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You worked hard to get a home of your own. Things looked great. Then unexpected expenses arose, you lost your job or something else financially tragic happened. That happens to good people all of the time. And, because of that, bankruptcy laws have been structured to accommodate financial hardships in regards to mortgages.
Foreclosure is a complicated process. However, if you experienced a rough period financially but now are on the comeback, chapter 13 bankruptcy could be the answer you need to resolve some of the lingering damage. Through chapter 13, you can get the opportunity to renegotiate your loan in terms of catching up on past due payments, interest rate and possibly the length of the loan. When you file bankruptcy and you have hundreds or thousands of dollars in past due payments, part of the negotiations can be to split the past due amount into manageable payments for up to a 60 month period. In addition, it is possible to do without incurring any more late fees or interest on that amount. Imagine, if you were $2400 past due and you split it up over 60 months. That is just $40/month.
On the other hand, if you are facing foreclosure and your financial situation hasn't improved, the best course may be chapter 7. When you get foreclosed on and the bank sells your house for less than what is owed, they may place a judement on you for the difference. For example, you owe $200,000 on your house and the bank forecloses on it and holds an auction. That auction nets $160,0000 in proceeds. The bank could go after you for the $40,000 difference and place a judgment on you for that amount. When looking at this type of possible situation, it is important to contact a bankruptcy lawyer to review your situation and discuss your options.
When you file for bankruptcy, that tells the banks to stop any foreclosure actions, at least temporarily. That is when Milwaukee bankruptcy attorney Paul Strouse jumps in to action. He can begin negotiating according to the plan you and he would have agreed upon.
If you already have a judgment against you from a foreclosure, a chapter 7 bankruptcy could remove your liability. When it is after the fact, and the house is no longer a part of the deal as collateral, it basically becomes a unsecured debt. This is similar for 2nd and 3rd mortgages. Depending on whether a judgment has already been made on them or if the property to which they are associated has more debt on the 1st mortgage mortgage than the house is worth, it is possible to remove the 2nd and/or 3rd mortgages. Attorney Paul Strouse would need to review the circumstances and decided what can be done.
Call Paul Strouse today for more info throuh one of the numbers listed above!
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