Saving Your Home Through Bankruptcy

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Saving Your Home through Bankruptcy
Alternatives to Foreclosure
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The Foreclosure Threat
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Over the past several years the U.S. Citizens
have faced a number of financial difficulties,
especially regarding home loans.
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Many Texans are facing the threat of foreclosure
of their home.
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Bankruptcy may be a solution to both the
immediate threat of home foreclosure and your
overall financial problems.
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What Is Foreclosure?
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Homebuyers borrow money to purchase a home
mortgage loan
The home is used as security for loan
If the borrower defaults, the lender can
foreclose on home used as security for the loan
Legal process by which this is accomplished is
known as foreclosure
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Texas Foreclosure
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MOST FORECLOSURES IN TEXAS ARE NON-JUDICIAL,
meaning the creditor does not have to go to
court to obtain permission to foreclose on your
home.
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This also means the process can be accomplished
in much less time than in other states.
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Texas Non-judicial Foreclosure Process
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(No Transcript)
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Deficiency Judgements
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A borrower may still be indebted to the lender
after the foreclosure sale if the amount of the
property was auctioned for was not enough to pay
the bank in full. The bank can then sue you and
obtain a deficiency judgment.
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Even if you do not wish to retain your home,
this may be a reason to consider bankruptcy to
obtain a discharge of that deficiency.
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Bankruptcy Automatic Stay
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The filing of bankruptcy case automatically stops
all foreclosures no court order is necessary to
stop the foreclosure sale.
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The automatic stay is an automatic federal
injunction prohibiting all creditors from
initiating, or continuing, any attempts to
collect on a debt, including foreclosure.
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Keeping Your Home Through Chapter 13
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A chapter 13 bankruptcy allows you to stop your
home for foreclosure and repay your missed
payments and remaining creditors through a 3-5
year wage garnishment.
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At the end of the plan, remaining debts may be
discharged, or eliminated.
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How Chapter 7 Can Help
File a Chapter 7 to save your home!
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File a Chapter 7 and obtain a loan modification
reducing your interest, spreading the missed
payments over the life of your loan and make your
home much more affordable!
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A CHAPTER 7 BANKRUPTCY will discharge most of
your remaining debts without the 35 year wage
garnishment required by a Chapter 13!
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Life After Bankruptcy
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Debtors are often concerned about the ability to
secure financing after bankruptcy.
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A debtor may qualify for an FHA or VA loan two
years after discharge of a chapter 7 bankruptcy.
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Chapter 7 debtors can purchase new or used
vehicles during or after their Chapter 7 filing.
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If you have been told that Chapter 13 is the only
way to save your home, call us for a second
opinion!!
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SAVE YOUR HOME FROM FORECLOSURE
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Click to visit centraltexasbankruptcy.com
Content provided by Best Legal Practices