Legal Question in Real Estate Law in Wisconsin

In term of saving your house from foreclosure while your are unemployed, your options may be limited unless you have other income. Your only hope will be resuming some semblance of your regular payments. Once you can do that, a chapter 13 bankruptcy will force the bank to stop the foreclosure and accept payments again, eventually reinstating your loan if you can catch up over the next 60 months (or some shorter period if your arrearage is not that large). Until then, you should explain your situation and request forbearance for a reasonable period until you can find new employment. You should also provide your bank with any verification requested in order to prove that you are both unemployed and your prospects for resuming work. Regardless of how the bank responds to your requests, I would recommend attempting to make such partial payments as you can afford, even if they are not accepted and are returned you. These will show that you are making a good faith effort and, if you save up these funds, can also provide the down payment which you may need for most modifications. These saved funds can keep you payment lower if you opt for a chapter 13. Your odds of eventually negotiating a modification of your mortgage may improve once you create a record of doing the absolute best that you can to pay. Unfortunately, unscrupulous "mortgage modifiers" often prey upon desperate homeowners and give bad advice, often suggesting that you paying them rather than your lender. Then, they often simply steal your money as your lender forecloses, leading to the loss of your home. For this reason, direct payments by you to your bank are generally the best way to go. The only exception to this rule would be that while you are in a chapter 13 bankruptcy. Then you pay the trustee instead, who in turn pays off your mortgage arrearage along with your other creditors. However, even in chapter 13, you must immediately resume your normal mortgage payment directly to your lender (since you�re your arrearage is handled by the trustee�not your future monthly payments). My comments here are not legal advice, nor do they create an attorney client relationship between us. However, you always more than welcome to contact my office to discuss retaining me or to set up a free initial consultation at my office in Racine. I can also sometimes make arrangements to travel outside of Racine for initial consultations, if necessary.

In terms of saving your house from foreclosure while your are unemployed, your options may be limited unless you have other income. Your only hope will be resuming some semblance of your regular payments. Once you can do that, a chapter 13 bankruptcy will force the bank to stop the foreclosure and accept payments again, eventually reinstating your loan if you can catch up over the next 60 months (or some shorter period if your arrearage is not that large). Until then, you should explain your situation and request forbearance for a reasonable period until you can find new employment. You should also provide your bank with any verification requested in order to prove that you are both unemployed and your prospects for resuming work. Regardless of how the bank responds to your requests, I would recommend attempting to make such partial payments as you can afford, even if they are not accepted and are returned you. These will show that you are making a good faith effort and, if you save up these funds, can also provide the down payment which you may need for most modifications. These saved funds can keep your payment lower if you opt for a chapter 13. Your odds of eventually negotiating a modification of your mortgage may improve once you create a record of doing the absolute best that you can to pay. Unfortunately, unscrupulous "mortgage modifiers" often prey upon desperate homeowners and give bad advice, often suggesting that you paying them rather than your lender. Then, they often simply steal your money as your lender forecloses, leading to the loss of your home. For this reason, direct payments by you to your bank are generally the best way to go. The only exception to this rule would be that while you are in a chapter 13 bankruptcy. Then you pay the trustee instead, who in turn pays off your mortgage arrearage along with your other creditors. However, even in chapter 13, you must immediately resume your normal mortgage payment directly to your lender (since you�re your arrearage is handled by the trustee�not your future monthly payments). My comments here are not legal advice, nor do they create an attorney client relationship between us. However, you always more than welcome to contact my office to discuss retaining me or to set up a free initial consultation at my office in Racine. I can also sometimes make arrangements to travel outside of Racine for initial consultations, if necessary.