2670 Crain Highway, Suite 108 Waldorf, MD 20601-2806

Foreclosure in Waldorf, Maryland

Bankruptcy is a tool that can help in a time of need-—specifically, it can stop foreclosure and save your home. To learn if bankruptcy is the right option for you, call Greisman Bankruptcy Solutions today. An experienced bankruptcy attorney from our Waldorf, Maryland, office will review your situation and help you stop foreclosure.
Understanding Foreclosure
The foreclosure process begins when the lender files a notice of default with the County Clerk's office. Once this notice is filed, you have 90 days to make up the past due payments. The lender may accept those payments or continue the process to take the property back. At the end of the 90-day period, a date is set for the house to be sold at an auction on the court steps.

Many people will do whatever they can to stay in their home for the indefinite future. If that describes you and you're behind on your mortgage payments with no feasible way to get current, the only way to keep your home is to file a bankruptcy. In many cases, filing for either Chapter 7 or Chapter 13 bankruptcy can delay the foreclosure by a number of months.
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The Differences Between Chapter 7 & Chapter 13 Bankruptcy
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A Chapter 7 bankruptcy is when you have limited assets and are seeking for a total discharge of your debt obligations. There are certain limitations associated with filing a Chapter 7, such as how much assets you can have.

A Chapter 13 bankruptcy is what most people use to stop a foreclosure. A Chapter 13 is also known as a reorganization bankruptcy, in which you agree to repay your creditors in a specified schedule up to the limit of your ability. For example, if your obligation requires you to pay back $1,000 a month but your maximum amount that you can pay back is only $200, then all you are obliged to pay is $200 for the term of the bankruptcy (usually between 3 and 5 years). After that period, all your debt is discharged.
A Chapter 13 filing will allow you to take all of the back payments and include them into a re-payment plan that is stretched out over years, not months. This means that you will be able to make up your back payments in payments! As long as you are making those back payments, your house cannot be foreclosed on.
Contact us today to schedule an appointment to discuss foreclosure.