Ellicott City, MD Foreclosure Defense Attorneys

Experienced Bankruptcy Lawyer Helping Struggling Families Save Their Homes in Ellicott City, Maryland

When you made the wise choice to invest in a family home, you probably never expected to find yourself facing foreclosure. An incredible amount of planning goes into buying a house. Buyers have to prove that they have the income or assets necessary to keep up with monthly mortgage payments. You likely spent time calculating how much your family could afford to spend on housing each month.

Unfortunately, no matter how well you plan, even a temporary financial setback can leave you vulnerable to foreclosure. Something as simple as getting injured and having to take unpaid time off work can cause you to fall behind on mortgage payments. Even if you prioritize the mortgage payment and try to cut back in other areas, paying the full amount of your mortgage payment each month can prove impossible during a time of financial strain.

The Law Offices of Marc A. Ominsky, LLC will do all we can to help you avoid foreclosure and remain in your home if at all possible. Our dedicated Ellicott City, MD bankruptcy lawyers have helped countless families stop foreclosure proceedings in our 50 years of combined legal experience. We are very hands-on, and our lawyers are available to help you in real time when you reach out to us.

Acting promptly after you receive a notice of foreclosure proceedings can save your home. Filing for Chapter 13 bankruptcy is one of the most highly effective ways to avoid foreclosure when you are struggling with debt. However, it can be a strenuous process. You should speak to our experienced attorneys to help you decide whether Chapter 13 bankruptcy is right for you.

How Chapter 13 Bankruptcy Can Help You Prevent Foreclosure

As soon as you file for bankruptcy, all debt collection efforts must stop immediately. If you have been receiving ceaseless phone calls from other creditors or debt collectors, this can be a big relief. Most importantly, filing for bankruptcy will stop a foreclosure action immediately. The foreclosure cannot continue until your bankruptcy is resolved. If you were to file under Chapter 7, the foreclosure could continue afterwards unless you can catch up on payments and your lender is willing to let you reaffirm your mortgage debt and keep repaying it after your bankruptcy. This is somewhat rare, as one of the reasons many people choose Chapter 7 is so they will not have to keep making payments toward their debts.

Chapter 13 bankruptcy is structured differently. After filing for Chapter 13 bankruptcy, you will be expected to keep making payments towards your debts for three to five years. This type of bankruptcy is attractive to people who have a reliable income and can afford to make ongoing monthly payments. If you will be able to resume paying your mortgage, Chapter 13 bankruptcy can give you five years to catch up on your mortgage payments. This solution may be ideal if you went through a short-term financial setback but have a good chance of recovering with a bit of help.

You can also choose to sell your home during your Chapter 13 bankruptcy. This may be a good option if you are trying to minimize your future monthly payments and are prepared to move out. It is important to work closely with an attorney if you are considering selling your house as well as filing for bankruptcy.

Other Options for Preventing Foreclosure

You have other options that may help you avoid the loss of your home in a foreclosure, but no method is as likely to succeed as Chapter 13 bankruptcy. Some other possible options include:

• Negotiating With Your Lender: Some mortgage lenders may be willing to negotiate if there is strong evidence that the borrower will be able to catch up and stay current after a loan modification.
• Paying the Past-Due Amount: If you are able to make arrangements to pay off any missed payments, this can prevent a foreclosure. However, this may not be possible for many people who have fallen behind on their mortgages.
• Refinancing: If you have good credit, you may be able to refinance your home with another financial institution.

Contact Our Ellicott City Bankruptcy Lawyers for Stopping Foreclosure

The Law Offices of Marc A. Ominsky, LLC is here to help you save your home by filing for bankruptcy. Our dedicated and understanding Ellicott City, MD foreclosure prevention attorneys will carefully guide you through the entire process to help you achieve the best results possible. Contact us at 443-539-8712 for a free consultation. We offer military and law enforcement discounts, so please let us know promptly if you qualify.