Your bank is not your only resource for mortgage debt relief. Mortgage modification and foreclosure mediation through the bank are never executed in your best interests without the representation of a skilled attorney. Even with our representation, the bank's incentive to negotiate with you is minimal.
The most effective way to obtain significant negotiating power and to save your home is by filing for Chapter 13 bankruptcy. Filing for Chapter 7 bankruptcy will stop the foreclosure process, but unless you can discharge substantial unsecured debts, the foreclosure process will continue at the end of the bankruptcy process.
Financial Stability, Debt Relief And Mortgage Modification Through Chapter 13 Bankruptcy
Filing for bankruptcy places an immediate halt on all collection actions and creditor abuse. It gives you increased negotiating power as your remaining debts (those that cannot be discharged) are prioritized in an affordable three- to five-year repayment plan that all creditors, including your mortgage lender, must agree to abide by. Your repayment plan will also help you pay arrearages and catch up on your mortgage payments and other remaining debts (which may be reduced) by removing a second mortgage or possibly home equity loans.
Repayment of your debts proves good faith to lenders and creditors, and any remaining unsecured debt following the repayment plan will be eliminated and your secured debt obligations will be current. It is critical that you go through this process with an experienced and knowledgeable bankruptcy attorney in Pennsylvania.
At Purcell, Krug & Haller, we specialize in helping you find room to breathe and regain control when threatened by foreclosure. Our attorneys in Harrisburg and Hershey can help you evaluate your full financial picture and whether bankruptcy is your best option. This is a major decision, and we will help you move forward with what is best for you, your family and your business.
Schedule A Complimentary Consultation With One Of Our Lawyers Today
Save your home, protect your business and begin charting your own financial course once again. Please email or call us at 717-260-3485 or toll free at 866-586-6058 to schedule a meeting.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.