ForeclosureIf your financial situation is worsening due to mounting bills and debt, you may be worried about keeping your home. There is nothing that can compare to the stress that comes with being late on a mortgage payment and fearing foreclosure of your home. At Giordano, DelCollo, Werb & Gagne, LLC, we know that your home is likely the biggest investment you have. It is more than just a house. It is where you have chosen to raise your kids. It is a source of pride and a piece of your identity. The bankruptcy lawyers at GDWG will do everything in our power to delay and prevent the bank from foreclosing on your home.

What is Foreclosure?

Until recently, you have been making your mortgage payments according to an agreed upon schedule. With each payment, you have been paying down the principal plus interest with the hopes that after a period of time, you could own your home outright. After you default on payment over a number of months, the bank will look to sell your home, usually at auction, so as to recoup remainder owed on the original loaned amount.

This process can take some time. In addition to notifying, you the borrower, there are a number of steps that banks must take in order to foreclose on a home, which is why you should act now!

Automatic Stay

Whether you are filing for a Chapter 7 or Chapter 13 Bankruptcy in Delaware, the court will order an automatic stay which means that all creditors must stop their attempts to collect on any debts. In cases of those filing for Chapter 7 bankruptcy, this is generally only going to delay the foreclosure of your home but it may keep you in your house for a few extra months.

Solving the Problem

The only way to solve the problem of foreclosure of your home through bankruptcy is to file for Chapter 13 bankruptcy in Delaware. Banks are not completely unreasonable. They recognize that you want to stay in your home and are willing to work with the courts so long as loans are satisfied over time. A Chapter 13 bankruptcy payment arrangement does exactly that. In order to keep you in your home, so long as your financial situation provides for it, we may recommend filing for Chapter 13 bankruptcy. If there are no objections, we will work out a payment arrangement with the Chapter 13 trustee and you will meet payment requirements over a period of time agreed upon by all parties.

Fighting Foreclosure

Holding on to your home can mean the world to your peace of mind and that of your family. The bankruptcy lawyers at Giordano, DelCollo, Werb & Gagne, LLC have the experience in Delaware bankruptcy courts to help you delay and in many cases prevent the foreclosure of your home. Call our offices today to schedule an appointment with one of our bankruptcy lawyers to find out the best option for you.



At Giordano, DelCollo, Werb & Gagne, LLC, our office will strive to meet all of the legal needs that you may require throughout your lifetime. Our office philosophy is: Once a Client, Always a Client. We will be there to answer any questions you may have and to assist you when needed.