The foreclosure crisis was supposed to end with help from the federal government. Consumer Bankruptcy News reports in the May 6, 2010 issue that the response of the federal government to the mortgage crisis is too slow. The article reports that is has “been more than one year since President Obama announced the establishment of the Making Home Affordable initiative that included the Home Affordable Modification Plan.” The plan was supposed to help between 7 and 9 million families restructure their mortgages and save their homes from foreclosure by the mortgage companies. The article goes on to report that “the actual number of homeowners who have received final, five-year loan modifications through the program administered by the U.S. Department of the Treasury stands at 168,708.
The Congressional Oversight Panel’s April 2010 report entitled, Evaluating Progress of Tarp Foreclosure Mitigation Programs, “finds that Treasury is still struggling to get its foreclosure programs off the ground even as the crisis continues unabated.” The report also states that in 2009, 2.8 million homeowners received a foreclosure notice,and one in four homeowners with a mortgage currently has negative equity. While housing prices have begun to stabilize in many regions, home values in several metropolitan areas continue to fall sharply.”
I have personally witnessed in my Dallas, Rome, Cartersville and Dalton Georgia office locations that consumers are not getting the promised federal help they need to stop the foreclosure of their homes. While I have seen a few loan modifications approved even after my clients have filed Chapter 13, most loan modification applications have been denied. I have been shocked how many mortgage companies are aggressively pursuing foreclosure in this dreadful market.
The good news is that Chapter 13 stops foreclosure In a Chapter 13 bankruptcy, we can eliminate credit card debt and medical debt. As a result, most consumers find it much easier to make their future mortgage payments when they no longer have worry about their past due credit card debts and medical debts.
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I have been a practicing consumer bankruptcy attorney for over 11 years. My main office is located at 107 East Fifth Avenue, Rome GA 30161. We are located on top of Clocktower Hill. We are catacorner from the Clocktower. If you are driving from Turner McCall down Broad Street, take a left onto East Fifth Avenue. We are on top of the hill on your left. Please check out my home page at www.kellycanhelp.com.
If you are driving in from GA Highway 20, as you are coming into Rome, you will see Home Depot on your left and Kroger on your right. When you come to the CVS drugstore, take a left onto 1st Avenue. At the top of the hill, take a left onto East Fifth Avenue. We are just a few blocks down on your left.
If you are coming from Highway 53, stay to the left when the road forks. You should see Dairy Queen on your left and BP Gas station on your right. Go straight and cross over Turner McCall Blvd. At the top of the hill, take a left on 5th Avenue. We are just a few blocks down on your left.
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In my opinion, this is a bad idea. If you are able to make your mortgage payments, do so. I recently spoke with a person who quit making mortgage payments so that his mortgage company would consider him for a loan modification. They filled out all the papers as requested by the bank for the modification. After about four months of not receiving any payments, the bank started foreclosure proceedings. The debtors never opened their mail from the foreclosure attorney and ignored a certified letter that was sent to their residence. As a result, there house was foreclosed and there is nothing they can do to get it back. Chapter 13 /a> does not lower your future mortgage payment but it can wipe out credit card debt to make is easier to pay the mortgage.
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The answer to “when will the house be foreclosed on in Georgia” is that it depends on your mortgage company. Some companies move really fast. Other take up a year before they get around to finally conducting the foreclosure sale in Georgia.
Here is what the mortgage company must do in Georgia to foreclose on your house. First, they must advertise your house for four weeks prior to the foreclosure date. In all likelihood, you will receive a flood of advertisements once your house is being advertised. Pay attention to the mail you receive. A few months ago, I met with a man that lived in Hiram Georgia whose wife was hiding the mail from him. She was so stressed out that she did not open the mail. As a result, their house got foreclosed and they didn’t even know it! Read your mail!
Normally, foreclosures are conducted the first Tuesday of each month. Holidays can mess up this general rule. If you are in the middle of the month and your house is not being advertised in the legal organ of your county, you have at least forty days before the foreclosure can take place because the mortgage company will have to wait until next month to begin to advertise your house.
Second, the mortgage company is required to send you notification of the foreclosure You should have at least four weeks notice of the foreclosure date. Notice to you is generally accomplished by sending you a certified letter. When the mailman shows up to your house and leaves that green sticky thing on your door, don’t ignore it. Drive to your local Georgia Post Office and get that letter so that you know what is coming down the pipe.
Chapter 13 can stop the foreclosure and save your house. Take advantage of a free consultation and meet with a bankruptcy attorney.
Other Posts:
1. What is Chapter 13?
2. What is Chapter 7?
3. How much does it cost to file?
4. Stop Garnishment
5. Stop Foreclosure
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If you have fallen behind on your mortgage payments, Chapter 13 can save your house. Here is how it works. We take all of the past due mortgage payments and put them into your Chapter 13 plan. Most Chapter 13 plans run for three to five years. If we need to, we can wipe out credit card debt and medical debt in your Chapter 13 plan. Making your mortgage payments will be much easier once we remove the burden of credit card and medical debt.
