Maui Foreclosure Defense Attorneys
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Do you own a home in Maui that is being foreclosed? Do you feel like you are all out of options? If so, you should consider calling our skilled foreclosure defense attorneys at the Law Offices of Blake Goodman PC to discuss how we can help you possibly save your property. Our Maui law office offers comprehensive foreclosure defense services for clients of all backgrounds who require seasoned counsel when their homes are nearing foreclosure.
Our team of experts has experience with bankruptcy, debt resolution, and other means that have led to foreclosures across the country. Our experience in these areas make us knowledgeable in not only what causes foreclosures on homes, but also how we can help prevent foreclosures on behalf of the clients we serve. When you choose our firm to represent you, we will always do our best to help you find the best possible solution based on your situation. Let us put our skills to work for you today!
What Is a Foreclosure?
A foreclosure is a legal proceeding in which a creditor – typically the mortgage lender – attempts to take control of your property with the intent to sell the property on a defaulted mortgage. In most cases, the lender forecloses on a property when a borrower fails to make their mortgage payments. Essentially, the lender is asking the court for permission to take the property back. While many foreclosures are initiated by the mortgage lender, if the property has a homeowner’s or community association, the association may foreclose on the property too.
Unfortunately, even if you give up the property, it doesn’t necessarily mean that you are rid of the debts that are related to your home. In Hawaii, the bank that you received your mortgage through can sometimes get a deficiency judgment. This allows them to not only foreclose your home but to also demand that you pay back any remaining debts that the foreclosed home did not cover.
Can Bankruptcy Stop a Foreclosure?
When a debtor files for bankruptcy, whether Chapter 7 or Chapter 13, the bankruptcy filing imposes an automatic stay. The automatic stay is one of the most powerful tools in bankruptcy because it stops almost all collection activities, including pending foreclosures. Even if a home has already been put on sale, the sale will be postponed for three to four months due to the bankruptcy filing.
If you are looking to save the property, a Chapter 13 bankruptcy will allow you to pay off those missed payments over a three to five year period. In order to complete your Chapter 13 plan, you will need to be able to pay both your arrearage payment and your ongoing mortgage payments at the same time. If you make all of the payments under both your Chapter 13 repayment plan and your ongoing mortgage payments, you should be able to avoid foreclosure and remain in your home.
If you are unsure of how you can possibly pay off your debt during a three to five-year period, then please get in touch with our firm to work with our talented foreclosure defense team. Our experience with debt settlement and bankruptcy gives us a thorough understanding of what we can do to best help you take your debt and slash through it in the three to five year period.
If you know that you will not able to get caught up within five years or you want to surrender the property, you may consider a Chapter 7 bankruptcy. Chapter 7 bankruptcy provides a short delay in a pending foreclosure. The foreclosure proceeding is typically stopped while a Chapter 7 bankruptcy is pending – which is usually three to four months.
Does Foreclosure Impact Your Credit Score?
If your home is foreclosed, the foreclosure will remain on your credit report for at least seven years. This will be damaging to your credit in the beginning, but you can eventually recover from this. Throughout the years, the Law Offices of Blake Goodman PC has worked with hundreds of bankruptcies and seen plenty of foreclosures. Despite this, we have managed to help many of our clients make a full credit recovery with our 720 Credit Score program. This is a great option for anyone that has just gone through bankruptcy and needs a way to raise their credit back up.