Stopping floreclosure through the bankruptcy laws, especially those in Chapter 7 and Chapter 13. The bankruptcy laws were specifically designed by Congress to protect the citizens of the United States from their creditors. Although the past several years have been difficult for many people as a result of the pandemic and the COVID outbreak, many homeowners find themselves behind in their mortgage payments through no fault of their own. Unfortunately, the mortgage banks do not really care about specific circumstances but deal directly with the fact that the mortgage itself is in arrears and thus may be foreclosed upon resulting in the loss of a citizens’ home.
The Congress of the United States specifically designed the Chapter 13 Bankruptcy pleading so that a citizen could simply file a Chapter 13 bankruptcy proceeding and stop the foreclosure from going forward. Since this is Federal court, there is nothing that the bank can do to prevent your Chapter 13 proceeding from going forward. They are automatically required by law to stop the foreclosure proceeding.
In the context of Boston foreclosure defense, Chapter 13 offers a powerful tool for citizen debtors to reorganize their finances and prevent foreclosure. With the assistance of a Boston foreclosure defense attorney, homeowners can benefit from the provisions of Chapter 13, which allows them to create a comprehensive reorganizational plan lasting up to five years.
By invoking Chapter 13, homeowners not only halt the foreclosure process but also have the opportunity to submit a repayment plan to the Bankruptcy Court. This plan enables them to gradually repay the mortgage arrearage over a period of up to 60 months, giving them a chance to regain control of their finances and keep their homes.
One of the advantages of Chapter 13 is that it allows debtors to resume making regular mortgage payments while simultaneously addressing the outstanding arrears through the court-approved repayment plan. These laws, enacted by Congress, provide homeowners with a viable pathway to resolve their mortgage difficulties.
It's important to note that the banks have no alternative but to abide by the plan submitted by the citizen debtor to the Bankruptcy Court. This means that, with the guidance of a skilled Boston foreclosure defense attorney, homeowners have a strong legal position to protect their homes and overcome financial challenges.
Because these laws were designed by Congress, the banks have no alternative. They are not able to fight against the Plan submitted by the citizen to the Bankruptcy Court. Over the years thousands of thousands of citizens of the United States have saved their homes through this Chapter 13 mechanism.
If you're facing foreclosure in Boston, don't hesitate to reach out to Joseph Foley, a Boston Foreclosure Defense Attorney, who can provide expert advice and representation throughout the Chapter 13 process. Keep your dream of homeownership alive with our help!
Remember that Joseph P. Foley Bankruptcy Law Office is Here To Help.