Stopping Foreclosures

Attleboro, MA Foreclosure Attorney

Can Filing Bankruptcy Help You Save Your House?

The economy has taken a tremendous toll on millions of families around the country during the last few years. The downturn in the real estate market, combined with millions of lost jobs and other factors, has driven more and more people into foreclosure − or the brink of foreclosure.

If this has happened to you, it's important to understand what your legal options are. Instead of walking away from your house or standing by helplessly while it goes into foreclosure ask an experienced attorney about the possibility of using bankruptcy to stop foreclosure.

At Volterra, Goldberg & Jacobs, we can help you identify all of your legal options for debt relief, including filing for bankruptcy to stop foreclosure. Contact us to schedule a confidential consultation with an Attleboro foreclosure lawyer. We serve clients throughout Southeastern Massachusetts.

Non-Bankruptcy Options When Facing Foreclosure

There are other possible ways of stopping foreclosure besides filing for bankruptcy, but they may not be as effective.

Mortgage modification − Many people would prefer to work an agreement on mortgage refinancing with the lender to restructure the terms of the loan, rather than file for bankruptcy. Unfortunately, some lenders do not have much interest in actually doing that, despite the existence of federal programs designed to encourage it.

Short sale − In a short sale, a lender agrees to let the house be sold for less than the remaining amount of the loan. But even if the lender agrees to forego the deficiency between the sale price and the loan, a short sale may not be feasible for the elderly, people with disabilities, and others for whom leaving the home would be difficult.

Using Bankruptcy Law to Stop Foreclosure

The effectiveness of filing for bankruptcy in stopping foreclosure depends somewhat on the type of bankruptcy you file. A Chapter 7 bankruptcy can eliminate other debts so that you can focus better on making your mortgage payments. A Chapter 13 bankruptcy can prevent foreclosure from occurring without the permission of the bankruptcy court. This "automatic stay" can then allow you to restructure your previous late payments as part of a broader debt repayment plan.

Contact Volterra, Goldberg & Jacobs, Law Counsellors, Inc.
To consult with one of our lawyers about your legal matter — whether a personal injury lawsuit, a divorce or child custody dispute, bankruptcy and divorce, or another type of legal question — contact our office today. Call (508) 222-1463 or contact us by e-mail.