Woodlawn, Maryland Foreclosure Defense Lawyer

Skilled Foreclosure Defense Attorney for Clients in Woodlawn

Getting current on your mortgage can be a tall order when you are already swamped with other expenses. However, you may start to feel significant pressure when you receive notice that your lender intends to move forward with foreclosure. With the help of a Woodlawn foreclosure defense attorney, you can review your options to catch up on your arrears and protect your home.

At The Law Office of Donald L. Bell, we have over two decades of experience, having helped many clients going through financial troubles. We approach each case with a tailored strategy, so you can rest assured that you will receive individual attention from our attorney.

Is Filing for Bankruptcy a Bad Thing?

Many homeowners hesitate to consider bankruptcy because of the stigma attached to it, but filing is not a sign of failure. For many people, Chapter 13 bankruptcy offers a clear path to catch up on missed mortgage payments rather than losing the property altogether. If you have a steady source of income, Chapter 13 can be preferable to Chapter 7 bankruptcy, which involves liquidating assets to satisfy creditors.

While bankruptcy can affect a homeowner's credit and remains on a credit report for a number of years, the alternative of losing a home to foreclosure, often causes more lasting financial harm. Bankruptcy can also stop collection calls, wage garnishments, and other creditor actions, giving homeowners room to stabilize their finances.

At The Law Office of Donald L. Bell, we help homeowners in Woodlawn understand what bankruptcy actually involves so they can make an informed decision. We walk clients through the advantages and drawbacks of each approach so homeowners can weigh their options carefully.

How to Prepare for Chapter 13 Bankruptcy as a Homeowner in Woodlawn, Maryland

Preparing properly before filing can make the entire bankruptcy process go more smoothly. Homeowners should begin gathering financial records and documentation well before meeting with an attorney. Helpful steps to take include:

• Collecting recent pay stubs, tax returns, and bank statements
• Making a list of all debts, including the mortgage, car loans, credit cards, and medical bills
• Reviewing mortgage statements to determine the exact amount owed in arrears
• Completing credit counseling from an approved agency, which is generally required 180 days ahead of filing
• Avoiding new credit card charges or loans in the months leading up to filing

Taking these steps early on can help put you in a better position when you need to develop a repayment plan and present it to a judge. Homeowners who come prepared with organized documentation often experience fewer delays once the case is filed.

Creating a Realistic Repayment Plan for Your Mortgage Arrears

A Chapter 13 repayment plan needs to address all of your mortgage arrears while still being affordable based on your income. Plans typically span three to five years, during which the homeowner makes both a regular monthly mortgage payment and an additional payment toward the past-due balance. If the plan is too aggressive, it risks failure. If it does not properly address the arrears, the mortgage lender may still be able to pursue foreclosure once the case concludes.

Building a workable plan requires an honest look at monthly income, necessary expenses, and any other debts included in the case. We work with homeowners to structure a plan that reflects their true financial circumstances, taking into account income changes, seasonal work, or other factors that could affect the homeowner's ability to keep up with payments over the life of the plan.

Contact a Woodlawn, MD Foreclosure Defense Attorney

Foreclosure can move faster than homeowners expect, and waiting too long to explore your options can narrow the paths available to you. We offer free consultations for consumers facing foreclosure so you can get clear answers before a deadline arrives. Contact our Woodlawn, Maryland foreclosure defense lawyer or call 301-614-0535 to schedule your free consultation with The Law Office of Donald L. Bell.