
If You Are Three Or More Months Behind On Your Mortgage Payments, You Need Help Now. You May Be At Risk Of Losing Your Home By Foreclosure.

Foreclosure is a very stressful and embarrassing experience, so you should beware. Fear can make you delay before seeking help from a foreclosure attorney. Delay is your enemy. Do not wait until you receive notice of foreclosure to seek help from a legal professional. Don’t ignore delinquency or bank notices because foreclosure can happen very quickly, often in less than 30 days from the date of a foreclosure notice. If you are behind on your mortgage, contact a foreclosure defense attorney, today. Bredow Law can guide you and can help you stop home foreclosure. There are several ways that you can avoid or stop a foreclosure:
A Loan Modification May Make Mortgage Payments More Affordable and Stop Foreclosure.

Talk to your lender about modifying the terms of your mortgage loan. Federal rules require lenders to work with you to modify your loan. When a loan modification will help avoid foreclosure most lenders will be willing to help because foreclosure is expensive and time-consuming. A loan modification may lower your monthly payment. Lenders can extend the term of your loan, lower the interest rate, and will sometimes reduce the balance owed, and sometimes they will reduce or forgive delinquent payments. A loan modification is a win-win situation for you and your lender. They get paid and you keep your home. If you have fallen behind on payments or think that you will fall behind on payments in the near future, a loan modification is something you should consider.
Filing a Lawsuit in State Court May Delay or Stop Foreclosure

Foreclosure is often a private matter that does not involve any court. Your mortgage probably contains a “Power of Sale” clause which allows a lender to use the mail to notify you of their intent to foreclose. If you don’t bring your payments current within as few as 28 days, the power of sale clause permits them to sell your home in a private auction. The law guides the process, but a court is not directly involved unless you involve the court. If you receive a notice of a foreclosure sale, you may file a lawsuit in court and ask a judge to stop the auction. Often, this can buy you time to save your home. Lenders will negotiate with you to avoid an expensive court case. But, if you are behind on payments and cannot negotiate a payment plan, this will not permanently prevent foreclosure.
Filing a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy May Prevent Foreclosure

Bankruptcy is a powerful tool to stop a foreclosure and to let you save your home, but you have to file your case before the foreclosure auction. How? The bankruptcy law imposes an “Automatic Stay” on your creditors when you file your case; the automatic stay is a court order that must be obeyed. It tells your lender to stop all collection activity, including foreclosure. Chapter 13 bankruptcy is specifically designed to help you save your home and it is very effective. In Chapter 13, you can file a Reorganization Plan that allows you to make your regular mortgage payment and bring your account back to a current status. Chapter 13 Plans usually run from 3 to 5 years and can be shorter if the court approves. If you are employed and have sufficient income, a Chapter 13 Plan is a powerful tool to save your home.
Get Help from our skilled Foreclosure Attorneys and Bankruptcy Attorneys

If you are facing foreclosure, do not wait any longer to take action. Call the skilled Michigan foreclosure defense and bankruptcy lawyers at the office of Bredow Law today for your consultation. Our attorneys will review your case and get started on defending you immediately.