Category Archives: Foreclosure

Contact The Sader Law Firm to find out what options you might have to keep your home from going into foreclosure.

Bankruptcy Options for Homeowners as the HAMP Program Ends

Roughly 800,000 homeowners still enrolled in the government’s Home Affordable Modification Program (HAMP), will see their mortgage interest rates gradually rise starting in 2014. Thirty percent of those who qualified for relief have defaulted again. Unfortunately, although home prices have increased over the last two years, household incomes have remained flat, and many homeowners still owe more on their mortgages than their homes are worth. We want you to know that you may have additional options. If you find yourself owing more on your mortgage than your house is worth, are under or unemployed, or facing foreclosure, bankruptcy may be the appropriate option for you. By filing for chapter 7 bankruptcy, you can let go of an underwater home and prevent the mortgage lender from trying to collect against you by discharging your debt. If you are enrolled in the HAMP program and in danger of defaulting or perhaps facing…
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Options for those Facing Foreclosure

Various news agencies are reporting that home foreclosures in the United States are down to their lowest levels since 2007. Kansas foreclosures ended down 39 percent in 2013 and Missouri foreclosures ended down 40 percent in 2013. This is good news for the overall housing market; however, there are still many individuals and families facing foreclosure in the Kansas City area. In Kansas, it is reported by RealtyTrac that 5,506 properties are in “distress status” and 14,471 homes facing foreclosure in Missouri. While the number of homeowners facing foreclosures has declined, many Missouri and Kansas homeowners are upside down on their mortgage owing more than their home is worth. For a greater understanding of under-water mortgages, see our previous article. The Sader Law Firm has experienced Kansas City bankruptcy attorneys that can help clients in Missouri and Kansas facing foreclosure. We offer free phone consultations and may be able to…
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Walking Away From An ‘Upside Down’ Mortgage

While many people file a Chapter 13 bankruptcy to save their home from a foreclosure sale, other people file either a Chapter 7 or a Chapter 13 bankruptcy so they can walk away from a piece of property and not pay any more money on it. Outside of bankruptcy, when a mortgage company forecloses on your home, if there is a balance owed after the mortgage company applies the proceeds of the sale to the loan balance, you are still responsible for that debt. The debt becomes what is known as a deficiency balance. This is commonly referred to as being “upside down” on your mortgage or having an “underwater mortgage.” By filing a bankruptcy, that deficiency balance is included as an unsecured debt. In a Chapter 7 bankruptcy, that debt will be discharged. In a Chapter 13, that debt will be treated as any other unsecured creditor is treated….
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