Thursday, December 1, 2011

What is a foreclosure in Bucks County?

In a foreclosure in Bucks County, the bank or mortgage company to whom you owe money places a lien on the Bucks County real estate if you do not make your agreed upon loan payments. The bank or mortgage company can then initiate the process whereby they can take back your house due to your non payment. This process includes a foreclosure action, which is filed at the Court of Common Pleas in Bucks County. Eventually, if a foreclosure action is granted, a sheriff sale will occur where an individual is evicted from their home.

However, when filing a chapter 13 bankruptcy in Bucks County, if a homeowner can demonstrate ability to make a mortgage payment, then it is often possible to save your home. At the minimum, it will stop foreclosure proceedings temporarily. This is often a sound strategy to afford an owner time to catch up on missed payments or attempt a short-sale.

A foreclosure should be the first sign that you need to call a lawyer in Bucks County about filing a Chapter 13 bankruptcy. If you decide that you do not want to keep the home, you can potentially have the deficiency on the home discharged in a Bucks County Chapter 7 bankruptcy. The Chapter 7 will discharge the deficiency and additional unsecured debt.

Your Bucks County bankruptcy attorney will advise you if this is possible after reviewing your finances.

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