Homeownership and bankruptcy in Mississippi

On behalf of The Rollins Law Firm posted in Chapter 7 on Friday, October 18, 2013.

Bankruptcy can be devastating to a person's finances, credit rating and self-image. For homeowners, it can create an additional nightmare. A bankruptcy does not remove the lien from the property, just the liability. The lender can still foreclose on the property. You can reaffirm the loan, but some lenders may give out incorrect information regarding reaffirmation or obtaining a new loan.

Obtaining a new loan on the property can be an equally arduous process. Many lenders see the bankruptcy and assume the new loan will not be paid, regardless of the homeowner's payment history. Without a new loan, the homeowner may lose the property.

Depending on the homeowner's state of residence, there may be different avenues to try. These avenues are often detailed and must be followed to the letter, and there is no guarantee that they will work. The homeowner may be able to go to court to get a reaffirmation of the loan, but this could be a huge liability.

Filing for bankruptcy is a last resort option for many homeowners. For many, it can create a fresh financial start for those struggling with debt. In Mississippi, the services of a licensed attorney can prove to be invaluable. He or she could give advice about filing for bankruptcy, the rights of a debtor and homeowner and ways to keep a home and deal with a challenging financial situation. The attorney may also be able to advise you about mortgage modification, asset liquidation as well as help stop creditor harassment. Bankruptcy may feel like the end of the world when it happens, but it can also be seen as a chance to reassess spending habits and change the trajectory of someone's life.

Source: Fox Business, "Kept home after bankruptcy, can I refi?", Justin Harelik, October 11, 2013

Client Reviews
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.