Foreclosure Defense

Stop Foreclosure In Atlanta

Stop Foreclosure in Atlanta

What Is Foreclosure?

Foreclosure is the process in which a bank takes title to real estate from the owner to satisfy a debt.

There are some important questions a person facing foreclosure in Atlanta should consider:

  1. Is the property worth more or less than the amount owed to the bank?
  2. If it is worth more, you have a financial interest in keeping the home.
  3. If the home is worth less than your first mortgage and you have a second mortgage, you may be able to eliminate your second mortgage completely.
  4. If there is a second loan or equity line on the property and the first forecloses, the second lender can still sue you for the debt.
  5. How many people own the home? If married, are both spouses on the deed?
  6. Is the mortgage payment more or less than you would pay to live somewhere else?
  7. Does the home need a lot of maintenance that will require additional funds to keep it in good condition?

Filing Bankruptcy Immediately Stops Foreclosure

Common Questions:

What happens to my home in a Chapter 7 bankruptcy?

  • If you are current on the payments and you continue making the regular monthly payments, you keep the home.
  • If the home is worth less than your first mortgage and you have a second mortgage or equity line, you may be able to eliminate your second loan completely and still keep the home. This is called lien stripping.

What happens to my home in a Chapter 13 bankruptcy?

  • It does not matter if you are current or behind on the payments.
  • If the home is worth less than your first mortgage and you have a second mortgage or equity line, you may be able to eliminate your second loan completely and still keep the home. This is called lien stripping.
  • The balance of the loan (including any late payments, interest or late fees) gets paid in the bankruptcy plan.

Bankruptcy Plan

A bankruptcy plan is a written plan to reorganize debts. In a Chapter 13, a consumer tells the court how disposable income will be used to pay secured and unsecured creditors. The plan will also address how the debtor will pay back debts such as back taxes. To be successful, a bankruptcy plan does not have to pay all of the debts in full. In fact, under most plans, creditors get paid only a small percentage of the amount owed.

Under federal law, we are designated as a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.