One of the most popular American dreams is to own a home. You want to have a place to call your own and raise your family. There are a lot of steps to take when buying a home. One of these steps is applying for a loan with a mortgage company. It is a common practice for potential buyers to ask for financial assistance when buying a home. Homes are expensive and very few people can afford to pay for one up front. Once you get approved, you start to look for your dream home! When you finally find your ideal space in the right neighborhood, you put the offer in and sign the paperwork. This can be one of the most exciting times in someone's life. However, you can't predict the future. Sometimes unexpected circumstances arise (such as losing a job) that prevent you from paying your mortgage. When this happens your home goes into foreclosure.
Foreclosure is the procedure in which a mortgage company repossesses a house that has a lien against it. When you default with your payments, the mortgage company starts the process to gain ownership of the property, which is called repossession. During this time, you only have one option to stop a foreclosure - filing for Chapter 13 bankruptcy.
Chapter 13 bankruptcy allows you to make payments to the mortgage company that cover your current monthly mortgage payment plus an additional amount to catch up on late payments. In order for you to save your house, you must file for Chapter 13 bankruptcy before the foreclosure sale of the home.
If you are about to lose your Grosse Pointe Farms, St. Clair,Clinton Township, or surrounding area home then contact the foreclosure law attorneys at Joseph L. Grima & Associates P.C. today!