#ForeclosureStatenIsland

[karralkingston-blog]

A Chapter 7 Bankruptcy Can Stop a Foreclosure

Karra L. Kingston Esq. has helped debtors file bankruptcy to save their homes. A Chapter 7 bankruptcy can stop a foreclosure. Many clients come to us after all other options have been exhausted. Our office has represented clients in bankruptcy Court against mortgage lenders and obtained successful modification outcomes. Call our office today to speak with a bankruptcy lawyer that can help you save your home before it's too late! A Chapter 7 bankruptcy, can stop foreclosure proceedings and may even save your home. Many times people who face foreclosure wait until the last minute to  stop the auction of their home. In some jurisdictions filing a Chapter 7 bankruptcy can be useful to stopping the sale of the home, and trying to get a loan modification. Sometimes, Chapter 7 may not be the best option and a Chapter 13 bankruptcy may need to be filed to save your home.

How Can A Chapter 7 Bankruptcy Save My Home?

A Chapter 7 bankruptcy can stop a foreclosure and wipe out the amount that you owe on your mortgage. This means that if your house is foreclosed on and you file a Chapter 7 bankruptcy then you will not be liable for any deficiency that may be owed. It is important to understand that even though your mortgage gets wiped out in a Chapter 7 bankruptcy, this does not mean that the lien on the property goes away. A lien still stays on the property when you file a Chapter 7 bankruptcy. This means the mortgage company can continue to foreclose on your home even though you do not personally owe the remaining balance on the mortgage. If you are current on your mortgage then this should not be a concern, as most companies will allow you to keep paying your mortgage even after filing a Chapter 7 bankruptcy. Different States' have different rules as to what can be done to stop the sale of your home in a Chapter 7 bankruptcy. For example, in New York the Court will allow you to file a Chapter 7 bankruptcy, to stop the sale of your home and try to seek loss mitigation. Loss mitigation, is where the lender and the debtor work together to come up with some sort of repayment plan. Sometimes the lender will extend the terms of the loan and put the arrears in your monthly payment. Other times, the lender may put a balloon payment at the end of your mortgage. Unfortunately, not everyone can qualify for loss mitigation. In order to qualify, you will have to show the lender that you have enough income to be able to make payments on your loan. Why Chapter 7 May Not Be the Best Way To Save Your home Filing a Chapter 7 bankruptcy, may not be the best way to save your home. If you are not able to participate in loss mitigation, then you have no recourse. Unlike a Chapter 7 bankruptcy, a Chapter 13 bankruptcy allows you to become current on your arrears. This means that you will have to pay your regular monthly mortgage payment, on top of paying your arrears. If you can show the Court that you are able to pay both, your Chapter 13 bankruptcy plan will likely to be confirmed. Unfortunately, Chapter 7 bankruptcy does not have a mechanism to allow you to catch up on your arrears. Further, if you file a Chapter 7 bankruptcy the Court can not force the lender to give you a loan modification. This means that the lenders ultimately, have the upper hand. How Does the Automatic Stay Stop My Foreclosure? If your home is set for auction, filing a Chapter 7 can by you time. When you file bankruptcy an automatic stay becomes effective. This prevents creditors from coming after you including, the bank from foreclosing on your home. Creditors must cease all collection efforts. Therefore, if your home was scheduled for auction, the auction will be canceled. Filing a bankruptcy can help you stay in your home for a little while longer. This extra time can allow you to work out other foreclosure options with your lender such as a loan modification, or short sale. If you have a foreclosure auction date set, time is of the essence. The longer you wait the more difficult the process becomes. Make sure that you speak with a bankruptcy lawyer immediately to discuss your options. Read the full article

[karralkingston-blog]

There is a Scheduled Foreclosure Sale in Staten Island for My Home

If you are reading this you're probably anxious, nervous, and overwhelmed. Most likely you have not paid your mortgage in a few years and you have been receiving court notices from your mortgage company suing you for the unpaid amount. Within the last month or so you probably received a notice from the Richmond County Sheriff’s office informing you that your home will be sold at a foreclosure sale either tomorrow or very soon thereafter and within the notice it probably informs you that you will have to leave the premises and all of your belongings behind before the sale date. If this sounds like you, then you have come to the right place. Many times clients come to us looking for a bankruptcy attorney the night or day before their house is being sold or auctioned off. For whatever reason after years of not paying their mortgage and living in their home they decide that they want to keep their home and begin paying their mortgage again. Fortunately, as long as the house has not actually been sold then we can help. When you file Bankruptcy in New York and all other states an automatic stay goes into effect. The automatic stay prohibits your mortgage lender from going forward with the foreclosure sale.Thus, depending on how imminent your foreclosure sale date is we could file a skeleton bankruptcy petition. A skeleton bankruptcy petition can delay the foreclosure sale and allow more time to delay or stop the sale. What is a Skeleton Bankruptcy Petition”? A skeleton bankruptcy petition is a bare boned petition. This is usually filed prior to a foreclosure sale date or an eviction. This is primarily done when you do not have time to complete all of the required bankruptcy forms and schedules but need to file immediately for some pending reason. In New York, the bankruptcy courts allow you up to 14 days to file the rest of the paperwork. This allows the person filing for bankruptcy to reep the benefits of the Automatic Stay thus, stopping the foreclosure sale and allowing you time to get the rest of the paperwork at a later date. What Forms Will I need to File an Emergency Bankruptcy Petition to Stop the Foreclosure Sale of my home in Staten Island New York? A fully completed bankruptcy petition can sometimes be fifty pages or more. While a skeleton bankruptcy petition can be filed by filing an abbreviated version of the petition with general information which states your identifying information, the chapter you plan to file for and some other general information. Moreover, you will have to complete a schedule that lists which creditos you plan to include in your bankruptcy. Another document you will have to submit with your bankruptcy petition is your certification that you completed your online counseling course. This must be done prior to having the petition filed. What Fees Will I be required to Pay to stop the Foreclosure Sale of my Home in Staten Island? If you can get most of the required paperwork to us prior to your house being sold at the foreclosure sale we have the ability to stop your home from being sold. However, it is important to understand that although we can stop pending sale of your home by filing a bankruptcy petition in the Bankruptcy Court you must have the funds to pay for the bankruptcy before we do so. Many times clients have a sale date pending and have no money put aside but want us to file a bankruptcy petition for them to stop the foreclosure sale of their home. Unfortunately, all of the work that we put in to stop the sale of your home so quickly is time consuming and time sensitive. Since we are in such a time crunch, we usually have to stop doing whatever we had planned to do that day and tend to your case to ensure that your bankruptcy gets filed in time. Thus, it is important to have funds set aside that you can pay the filing fee and some if not all of the attorneys fees. Karra Kingston and William Bonomo are leading New Jersey and New York Bankruptcy attorneys. Bonomo & Bonomo, Attorneys At Law has helped many people facing foreclosures. If you feel that bankruptcy may be the right solution call today. Read the full article