Bankruptcy is a valid and legal way to make a new beginning. Sometimes life deals harsh realities, and if you are drowning in debt for myriad reasons, Chapter 13 is an opportunity to stop the creditors hounding you for money, reorganize your debts if you qualify, and save your home from a sheriff’s sale if your mortgage is in arrears and your lender plans to seek a foreclosure judgment.
The compassionate foreclosure defense attorneys at Gillman Capone work with the standing Chapter 13 Trustee over a three-to-five-year period to resolve your stressful situation. We know you love your home and losing it should not be an option. Sit down with a Toms River sheriff’s sales lawyer and let us explain your choices and how you could save your home.
Once a mortgage lender receives a foreclosure judgment, a sheriff’s sale will be scheduled to sell the property and satisfy the mortgage. But before your situation gets to that extreme, a Gillman Capone attorney is a fierce negotiator who will sit down with your mortgage lender to restructure your home loan. This can mean you get a reprieve if your circumstances are likely to improve by skipping payments or lowering your monthly amount due.
It can also involve a balloon note if you do not plan to occupy the home for an extended period. A second mortgage could be crafted to strip the lender’s lien, or you might consider selling the property in a short sale, which circumvents foreclosure and is overseen by your lender and credible real estate agents.
Bankruptcy may also be an option to save your home. Gillman Capone lawyers have been practicing in federal bankruptcy court for more than 25 years because it is our passion to restore our neighbors to secure futures in the homes they have worked hard to acquire. Let us help you avoid a stressful sheriff’s sale in Toms River, NJ.
Filing for a Chapter 13 bankruptcy automatically stays your mortgage lender from proceeding with foreclosure, and you are further protected as long as you are complying with your Reorganization Plan. Those late-night calls for money will stop, and you will enjoy a clear path to financial freedom within five years. Your Toms River attorney can file your petition even if a sheriff’s sale has been scheduled, but time is critical.
Adjournment is the ability to ask the bankruptcy court to stop the sheriff’s sale for up to 30 days. This tactic is used by both the homeowner and lender with two requests each available. You might consider an adjournment if your sheriff’s sale is scheduled but you only learned about it from the newspaper legal notice, and your lender may request them to buy time to negotiate a loan modification. If both agree, a fifth adjournment is possible, and in some hardship cases, even more.
When you file for bankruptcy, the standing Chapter 13 Trustee will oversee a plan of reorganization that allows you to restructure your debt and keep your primary residence. If you have received a notice of foreclosure from your lender, or you discovered a sheriff’s sale has been scheduled to liquidate your home, it is not too late to act. Gillman Capone guides this process from the initial filing until the court discharges your debts because you have successfully stuck to your plan of reorganization. Let a Toms River sheriff’s sales lawyer guide this stressful journey for you.
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