Generally, foreclosure starts when a person is not able to pay their monthly mortgage payments and their lender begins the process of reclaiming ownership of the property. Fortunately, the bank is not allowed to simply take the home back as soon you default on your loan. Instead, the bank must follow various legal steps in order to regain ownership. This process is called foreclosure.
If you are being foreclosed upon by your lender, our Richmond bankruptcy attorney may be able to help stop the process by filing bankruptcy. If you file Chapter 7 you may be able to slow down the foreclosure process until your filing is complete. However, by filing Chapter 13 you may be able to save your home and stop the foreclosure process altogether.
Including your home in a bankruptcy process is very complicated. To see if this is the right option for you, contact us to speak to our Richmond foreclosure lawyer.
Unlike Chapter 7 bankruptcy, which may require you to sell your home to repay your creditors (if you have equity), Chapter 13 may allow you to keep your home and work out a repayment arrangement with your lender.
Our attorney, Bruce White, is experienced in helping homeowners who are suffering through the foreclosure process. At Bruce W. White, P.C., we understand how difficult foreclosure can be, and we will do everything legally possible to protect you and your family.
Call our Richmond foreclosure attorney today at (804) 655-0502 for a free, no-obligation consultation.