Stopping Foreclosure

Dallas Foreclosure Attorneys

Stopping Foreclosure in its Tracks

Foreclosures in the U.S. have significantly increased in recent years. According to RealtyTrac, foreclosure activity increased 7% in August 2011, and the number of default notices filed rose 33%. Plunging home values combined with shrinking incomes left many homeowners “upside-down” (owing more on their home than what it’s worth) and having less money to work with.

Before you give up and surrender your home, talk to a qualified bankruptcy attorney at Fears Nachawati Law Firm. Bankruptcy no longer has the stigma it once did, and it may help you keep your home.

A Chapter 13 Bankruptcy Can Help You Keep Your Home

A Chapter 13 Bankruptcy may enable you to stop foreclosure proceedings and keep your home. This type of bankruptcy allows you to set up a repayment plan to pay off your mortgage over the course of a 3 to 5 year payment plan. You must make payments on time during this period.

If you are considering bankruptcy to help you keep your primary residence, talk to a bankruptcy lawyer at the Fears Nachawati Law Firm as soon as possible at . You must file bankruptcy before the date and time of your foreclosure sale. The moment you file, an Automatic Stay Order is issued, which does the following:

  • Halts all collection activity, including foreclosure proceedings
  • Halts further communication from creditors and debt collectors. Your attorney becomes their contact person from this point on, relieving you of the hassle of dealing with creditor phone calls to your home, workplace, family and neighbors.

Discussing Your Options with a Seasoned Bankruptcy Attorney

Depending on your circumstances, you may be able to avoid bankruptcy altogether by working out a loan modification with your lender. A loan modification is simply a change in one or more of your mortgage terms that would reduce your monthly payment. If you have a Fannie Mae or Freddie Mac mortgage, you could take advantage of one of their mortgage modification programs to reduce your monthly payment and avoid foreclosure.

Call our toll free number, , to discuss your options with a bankruptcy attorney at Fears Nachawati Law Firm. A Dallas or Fort Worth foreclosure attorney may provide you with the legal solutions needed to save your family home from seizure.