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The answer to this question is maybe. If you have a foreclosure scheduled against you, you should file Chapter 13 to stop the foreclosure and save your home. I have had so many clients where someone from the mortgage company called and told the homeowner that they would try to work something out to stop the foreclosure Nothing got worked out, and they lost their home. Ask yourself this question, “If the mortgage is willing to work with me, why did they file the foreclosure action against me in the first place?” If your mortgage company says they are going to call off the foreclosure, GET IT IN WRITING before the foreclosure date. If you are considering Chapter 13 to the stop the foreclosure, call me today at 888-832-8249 for your free consultation. We need time to get your paperwork prepared. Don’t wait until the last second.
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If someone tells you to pay them money so that they can “renegotiate your loan,” don’t do it! There are so many scams. Take advantage of a free consultation with an attorney and let a bankruptcy attorney review any offers you are considering.
If you want a loan modification, you can speak to your mortgage company directly. You don’t need to pay anyone to help you with any type of loan modification. Go to the Federal Trade Commission website and read all about the foreclosure scams. Call the FTC at 888-HOPE-NOW.
I was speaking with a client from my Dallas GA office a few months ago who was victimized by one these scams. She actually mailed some company in Florida $600 to get her loan renegotiated. This company did absolutely nothing for my client accept take her money. The FTC has really started cracking down hard on these types of scams.
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Yes. If you file Chapter 13 and are able to continue to make regular monthly mortgage payments, your house cannot be foreclosed on while you are in Chapter 13 The important question is, “Can you afford your future payments?” If so, Chapter 13 is a great option for you. Any past due payments on your mortgage can be put into your Chapter 13 plan.
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If you have a car that was purchased more than 910 days before you file, Chapter 13 might be a better option for you as opposed to Chapter 7 In a Chapter 13, if your car was purchased more than 910 days before filing, section 506A valuation will apply to your plan. This means that you may have to pay back only the value of the car and not the amount owed. For people who are upside down on their car loans, this is a huge benefit. If you would like to check out the value of your car, I recommend that you go to www.nada.com.
In addition to wiping out some of the amount owed on your vehicle, the interest rate paid on car notes in most Chapter 13 plans is currently between six and seven percent. Most buy here pay here lots in Northwest Georgia charge between 25 and 30 percent annual interest. Chapter 13 can you a huge savings in interest payments.
For people who are behind on car payments, Chapter 13 allows to pay the entire car note through the plan and keep your car. Chapter 13 is a great tool for stopping car repossessions.
Chapter 13 also allows a person to take any missed mortgage payments on a house and pay them out over the course of the plan. Most Chapter 13 plans run from three to five years. Chapter 13 is a great tool for stopping foreclosures.
Call me today for your free consultation at 706-295-0030 and lets see if Chapter 13 can help you.
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In my experience, I have seen many clients who have been forced to file either Chapter 13 or Chapter 7 because of a recent divorce. When the household income is cut in half but the household expenses remain the same, paying credit card debt is impossible.
A common post-divorce example is that each spouse is ordered by a divorce judge to pay half of all joint debts. When one person gets into a situation where they can’t pay, the other person often hauls them back into divorce court for a contempt proceeding for not paying the joint debt. Usually the cause of one spouse not paying is a loss of job or new expenses from a new marriage/new family. Contempt proceedings in divorce court may get the nonpaying ex-spouse to come up with funds to avoid going to jail in the short term but the underlying situation does not change. Whatever the cause, the nonpaying ex-spouse cannot pay. This cycle continues until the person who has been paying their side of the debts can no longer afford to pay an attorney to keep hauling the other person into divorce court. After thousands of dollars and heartache, both end up filing bankruptcy.
Couples who are under financial strain should consider bankruptcy before the divorce. It does not cost anything to meet with me and let me analyze your situation. Perhaps the removal of the financial strain might save the marriage?
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The next step is to call my office at 1-888-832-8249 to schedule an appointment. Will will go over your income and budget so that we can come up with a plan that works for you. It does not cost anything to come and talk to us. Please bring a recent paystub and list of all of your creditors. On this list, we need names of creditors, creditor mailing addresses, and amounts owed. We look forward to meeting you soon.
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No. Bankruptcy does not protect you from criminal prosecution for writing bad checks. In fact, bankruptcy does not protect you from any criminal prosecution. I spoke with a client in my Rome office a few weeks ago who wrote some bad checks to a local grocery store. She told me that she was buying food for her kids. I felt terrible explaining the cold hard truth to her. The grocery store has the right to criminally prosecute her even if she filed a Chapter 13 bankruptcy. Even in cases where all the debt is being paid at 100 cents on the dollar will not stop a criminal prosecution. However, it is possible the at 100 percent Chapter 13 plan might persuade a judge that the person is making the best possible effort to rectify the situation.
You should never write a check to anyone unless you have the funds in the bank to back it up. You can’t be prosecuted for owing money to someone. However, you can be prosecuted for writing a bad check.
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