Foreclosure Prevention

In today’s economy more and more families are forced to face the reality that their piece of the American Dream, owning a home, is slipping through their hands. When hit with this painful and disheartening reality, it is understandable their wish to withdraw, to fold their arms and retreat. The turtle, who carries his home on his back, when threatened, simply retreats inside his ‘home’ until the danger had passed. Unfortunately, in the case of foreclosure, retreating inside one’s home is not the answer. The threat will not go away, and the longer one waits, the larger the problem becomes. No matter what the cause of your financial difficulties, if facing foreclosure…the time to act is now.

Your very first step is to find out your options. The sooner you do, the more options you’ll have. Needless to say, the longer you wait, the fewer you’ll have. We at the Law Offices of Joe A. Gamez are your foreclosure experts. Our attorneys will work with you to find every possible legal option available to you.

If you’re reading this information, your house has probably been posted for foreclosure, or is in the process of being posted. The choices you make today can and will affect the well-being of your financial future. There are ways to stop your home or property foreclosure and either save your house or ensure yourself the time you need to sell it at a fair price. Some of these actions include filing for Chapter 13 or Chapter 7 consumer bankruptcy, restructuring your loan, negotiating forbearance, or refinancing your property. To find out which is right for you and your situation it is necessary to talk to a knowledgeable and experienced foreclosure attorney. When it comes to foreclosure…what you don’t know, can hurt you.

A Chapter 13 Bankruptcy stops the foreclosure sale and gives you the necessary time to get caught up on your payments. In most cases, it also is possible to eliminate or lower your other financial obligations, such as credit card debt, which will give you additional funds to put toward your mortgage. Or if you’ve decided you no longer want the home or can no longer afford it, a Chapter 7 Bankruptcy can give you the opportunity to walk away from your home without having to pay the foreclosure deficiencies between what you owe and what your home ends up selling for. Without bankruptcy protection, the bank could issue you a 1099 Form reporting the difference as taxable income, making you responsible for paying income tax on that amount. In addition, a Chapter 7 Bankruptcy would also allow you to wipe out any unsecured debt you may have in the process.

Due to changes in the bankruptcy laws in 2005, many people mistakenly believe that they are not eligible to file bankruptcy. However, the fact is only in the most extraordinary cases are individuals not eligible to file for bankruptcy protection. We at the Law Offices of Joe A. Gamez believe everyone deserves a second chance, and we can explain to you the benefits and limitations of the bankruptcy laws and how they apply to your situation. If you’re in danger of having your home foreclosed on, contact us today so that we may help you make an intelligent decision concerning your foreclosure issue.

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