Sunday, November 13, 2011

Filing Chapter 7 bankruptcy in Arizona? Don't wait till the last minute if your home is near foreclosure!

I am a bankruptcy attorney in Arizona, and try to help clients in danger of having their homes foreclosed. Once you file for bankruptcy, the automatic stay goes into place and your lender cannot foreclose on you. It is important after the bankruptcy is discharged to catch up with your payments or work out a deal with your lender if you want to keep your home.

Recently we encountered something new and disturbing with lenders trying to foreclose on clients' homes. Lenders like Fannie Mae and Freddie Mac that aren't able to find a buyer for foreclosure are instead taking ownership of homes that are more than three months behind in payments, and telling the homeowners they can "rent" their homes for a brief period of time before being evicted. If a homeowner has not filed for bankruptcy yet, they may lose their home. There is an appeal process however when this happens, and I recommend that any homeowner in this situation look into this.

So just because your home was put up for foreclosure sale and no one bid on it, does not mean you can breathe for awhile. Your lender may take possession of your home the next day instead. If you find yourself in this position and have been considering filing bankruptcy and want to save your home, do not hesitate, file bankruptcy ASAP.

The Alexander Bankruptcy Law Firm provides low low cost Chapter 7 and 13 personal bankruptcies. $995 Chapter 7 or $2500 Chapter 13 bankruptcies plus court filing fee. Free consultation with a compassionate attorney who will handle your case personally. Call 24/7, available to meet with you around your schedule. 602-326-9116. Conveniently located in Central Phoenix along the Camelback corridor.

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