Compassionate Rochester Foreclosure Lawyer Provides Legal Assistance To Clients

A person’s home is often the most valuable thing they own, and is usually the largest purchase they will every make. The home is also an emotional investment to many people. When homeowners fall behind on their mortgage payments, they may face foreclosure, the legal process through which a bank can repossess a piece of real estate on which it has a valid lien.

The thought of a foreclosure can be very stressful for homeowners, because no one wants to lose the place where they live. Fortunately for homeowners, an experienced bankruptcy attorney can often help stop the foreclosure process and keep people in their homes. For this reason, anyone that is having difficulty keeping up with their mortgage payments should call an attorney as soon as possible.

Bankruptcy

One of the most common ways a person can avoid foreclosure is by filing for bankruptcy. The moment a person files for any type of bankruptcy, he or she comes under the protection of the automatic stay, which is an injunction that stops creditors from taking or continuing any collection activity, including foreclosure. In Chapter 7 bankruptcy, a person may be able to have his or her past-due mortgage payments discharged, but the lender will still be able to repossess the house upon the completion of the bankruptcy. Fortunately, this additional time provided by the automatic stay is often enough to work out an alternative arrangement with the lender. Chapter 13 bankruptcy, on the other hand, can restructure a mortgage and other debts in such a way as to allow a homeowner to stay in his or her home as long as repayment plan payments are made on time.