Foreclosure DefenseWe are a bilingual firm passionate about helping our clients.
Cumming, GA Foreclosure Defense Lawyer
Serving North Georgia and the Greater Atlanta Area
It has always been part of the American Dream to be a homeowner. Millions of Americans have achieved this yet many face the loss of their home through foreclosure. Foreclosure can come about for many reasons, including job loss, unexpected serious injuries or illnesses, expensive divorces, business failures, and more. These personal disasters can put you in dire financial straits that can make mortgage payments impossible to maintain. Once you fail to keep up with your payments, you become a target for potential foreclosure by your lender. The home you worked so hard for can be lost and the process can begin and end quicker than you realize.
If you have fallen behind on your mortgage payments or have already received a Notice of Default from your lender, you need to take action if you want to save your home. At The McCormick Firm P.C., we can help. The quickest way to stop a foreclosure is through a Chapter 13 bankruptcy which involves a reorganization of your debt load into one monthly payment that you can afford. Our firm has a decade of invaluable bankruptcy experience that can be put to use for you. By consulting with our Cumming foreclosure defense attorney, your individual situation can be addressed with competence backed by a proven track record of success.
Foreclosures in Georgia
As a homeowner, you probably know that when you finance your home through a lender, your property is actually titled to the lender until your loan is paid off. Your loan with your lender is thus “secured” by your home which means your lender can resume ownership if you default on the loan. If you miss a payment and do not remedy the situation with your lender, you will eventually receive a Notice of Default. This Notice gives you only 30 days before your home will be sold in a public sale.
The entire process can take as little as 90 days for your home to be foreclosed upon through sale. Your lender is not obligated to go to court to begin a foreclosure. This makes it simple for banks. If you fail to respond to the Notice informing you of the forthcoming sale, they can proceed with a foreclosure ad for four weeks followed by the sale. This means you need to act quickly before your home is sold to stop the process.
By filing for a Chapter 13 bankruptcy, the automatic stay issued by the bankruptcy court will immediately stop the foreclosure proceeding. Through this form of bankruptcy, you can pay off the late unpaid mortgage payments through your Chapter 13 repayment plan over its three to five years.
You will still have to stay current with your mortgage during this time as well as with the monthly repayment amount sent to the bankruptcy court. This means you will need to have sufficient income to make this plan viable. However, by reducing or eliminating unsecured debt through the bankruptcy plan, such as credit card debt, medical bills, and more, you will have freed up enough extra money to make your mortgage payment and other obligations easier to meet.
Additionally, a Chapter 13 bankruptcy may also help eliminate second or third loan payments on your home. To learn more about this, we recommend that you seek assistance from our firm. Our Cumming Chapter 13 bankruptcy lawyer can explain all aspects of how it works as applies to your situation.
Why Hire the McCormick Firm P.C.?
Our seasoned team will always protect your rights while using our large pool of resources and experience to help save your assets. Often mortgage companies and banks will try to violate your rights in an effort to take all that they can from you, which is why you need an aggressive bankruptcy law firm that has years of experience in dealing with the complexities of debtor and creditor law.
You will have peace of mind knowing that we are on your side throughout the debt relief or bankruptcy process. The McCormick Law Firm always takes the time to explain to new clients how bankruptcy works, and will always advise you on the best course of action to take based on your situation. We will dispel any myths that you may have about filing for Chapter 7 or Chapter 13 bankruptcy, and present you with facts and information that will help you decide on the best course of action to take.
What Happens to My Credit?Bankruptcy can damage your credit and subsequently your credit score. We all know that credit scores play a large part in our lives and have for some time, as they help determine how much we pay for our cars, houses and more. However, if your score has already been damaged, bankruptcy can be a great first step to rebuilding your credit.
How Will I Pay My Bills Going Forward?
The key to paying your bills in addition to getting the most out of your bankruptcy case is to form a stringent budget that you can follow reasonably. If you have filed for Chapter 13 bankruptcy, you need to have a budget to make sure that you are taking care of all of your required payments. If you file for Chapter 7 you will have your debts discharged, but only those debts that you had before the petition for Chapter 7 was filed. You will need a budget if you file for Chapter 7 to make sure that you won’t have to file again in the future. You should be able to consult with your Cumming Georgia bankruptcy attorney on this matter.
Will I Lose My Job if I File for Bankruptcy?
Filing for bankruptcy is information that the public can view. However, this information is not published in any newspapers or distributed at any stores. The only people that will know that you filed for bankruptcy is the trustee in your case, your creditors, and the people that you choose to tell. If your employer finds out about your case, it should not adversely affect your position or job. This may not be true if you work within the financial industry.