When you need to stop a foreclosure on your Portland house, it’s time to speak with an Oregon bankruptcy attorney. You probably knew you were behind on your mortgage payments, but it’s still a shock to receive a foreclosure notice. Maybe you frantically called your lender, only to be stonewalled by an automated phone system or told they can’t help you. You need to stay in your home if possible, but you feel like you’ve run out of options.
If this sounds like you, stop what you’re doing and call our legal team to set up a free consultation. We represent many people facing foreclosure and work to offer them some hope. There are options available other than losing your home – in fact, the bankruptcy laws are set up to allow you to keep your home in many cases. However, you must act quickly once you’ve received a foreclosure notice.
Timing Is Key with Foreclosures and Bankruptcy
First, if you’re behind on mortgage payments but have not received a foreclosure notice, you’re likely eligible to file for bankruptcy now. You do not need to wait for a notice. When your property isn’t in foreclosure, in some respects, it’s a bit easier to resolve the debt through the bankruptcy process.
Next, if you have received a foreclosure notice, you need to act very quickly to preserve your rights. To stop the foreclosure using the bankruptcy process, you must file for bankruptcy before the house is sold at auction. The bankruptcy filing triggers an automatic stay of foreclosure proceedings and other debt collection efforts by all your creditors. The lender cannot move forward with the foreclosure sale once it learns of your bankruptcy petition.
However, the automatic stay doesn’t last forever. If you filed for Chapter 7 bankruptcy, once the stay ends or the court grants the lender an exception, the lender can resume foreclosure proceedings. Your possible options to keep the home at that point are curing the default by making up all your missed payments and/or negotiating a loan modification. If you filed for Chapter 13 bankruptcy, you cure your default by making regular monthly payments to catch up on the overdue balance, while still paying the mortgage every month going forward. In either scenario, you need to get your finances in order during bankruptcy so that you can keep the home.
Help for Homeowners in Foreclosure
If you’re feeling lost and your home is going into foreclosure, don’t let the technical details deter you from seeking professional assistance. The hardest part is making that first call for help to a Portland-area bankruptcy lawyer. Our bankruptcy team will walk you through the process from start to finish. It doesn’t matter whether you wrote down every payment you missed or if you don’t know how much you owe. We can work with you to figure it out. But don’t delay – you need to speak with us well in advance of the foreclosure sale.
Frequently Asked Questions
I only missed a few payments, but my lender is threatening to foreclose on my home. Can you help?
Please give us a call to discuss your options. You may be able to cure the default now or negotiate a loan modification before your lender issues a foreclosure notice. If you don’t have the cash on hand, we can discuss whether bankruptcy makes sense for you, which will hold your lender at bay while you work to pay them back.
My lender is making aggressive attempts to collect on my mortgage. Is this legal?
In many cases, no. If you have filed for bankruptcy, your creditors aren’t supposed to contact you at all while the automatic stay is in effect. In addition, the Fair Debt Collection Practices Act protects you from harassment, unfair treatment, and misrepresentations by debt collectors. Please reach out to our firm – you may have the right to recover damages for violations of this important law.
Our Oregon Bankruptcy Attorneys Are Here to Help You
Do you need legal advice about filing for bankruptcy in Oregon? Do you have overdue mortgage payments or a foreclosure notice? We offer free and confidential consultations to Oregon clients who have questions about foreclosure and bankruptcy. There’s nothing to lose by talking with a Chapter 7 bankruptcy attorney at the Law Offices of Alexzander C.J. Adams, P.C. about your debt-relief options. To get started, call us at 503-278-5400 or complete our online contact form. We look forward to hearing from you!
