One home in every 111 homes in the U.S. is currently facing foreclosure. About a million home foreclosures have been pushed back from previous years to be foreclosed on permanently in 2012. This means that the influx of foreclosures will cause the market to push back its recovery for another year. If you are one of these the millions of homes that are facing foreclosure, there is a way to save the home and give you the time that you need in order to get your affairs together. The idea of being kicked out of the beloved home that you have lived and loved for many years may be very daunting for most people. But a bankruptcy can help to stop the foreclosure and also help to get your life back in order. If you receive a foreclosure notice, a bankruptcy is the best way to stop the foreclosure. Once you file a bankruptcy, the debtor gets the protection of an “automatic stay”. This means that the debtor’s estate is stayed and no creditors or lenders can foreclose or collect money from the debtor. A bankruptcy can also let the debtor catch up on the arrears that they have on the house and even strip the second mortgage off the property.
If you house is in foreclosure, please give The Law Office of Eddy Hsu a call and we will be able to discuss the options that you have to save your house. If We look forward to speaking with you soon!