How To Prevent A Foreclosure In Fredericksburg, VA
Foreclosure in Fredericksburg, VA is legal action taken against a homeowner who has defaulted on their mortgage loan. Through this process, the lender takes possession of the property and sells it through auction or short sell. After the sale is complete, any difference between the mortgage value and the selling price remain the responsibility of the borrower. The lender can at that time take action to recover these funds. This is why it is paramount for you to speak to an attorney before a foreclosure.
Anyone facing a foreclosure of their primary residence who has significant amounts of debt can file a bankruptcy claim in an attempt to prevent the foreclosure. Your attorney files your claim for you. Once this claim is filed into court, a hearing is scheduled. All creditors listed are allowed to attend this hearing and state whether they want their respective debt included. The judge can prevent the foreclosure of your primary residence by approving your bankruptcy.
Once the inclusion of your mortgage is accepted into your bankruptcy case, the foreclosure is prevented. However, the judge presents you with stipulations for your bankruptcy case. If you fail to comply with these stipulations your bankruptcy, your case is discharged. Your creditors can take legal action against you after a discharge.
Andrews Law offers assist you with foreclosure prevention. This firm presents you with effective options that prevent foreclosure of your property. Among your choice for saving your property is to file a bankruptcy claim. These attorney help you with this process by producing the necessary documentation and negotiating with your creditors when possible. If you are facing foreclosure and need assistance, contact this law firm today and schedule an appointment.
Bankruptcy is a beneficial course of action when you are facing Foreclosure in Fredericksburg, VA. Through a bankruptcy claim, you eliminate the possibility of a foreclosure as your property is included in this case. This action allows you to continue to live in your home and pay off all of your debts through one monthly payment.