Our foreclosure attorneys from Jackson Mississippi understand how hard facing foreclosures can be. Foreclosure is what happens when a homeowner falls behind and fails to pay the mortgage. It is a legal action where the owner loses all rights to their property and home if they cannot pay the outstanding debt. A foreclosure in Mississippi is basically an auction of your home on the courthouse steps. A sale date is set and if the sale is not stopped, then someone will bid on your house and become the new owner of the property.
How Bankruptcy Can Help You Deal With Foreclosures
Filing for bankruptcy in Ridgeland or Jackson, Mississippi puts an automatic stay on all foreclosure proceedings. By contacting our Jackson foreclosure attorneys, you can potentially save your home from an ongoing foreclosure but the bankruptcy case must be filed before the foreclosure sale happens. Many people have success keeping their homes by filing for Chapter 13 bankruptcy. If you file before the foreclosure sale, our Jackson foreclosure lawyers can use your repayment plan as a tool to help you catch up on your delinquent payments.
The biggest benefit to filing a chapter 13 is that you will not have to make a lump sum payment to catch up on your mortgage. In a chapter 13 Mississippi bankruptcy, you are allowed to catch up with the mortgage payments over time. As long as you are able to pay your bankruptcy payment plan you would be allowed to keep your home. Your foreclosure attorney can explain how it is possible to be up to date on your bankruptcy payments at the end of the bankruptcy case.
Is Your Home Being Foreclosed in Jackson Mississippi?
If you are unable to afford to keep your home, or if you cannot catch up on your backlog of mortgage payments, our Jackson foreclosure attorneys can still help you to file for Chapter 7 bankruptcy as this will allow you the time to find another place to live instead of being turned out on the street. It will also allow you to walk away from your mortgage and payments in arrears without fear of the bank coming after you to collect the money owed. If you want to stop home foreclosures in Mississippi, our bankruptcy and foreclosure lawyer can help clients in Jackson, Ridgeland, and neighboring cities within Mississippi.