How to Deal with Foreclosure
There are different types of foreclosures that a party may be confronted with. It could be a bank foreclosure where the bank is foreclosing on an existing mortgage that’s on the property. It can be an end run proceeding where the county is foreclosing on back taxes. In either case you can avoid the foreclosure by filing a Chapter 13 bankruptcy. Chapter 13 bankruptcy is where you take the arrears that are owed and pay it back over a period of time. Now if it’s a bank foreclosure and you are severely behind and could not possibly catch up within a three to five year period of time, then in that event, you can go to Supreme Court and try to have a modification of the loan implemented. The courts recently are very generous in imposing upon a bank or a lender to modify a loan.
This informational blog post was brought to you by Randy H. Gugino, an experienced Buffalo NY Bankruptcy Attorney.
