Are you at risk of losing your home in foreclosure? Sirody & Associates will help you protect your most valuable possession, your home.
Baltimore residents trust our lawyers to take action and prevent foreclosure. Our attorneys have extensive experience in foreclosure prevention in Maryland. We want to make sure you understand all the options available to you.
Moving into bankruptcy can help you prevent foreclosure. Once you have declared bankruptcy in Baltimore you usually can’t be removed from your home. There are some cases in which the lender will try to continue a foreclosure sale, even after bankruptcy has been filed. Sirody & Associates will help you determine the course of action that is best for you.
Sirody & Associates will explain all your options. We will help you understand the differences between Chapter 7 and Chapter 13 bankruptcy. Our goal is to help you stay in your home longer, possibly permanently. We have helped thousands of Baltimore residents stay in their homes. Contact us today and let us help you too.
Foreclosure Frequently Asked Questions
Is it possible to negotiate with a lender to avoid foreclosure?
Homeowners who are behind (or about to be behind) on mortgage payments may be able to negotiate some sort of payment terms with their mortgage company. However, in general, the farther behind a homeowner is on payments, the less likely the lender will be to renegotiate payment terms. Filing for bankruptcy before the foreclosure sale of a home will trigger an “automatic stay”, which prevents creditors from taking collection actions (including foreclosure).
How many house payments can I miss before facing foreclosure?
If you are even just 10-15 days late with a mortgage payment, your lender will probably assess a late fee. If you miss one month’s mortgage payment, you’ll probably receive a monthly statement marked in red with the late fee clearly prominently displayed. If you’ve missed two or three payments, your lender will likely send a “Demand Letter” requesting full payment within 30 days. By the end of the fourth month (120 days) if you have not made a mortgage payment, your lender will likely consider the loan to be in default and will start the foreclosure process. If you have fallen behind in mortgage payments, it’s important to speak with an experienced foreclosure attorney as soon as possible in order to understand all of your options. For example, in some cases, bankruptcy can prevent or delay foreclosure.
How much does it cost to get out of foreclosure?
If you have fallen behind in mortgage payments, speak with an experienced bankruptcy attorney as soon as possible in order to fully understand all of your options. In Maryland, you can’t be removed from your home once you have declared bankruptcy. Many people who are facing difficult financial decisions wonder how much it costs to file for bankruptcy or to get out of foreclosure. No reputable attorney will quote you a fee over the phone without meeting with you personally to assess your individual circumstances. The most experienced and ethical foreclosure attorneys understand that clients are strapped for cash, and work with those clients to make bankruptcy an affordable solution. Upon filing for bankruptcy, an automatic stay is put in place that prohibits creditors from demanding further payments until the case is resolved. This can free up funds to pay attorney costs.
Will I get any money if my house is foreclosed?
After missing a number of mortgage payments, a lender will consider your mortgage loan to be in default and will start the foreclosure process. This means that the lender will take possession of the house and will try to sell it and use the proceeds to pay off the remaining loan balance. If your home is foreclosed, you will not receive any money, but in Maryland you do have up until the time that the court ratifies the sale to pay off the full amount of the remaining balance on the mortgage and keep your home.
At risk of losing your home in foreclosure?
Our goal is to help you stay in your home longer, possibly permanently. We have helped thousands of Baltimore residents stay in their homes. Call our experienced bankruptcy attorneys today or schedule a free consultation.