How to stop a foreclosure on a home in Greenbelt Maryland
If you are a homeowner in Greenbelt Maryland and are facing foreclosure, you may be wondering what your options are. Fortunately, there are several steps you can take to try to stop the foreclosure process. The Phillips Law Offices’ Greenbelt bankruptcy attorney, Jill Phillips recently discussed some of those steps. Keep in mind that each situation is unique, so it is important to speak with an attorney licensed in Maryland if you need specific advice.
How do you stop a foreclosure last minute?
One creative option to consider is filing for Chapter 13 bankruptcy. The reason is that the bankruptcy law enacts something called the automatic stay. The automatic stay is the red light to the lender, and to anyone else who may be trying to take your home, that they must stop everything immediately. In order for a foreclosure sale to take place at all there has to be a court order releasing it from the automatic stay. Filing for Chapter 13 bankruptcy stops all collection actions completely until after the case is over.
This type of bankruptcy acts as a repayment plan, allowing you to pay back your debts over the course of three or five years. You can also stop foreclosure proceedings under this option. It is important to know that this option can stop foreclosure proceedings immediately, but it does not provide any tax benefits and your home is still at risk. If you think this may be the right choice for you and your family and want to discuss what you need to do further with a greenbelt bankruptcy attorney, we may be able to help.
“Chapter 13 works best if it’s filed before the foreclosure sale happens, so you can immediately stop foreclosure proceedings, but it’s always better to work with an attorney if you need help,” said Greenbelt bankruptcy lawyer Jill Phillips,”
Will making payments stop a foreclosure in Greenbelt, Maryland?
One option that has been tried before is making a payment to the lender/mortgage company. This can be a risky move because it could potentially reset the foreclosure process back to day one if you do not maintain those payments. It works differently from state to state, so you absolutely have to speak with a greenbelt bankruptcy attorney first before attempting this option.
Will applying for a loan modification stop a foreclosure in Maryland
To avoid being placed in a difficult situation, it’s important that you contact your lender as soon as possible before the scheduled date for foreclosure. You will need to submit an application and get approved by them so they can continue making payments on time even after filing for bankruptcy protection or forgetting about other financial obligations like mortgages!
It is important to remember that if your house goes into foreclosure, you should speak with greenbelt bankruptcy attorney as soon as possible to learn whether options like loan modifications or Chapter 13 bankruptcies can help you stop foreclosure proceedings for your home in Maryland.