STOP A FORECLOSURE?
A Look At How Does Filing Bankruptcy In Ohio Halt The Foreclosure Process
SCOTT R. NEEDLEMAN
BANKRUPTCY AND FORECLOSURE DEFENSE ATTORNEY
For most people, owning a home remains the American dream. Once you have realized that dream, if a financial crisis threatens the future of the dream it can be emotionally devastating. The recent national financial crisis has led to a record number of foreclosures across the country as well as a significant increase in the number of bankruptcy petitions filed in recent years. If you have been notified by your lender that foreclosure proceedings are forthcoming, filing for protection under the U.S. Bankruptcy Code may be a solution; however, it is not an automatic fix for all homeowners facing foreclosure.
buy back the property. Once the redemption period has expired the borrower must vacate the property.
few exceptions for debts that cannot be discharged, all debts are discharged, meaning the debtor no longer owes the debt.
plummeted in recent years, this is not an uncommon scenario. The reduced value of your home though could be beneficial in bankruptcy if you are able to discharge a second mortgage. Another way that bankruptcy may be able to help is if you owe a deficiency judgment after your home is foreclosed on and sold. Borrowers frequently are unaware that this is possible. Imagine, for example, that you owe $150,000 on your mortgage and the lender forecloses on the loan. The home is subsequently sold through a sheriffs sale for $120,000. You may legally be responsible for the remaining $30,000 owed to the lender. This deficiency amount can be discharged through bankruptcy. Each foreclosure scenario presents a unique set of facts and circumstances. Be sure to consult with an experienced Ohio bankruptcy attorney immediately if you receive a notice of foreclosure or if you are concerned that you are headed toward foreclosure because you are behind on your mortgage payments. Save the Dream Ohio, Understanding the Foreclosure Process Ohio Attorney General, Foreclosure Frequently Asked Questions Pine Tree Legal Assistance, Bankruptcy: Is It the Right Choice for You CNN Money, Bankruptcy Can Save Your House from Foreclosure
Every associate at The Needleman Law Office is committed to handling your case in both a personal fashion and in a professional manner. In other words, we treat you the way we would want to be treated. We will take a personal interest in your situation, making sure you understand exactly what is happening and what options you may have. Then well fight to ensure the best possible outcome for your situation.