If you live in Lone Tree, Highlands Ranch, Aurora, or anywhere else in Colorado and are struggling to pay your mortgage payments, you may be concerned about home foreclosure. If this is you, you’ve come to the right place. Filing for bankruptcy is an option, but is it right for you? Let’s continue reading about home foreclosures and how Chapter 13 bankruptcy may help.
What is a Home Foreclosure in Denver?
Filing Chapter 13 bankruptcy may be the best way to financial relief if you’re struggling with mortgage payments.
A home foreclosure in Denver and Littleton occurs when you are unable to make payments on your mortgage. When this happens, a lender has the legal right to seize the home and evict you. If you’ve missed a mortgage payment, you will receive a notice of home foreclosure by the lender. The notice will allow you to catch up on your late payments. But, a few more months of missed payments can lead to action of home foreclosure. This is a tricky situation to be in. You may be in so much debt that’s it’s nearly impossible to catch up on your payments, due to other expenses. Not to mention that fees are often added if you’re behind on those payments. But, you shouldn’t feel bad. Even a celebrity whose mansion was valued at $3.7 million was a victim of foreclosure. That should show that financial burdens can weigh heavily on all of us. In situations of possible home foreclosure, filing Chapter 13 bankruptcy may be the best way to relief.
File Chapter 13 Bankruptcy: Keep Your Lone Tree Home
If you’re worried you may lose your home in Lone Tree or anywhere else in Colorado, filing Chapter 13 bankruptcy may be just what you need to save it. Through Chapter 13 bankruptcy, you can:
- Rearrange your debt
- Catch up on your late mortgage payments
Chapter 13 bankruptcy is a reorganization bankruptcy, meaning you can rearrange your debt. Through a repayment plan, you can begin catching up on your mortgage payments. Instead of catching up on your late mortgage payments immediately, you can catch up on them over time. Other debts will be set aside or reduced, freeing up money to make your mortgage payment. What a relief that can be, especially if it means you can likely keep your home.
[pullquote align=”center” textalign=”center” width=”70%”]Contact an expert bankruptcy attorney today to free you from debt and protect your home from foreclosure.[/pullquote]
Lien Stripping in Chapter 13 Bankruptcy in Centennial
Another benefit to filing Chapter 13 bankruptcy in Centennial, Greenwood Village and across Colorado is lien stripping. Lien stripping is a process where second or third mortgages are “stripped” (removed) if your home’s value is equal to or less than what’s owed on the first mortgage. In other words, you won’t be responsible for paying on the second or third mortgages. Those mortgages turn into unsecured debt. Your secured debt on the house will be reduced. At the end of your Chapter 13 filing, these liens will normally be discharged. An expert bankruptcy lawyer will be able to walk you through the lien stripping process successfully, and tell you how your specific situation will likely be resolved by the Denver Bankruptcy Court.
Risk of Denver or Aurora Home Foreclosure? Hire a Colorado Bankruptcy Lawyer
If you’ve missed any mortgage payments in Denver and are afraid you won’t catch up on them, contact a bankruptcy lawyer immediately. You do not want to risk losing money, losing your home, or being sued for a deficiency by a lender. You need to take control of your future and protect your living situation. You need to free yourself from the heavy weight of debt. Contact attorney Barry Arrington today to discuss your options if you are at risk of Denver or Aurora home foreclosure.
If you have fallen behind on your mortgage payments and are worried about Denver, Littleton or Aurora home foreclosure, you need to work with an experienced bankruptcy attorney. Call now to request your free initial consultation with Christian Bankruptcy Attorney Barry Arrington at 303-205-7870 or submit the “Get Help Now” form to begin your journey towards financial freedom.
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