Timonium, Maryland Foreclosure Defense Attorney

Hands-on Foreclosure Defense Lawyer Representing Clients in Timonium, MD

Nobody wants to contemplate the thought of losing their house and becoming homeless. However, when you continually miss mortgage payments, your home lender may push for foreclosure. When this happens, you need to take measured steps to protect yourself. A Timonium, MD foreclosure defense lawyer can look out for you, advising you of the best course of action to cure your mortgage arrears.

If you are looking for an experienced law firm to handle your foreclosure case, turn to The Law Office of Donald L. Bell today. Many clients have praised Attorney Donald Bell in testimonials for his close guidance and knowledgeable counsel, as he has personally helped many people keep their homes in the face of overwhelming debt.

Why Consider Bankruptcy When Facing Foreclosure?

Many homeowners hesitate to consider bankruptcy because they assume it means they have already failed. In reality, bankruptcy can be a practical legal tool for stopping foreclosure and creating options. The key is choosing the chapter that best fits your goals, your income, and your overall debt situation.

Chapter 7 bankruptcy and Chapter 13 bankruptcy can both help in different ways. Chapter 7 may eliminate many unsecured debts, such as credit card balances and medical bills, which can free up income for future housing costs. It can also trigger an automatic stay that temporarily stops foreclosure proceedings. However, Chapter 7 usually does not give a homeowner a way to catch up on missed mortgage payments over time. If you are already far behind and want to keep the home, that limitation can be serious.

Chapter 13 is often better suited for homeowners who want to save their property. It also triggers the automatic stay, but it offers a structured repayment plan. Through that plan, a homeowner may be able to pay back mortgage arrears over three to five years while keeping up with current mortgage payments. For someone with a reliable source of income who needs time rather than a complete surrender of the property, Chapter 13 is often the more useful option.

How Can You File for Chapter 13 in Timonium?

Filing for Chapter 13 begins with a careful review of your finances. You and your attorney will need to look at your income, expenses, assets, debts, and the amount you owe on the mortgage. The goal is to determine whether a repayment plan is realistic and whether Chapter 13 is the right strategy for stopping the foreclosure.

Once the bankruptcy petition and related schedules are prepared, the case is filed with the bankruptcy court. At that point, the automatic stay generally goes into effect and can stop most collection efforts, including foreclosure activity. That immediate protection is one of the main reasons many homeowners turn to Chapter 13 when they are under pressure from a lender.

After filing, you must propose a repayment plan and attend the meeting of creditors. At that meeting, the bankruptcy trustee asks questions under oath about your finances and your proposed plan. The court will later decide whether to confirm the repayment plan. To succeed, the plan must be feasible. That means you need enough income to make the required payments while also handling your ongoing financial obligations.

Can You Remove a Second Mortgage Through Chapter 13 Bankruptcy?

In some cases, Chapter 13 may do more than stop foreclosure and help you catch up on missed payments. It may also allow you to remove a second mortgage or other junior lien through a process often called lien stripping.

This option may be available when the value of the home is less than the balance owed on the first mortgage. If the first mortgage uses up all of the home's value, then the second mortgage may be treated as unsecured debt in the bankruptcy case. That can be a major benefit for a homeowner who is already struggling with multiple layers of debt tied to the property.

Lien stripping is not automatic, and it is not available in every case. Our foreclosure defense lawyer can review the numbers and determine whether this strategy may be available as part of your Chapter 13 case.

Contact a Timonium Foreclosure Defense Lawyer Today

At The Law Office of Donald L. Bell, we can review your situation and advise you of the best way to protect your home from an impending foreclosure. Call 301-614-0535 or contact our Timonium, Maryland foreclosure defense attorney to schedule a free consultation in your consumer case.