Calverton Foreclosure Defense Lawyer

Skilled Foreclosure Defense Attorney for Homeowners in Calverton, Maryland

The threat of foreclosure can put major pressure on homeowners dealing with different sources of secured and unsecured debt. If you are worried about losing your home to legal action from your home lender, get in contact with a Calverton, MD foreclosure defense attorney who can go over your options to pay off your mortgage arrears and potentially keep your home.

At The Law Office of Donald L. Bell, we believe in implementing realistic solutions based on each client's unique financial situation. We have over 20 years of legal experience in foreclosure law and related concerns, so you can trust our firm to provide you with hands-on assistance from the beginning to the end of a bankruptcy petition.

How Filing for Chapter 13 Bankruptcy Can Help Protect Your Home

Filing for Chapter 13 bankruptcy can stop a pending foreclosure and give you time to catch up on missed mortgage payments. Once your case is filed, an automatic stay goes into effect under federal law. The stay generally requires your lender to halt collection efforts, including a scheduled foreclosure sale. This pause gives you time to plan your next steps without the threat of an immediate sale.

A Chapter 13 plan also lets you spread past-due mortgage payments over three to five years. You keep making your regular monthly mortgage payment while paying down the missed amounts through the plan. For many homeowners in Calverton, this path offers a way to keep their home instead of losing it at auction. Our attorney can review your income, expenses, and debts to see whether a Chapter 13 plan is realistic for your situation.

What Do You Have to Do Before Filing for Chapter 13 Bankruptcy?

Before filing for Chapter 13 bankruptcy, you must complete a credit counseling session with an approved agency. The session must be finished within 180 days before your filing date. It reviews your budget and looks at whether other debt relief options might work for you. You will receive a certificate to file with the court.

You will also need to gather detailed financial records. These often include recent tax returns, pay stubs, bank statements, and mortgage statements. You should also prepare a full list of your debts, assets, and monthly living expenses. The court uses this information to decide whether your proposed plan is fair and affordable. Missing or incomplete records can slow down your case, so it helps to start collecting documents early.

Negotiating Your Mortgage Terms During Bankruptcy

Negotiating mortgage terms during bankruptcy can sometimes lead to a more affordable monthly payment. Federal law limits how much a Chapter 13 plan can change the mortgage on your primary residence. However, you can still ask your lender for a loan modification while your case is open. A lender may agree to lower the interest rate, extend the loan term, or add missed payments to the loan balance.

Some homeowners also have second mortgages or home equity lines of credit. If your home is worth less than what you owe on the first mortgage, a second loan may be treated as unsecured debt in some cases. That change can reduce how much you must repay on that loan. Our attorney can communicate with your lender and push for terms that fit your budget.

Does Chapter 13 Bankruptcy Affect Your Credit Score?

Chapter 13 bankruptcy does affect your credit score, and the filing can stay on your credit report for up to seven years. Your score will likely drop at first. However, a completed foreclosure can also harm your credit and remain on your report for seven years. Losing your home may also leave you with other debts tied to the sale.

Many people begin rebuilding their credit while their plan is still active. Making steady plan payments shows a pattern of responsibility over time. After your case ends, you can keep improving your score by paying bills on time and keeping credit card balances low.

Contact Our Calverton, MD Foreclosure Defense Attorney

Falling behind on your mortgage can feel overwhelming, especially when a sale date is approaching. At The Law Office of Donald L. Bell, we help Maryland homeowners understand Chapter 13 bankruptcy and other ways to protect their homes. Free consultations are available for consumer cases. Contact our Calverton, Maryland foreclosure defense lawyer or call 301-614-0535 to discuss your options.