Very few people buy their home with the idea that they will end up in foreclosure. The majority of people just want to live in their homes, make their monthly payment and enjoy them. However, sometimes there are circumstances beyond your control that can cause your home to go into foreclosure. This could happen because of a death in the family, a serious illness, becoming unexpectedly unemployed, getting divorced, losing a second income, being demoted or denied a promotion, incurring unexpected and excessive debt, ending up with unexpected maintenance costs, having an adjustable rate mortgage, or other reasons. Many people file for bankruptcy to prevent their homes from being taken in foreclosure. The automatic stay will temporarily prevent a foreclosure no matter which type of bankruptcy you file. In a Chapter 7 bankruptcy the creditor may be able to have the stay lifted and proceed with the foreclosure. In a Chapter 13 bankruptcy, the foreclosure may be permanently stopped. The automatic stay remains in effect until the court confirms the Chapter 13 plan or the case is dismissed. The stay ends when the plan is confirmed since it is no longer needed. The plan governs the behavior of the creditors in the plan and any attempt to collect on a debt covered by the plan is a violation of the court order. The plan allows a homeowner to continuing paying the loan while buying time to pay off arrearages on the loan as part of the Chapter 13 bankruptcy plan.

If you are one of the many homeowners today who is worried about this happening to you, take action first. If you have not kept your mortgage current and your mortgage company has already filed a Notice of Default filing for bankruptcy will stop the foreclosure process, you must take action immediately to protect your interest in your home. We are experts at protecting your interest in your home. Please Email us at mail@rustarmenis.com or call us at 1-866-RAS ATTY (1-866-727-2889) if your house is in foreclosure so we can protect your home.