Savannah Foreclosure Lawyers

Protecting Your Home Through Legal Support

For most people, their home is their largest investment. Homeownership is a big part of the American Dream and something many individuals and couples strive for. Once you have been able to purchase a home, the last thing you want to lose is foreclosure.

Unfortunately, many people face the prospect of foreclosure due to financial crises ranging from job loss to small business failure, substantial medical bills, or other unforeseen financial drains. However, with the help of a debt relief and bankruptcy lawyer, you may be able to save your home from foreclosure.

At Barbara B. Braziel Attorney at Law, we help countless homeowners keep their homes through bankruptcy every year. We have vast experience in this field, having over 40 years of experience providing debt relief to Georgians. That has given us the know-how, skills, and resources needed to help homeowners through the government-approved solutions provided in the U.S. Bankruptcy Code.

Reach out to Barbara B. Braziel at (833) 522-1069 to book a free consultation with one of our Savannah foreclosure attorneys.

What is Foreclosure?

Foreclosure is a legal process initiated by lenders when homeowners fail to make mortgage payments. It involves the lender repossessing and selling the property to recover the outstanding debt owed by the homeowner. Foreclosure typically follows a series of steps, including missed payments, notification from the lender, attempts to negotiate alternatives, a public auction of the property, and, finally, potential eviction of the homeowner. It's a significant event with long-term financial and personal consequences for homeowners.

What is the Foreclosure Process?

Going through a foreclosure can be stressful and overwhelming. It's essential to clearly understand the foreclosure process and your rights as a homeowner. At Barbara B. Braziel, Attorney At Law, our experienced Savannah foreclosure lawyers can guide you through each step of the process and provide the legal support you need.

Here are the key stages of the foreclosure process:

1. Missed Payments: The lender typically sends you a notice of default when you fall behind on your mortgage payments.
2. Pre-Foreclosure: This is the period between the notice of default and the actual foreclosure sale. During this time, you may have options to negotiate with your lender or explore alternatives to foreclosure, such as loan modification or short sale.
3. Foreclosure Sale: If the delinquency cannot be resolved, the lender will proceed with a foreclosure sale. This is a public auction in which the property is sold to the highest bidder.
4. Post-Foreclosure: After the foreclosure sale, you may have a certain period to vacate the property or explore options like redemption or eviction defense.

If you're facing foreclosure, acting quickly and seeking legal advice is crucial. Our team can assess your situation, explain your rights, and help you navigate foreclosure to protect your home and financial future.

Exploring Alternatives to Foreclosure

Facing foreclosure can be a daunting and overwhelming experience, but there are alternatives to consider that may help you keep your home. Our experienced foreclosure defense attorneys can work with you to explore options such as:

• Mortgage loan modification
• Short sale negotiations
• Deed instead of foreclosure
• Forbearance agreements

Each of these alternatives has its pros and cons, and our legal team can help you navigate the complexities of each option to find the best solution for your unique situation. By exploring alternatives to foreclosure, you may be able to avoid the negative impact on your credit and financial future of losing your home.

How Bankruptcy Can Stop Foreclosure

When you fall behind on your mortgage payments, your lender has the right to foreclose on the property. Foreclosure is the legal proceeding whereby your mortgage lender sells your real property. The lender then applies the money from the sale of the property toward the debt owed on it.

As soon as you file for bankruptcy, any pending foreclosure action must stop. This is because of the Automatic Stay, a provision of the U.S. Bankruptcy Code that mandates all collection activity against a debtor must cease. This includes phone calls, letters, statements, and any other form of communication.

Thus, bankruptcy will temporarily stop the foreclosure process. However, you must get current on your mortgage payments to save your home. This can be done through Chapter 13. Also, you must make your monthly mortgage payment during and after bankruptcy to prevent foreclosure.

Paying Mortgage Arrears

You must get and remain current on your mortgage payments to keep your home after bankruptcy. If you do not pay your mortgage arrears, your lender can foreclose on your house either after or during bankruptcy if it correctly asks the Bankruptcy Court for permission to do so.

Filing for Chapter 7 or 13 will immediately stop a pending foreclosure sale; however, Chapter 13 bankruptcy offers benefits to homeowners that Chapter 7 does not. Chapter 13 allows you to repay mortgage arrears and, in some cases, to “lien strip” (erase) a second mortgage.

Chapter 13 bankruptcy creates a three to five-year repayment plan. You may include missed mortgage payments in your Chapter 13 plan. Only payments missed before filing may be included. The plan does not include mortgage payments missed after the date the case is filed.

Maximize Your Chances of Keeping Your Home Post-Bankruptcy

You must not have too much equity to keep your home through bankruptcy. Bankruptcy law allows you to keep property, assets, and other belongings valued up to a certain dollar amount through exemptions. The Georgia homestead exemption allows you to protect up to $21,500 of equity in real estate. If the title to the property is held by one of two spouses, you may exempt up to $43,000 of equity in real estate.

You can determine the amount of equity you have in your home by subtracting the amount of your mortgage(s) from the current fair market value of the property. As long as your equity is less than the Georgia homestead exemption, you can protect its equity through bankruptcy.

Contact Us for Personalized Foreclosure Defense in Savannah

At Barbara B. Braziel, we aim to help individuals and families throughout Savannah and the surrounding areas end the stress of overwhelming debt and take control of their future. At our firm, you are never just a number on a case file. We provide personalized service addressed to your unique situation. You will not be left in the hands of a paralegal. You will always have access to your attorney throughout your bankruptcy case.

Contact Barbara B. Braziel Attorney At Law today to schedule a meeting with our foreclosure lawyer in Savannah!