Have They Threatened to Take Back Your Home?
Your home is your sanctuary. You have spent countless hours of work to make it just right for you and your family. Considering the time you spent picking it out and the time you spent decorating it, your home is most likely your biggest investment. You have now fallen behind in your payments and your mortgage lender has threatened to take back your home.
What can you do?
You can stop foreclosure on your home with the help of Swanson & Moors, LLC.
Bankruptcy Is an Effective Way to Stop Foreclosure
When your bankruptcy petition is filed, an automatic stay is imposed. The automatic stay is an injunction that halts actions from creditors – including foreclosures. If you file a chapter 13 bankruptcy, the foreclosure will be stopped and you will have up to 60 months to cure past-due mortgage payments. If you choose to file a chapter 7 bankruptcy, the foreclosure will be stopped temporarily. The lender can petition the court restart the foreclosure process at a later date if you are unable to repay the past-due mortgage payments.
Massachusetts Homestead Exemption
The Massachusetts Homestead Act allows a homeowner to protect up to $500,000.00 of equity in their primary residence. For example, you could own a home that is worth $750,000.00, with a $250,000.00 mortgage and the home would be protected in its entirety. It is imperative, with substantial equity, that you have a proper Declaration of Homestead filed at the registry of deed for your county. Protecting a home with substantial equity may have an impact on other items that need to be protected. Contact the Law Office of Matthew C. Swanson to discuss exemptions and how they may impact your case.
Let Swanson & Moors, LLC Help You Today
We want you to be confident that you will be able to remain in your home. He knows how important it is to keep your home and remain involved in the process. You will have an experienced bankruptcy attorney by your side through every step of the process, helping you stop mortgage foreclosure.
The Swanson & Moors, LLC services all of Plymouth County, Bristol County, Norfolk County, and Barnstable County.