Racine Foreclosure Attorneys

Milwaukee AND ALL OF Wisconsin Home Foreclosure Attorneys

Contrary to the impression created by news stories regarding foreclosures and subprime mortgages, losing your home is not a foregone conclusion if you fall behind on payments or can no longer afford your mortgage. Given the costs associated with foreclosures and the administrative hassles involved, most banks would rather modify a loan or payment schedule than simply foreclose on a home. Since home values have decreased substantially, a bank often stands to lose more money if they foreclose on a home as opposed to renegotiating the mortgage itself. At Miller & Miller Law, our attorneys work closely with homeowners in exploring options to avoid foreclosure. In some cases, declaring bankruptcy may be the only or most effective means for keeping your home. We can evaluate your financial situation and determine how best to leverage your financial and legal rights.

If you're facing foreclosure or find that the bank is unresponsive to your requests for a loan modification, contact foreclosure attorneys at Miller & Miller Law today to schedule an appointment and discuss your situation.

Avoiding Foreclosure through Bankruptcy

Depending on your financial situation, it may be in your best interests to file for bankruptcy under Chapter 7 or Chapter 13 — especially if you have substantial credit card debt. Contrary to what most people think, filing for bankruptcy does not necessarily mean you will lose your home. First, the terms of Chapter 7 contain a homestead exemption of up to $150,000. Second, if your other non-secured debts (such as credit cards) are discharged, you may have enough money to remain current on your mortgage payment. As a result, you should have enough money to either remain current on your mortgage or negotiate a loan modification with your bank.

If you do not qualify for Chapter 7, you can still file for bankruptcy under Chapter 13. Here, your debts will be reorganized according to a court approved plan between you and your creditors. While you will be required to repay likely a very small percentage of your debt over a 3 to 5 year period, the bank cannot simply foreclose on your home once your Chapter 13 bankruptcy has been approved. In fact, filing for Chapter 13 may be the most effective means of convincing your bank to modify your loan or renegotiate its payment schedule. Miller & Miller can prevent you from losing your home to foreclosure even if you are months or days away from a foreclosure sale.

Financial Consequences of Foreclosure

Life after bankruptcy or foreclosure involves a number of financial issues that must be taken into account and fully understood. In order to prepare our clients for some of the decisions and issues ahead of them, our office counsels clients in regard to the following:

• Effects on credit
• Collection issues and relief of stay

Contact Miller & Miller Today

There are options when facing foreclosure. Regardless of whether you're a private homeowner, business owner, or are facing a HUD foreclosure, working with your lender is an option that should be pursued first. Our attorneys protect your rights and, help clients work with banks in order to avoid losing their homes.

To schedule an appointment, contact foreclosure lawyers at Miller & Miller Law today.