Facing Foreclosure in Atlanta, Georgia? What You can do to Keep Your Home

If you have a foreclosure that is currently scheduled in Atlanta, Georgia, and you want to keep your home, filing Chapter 7 bankruptcy or Chapter 13 bankruptcy will give you several options.

  1. Filing Chapter 7 Bankruptcy: Filing Chapter 7 bankruptcy temporarily stops foreclosures in Atlanta, Georgia by creating what is called the automatic bankruptcy stay. The bankruptcy stay is a court order that prevents a mortgage company from foreclosing on a home, even it is the day before foreclosure day (which, in Georgia, is the first Tuesday of every month). Although filing Chapter 7 bankruptcy will require a debtor to ultimately give up their house, it can probably be lived in for a few months after the originally scheduled foreclosure date.
  2. Filing Chapter 13 Bankruptcy: Filing Chapter 13 bankruptcy also uses the automatic bankruptcy stay to stop foreclosures in Atlanta, Georgia. In a Chapter 13 bankruptcy, a debtor reorganizes his or her debts to create a 3 to 5 year repayment plan to creditors. The plan often includes mortgage arrearage that a debtor has accumulated and proposes to pay with no interest or additional late fees. As long as the debtor also makes timely monthly payments on his or her mortgage after filing Chapter 13, the debtor can keep his or her home.
  3. Eliminate Your Second Mortgage: Filing Chapter 13 bankruptcy can make use of a process known as “lien stripping” to allow Atlanta, Georgia homeowners to avoid paying their second mortgage. Lien stripping changes the status of a second mortgage company from a secured creditor to an unsecured creditor and forces the second mortgage company to cancel the security lien on the property. While the Chapter 13 case is pending, the debtor does not have to make the monthly second mortgage payment. At the end of the Chapter 13, the court issues an order completely canceling the second mortgage lien!
  4. Home Loan Modification: There are a few federal home loan modification programs that mortgage companies are currently offering to borrowers, including the Home Affordable Modification Program or HAMP. HAMP has a few requirements for eligibility, but it is not necessary that a borrower be behind on his monthly mortgage payments. Also, even after filing bankruptcy, a debtor may still proceed with the home loan modification process.

If you are a homeowner facing foreclosure in Atlanta, Georgia, and wish to discuss the options available for keeping your home, contact the Law Offices of Charles Clapp at 404.585.0040 to schedule a free initial consultation.

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Charles is absolutely a brilliant attorney! He is a critical thinker and determined problem solver. He is very accessible, even via text. If he is in court, his ability to multi-task, you can feel safe and secure in knowing he is handling any issues or concerns. I entrust him with my future, he is a uniquely talented attorney who always challenges himself to achieve the absolute best outcome for his clients.

Donna

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Shernita

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I came to Mr. Clapp by referral with a complicated case involving both personal and business debts that were out of control. Mr. Clapp evaluated the situation and gave me options that I was not even aware of. He knows his stuff, executed flawlessly, and I have been able to start over. I highly recommend Charles Clapp if you have debt or bankruptcy issues. Listen to his advice, he knows his stuff. I consulted with several other bankruptcy attorneys prior to retaining Mr. Clapp, and they did not have the same breadth of knowledge that Mr. Clapp brought to my case.

Scott

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