:

A Chapter 13 will save a house from foreclosure.