Filing for Chapter 13 Bankruptcy in Rome, NY

Chapter 13 bankruptcy in Rome NY could save your home

Are You Underwater?

If your home is currently at risk for foreclosure, one of the best ways to save it involves filing bankruptcy, according to a recent study conducted by the Social Security Administration and Princeton University, in which 300,000 individuals participated.

Unfortunately, many people in this situation turn to other methods of saving the home that do not involve the use of a qualified attorney. A prime example is out-of-state assistance, which in reality is of no benefit, because there is no one holding the people behind these efforts accountable, and most mortgage companies are completely unresponsive.

When filing Chapter 13 Bankruptcy in Rome, NY, a bankruptcy attorney has access to numerous valuable tools. Using these tools, literally thousands of families in the same situation have avoided foreclosure. One way in which filing Chapter 13 Bankruptcy in Rome, NY is advantageous has to do with the three- to five-year period in which you pay arrearages. After that time, you simply go back to making the normal monthly mortgage payment.

Loss Mitigation in Rome, NY

In Rome, NY, as well as other Upstate New York cities, the Bankruptcy Court has developed a new program known as Loss Mitigation. This program was designed specifically to help people that are at risk of losing their homes due to foreclosure. Even though this program is 100 percent voluntary, most mortgage companies prefer using it, finding it much easier to work through an attorney than the homeowner.

For many people, though, a work out with the bank is not really a viable option because a large number of homeowners have no idea as to the information and documentation needed by banks. On the other hand, if an attorney is involved with a Chapter 13 Bankruptcy in Rome, NY, homeowners are provided support and guidance that helps them understand everything needed by the bank to avoid foreclosure.

This new program offers another benefit in that both a judge and an attorney are involved in overseeing the process for each homeowner, which creates accountability for the mortgage companies. Therefore, if a mortgage company does not act in good faith, the court could prevent the bank from going through with the foreclosure.

What Next?

The bottom line is that to improve your chance of keeping your home out of foreclosure, a Chapter 13 Bankruptcy in Rome, NY is your best bet. This particular method has been proven successful time and time again. For more information or to schedule an appointment with our qualified attorneys to discuss the specifics of your case, we invite you to contact us today.

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