Knoxville Lawyers Advise Homeowners to Stop Repossession with these Steps

    KNOXVILLE, TN, June 01, 2015 /24-7PressRelease/ -- Homeowners can avoid repossession of their home by following the steps which will ensure the family can live in their home without fear of being forced to move. If a homeowner has missed one mortgage payment, then they will likely miss the next payment. The mortgage company can then place the homeowner in default status and demand the immediate payoff of the entire mortgage balance.

Two Ways to Prevent Foreclosure

There are only two methods to prevent the mortgage from going into a foreclosure proceeding. The mortgage company can decide to stop the foreclosure proceedings. However, this is highly unlikely. Once the foreclosure process is started, most mortgage companies are not prepared to reverse it because a homeowner promises to make up the payments and make the payments on time in the future. Usually, a mortgage in default status is referred to a foreclosure law firm where the actions are usually irreversible and move very quickly.

Most mortgages in Tennessee have a provision for a "non-judicial foreclosure" which means a state court judge does not have to give the mortgage company permission to foreclose on the property. The foreclosure law firm is only required to advertise the pending foreclosure sale of your property in the county legal newspaper for four consecutive weeks. This notice provides the date the property will be sold on the steps of the courthouse. The homeowner has only one other option at this point other than to come up with the cash to pay the mortgage and all of the fees that are part of the foreclosure process. The homeowner can lose their property within 30 days after the publication of the fourth foreclosure notice.

Consult an Attorney

When financial trouble causes the next mortgage payment to be missed, it is the time to consult with an attorney who is experienced in Chapter 13 bankruptcy and In using this legal process to prevent a foreclosure. Chapter 7 bankruptcy will only delay the foreclosure; it will not prevent it. Chapter 13 bankruptcy is the most realistic option for saving the home.

An attorney who is experienced in bankruptcy filing can make sure that the Chapter 13 filing will stop the foreclosure sale even on the day the sale is scheduled. Homeowners who realize that foreclosure is looming should take the step to contact an attorney immediately. Although an attorney can represent homeowners if the sale is pending within the next few days, the homeowners should contact an attorney as soon as they know that foreclosure is pending. Visit us at www.knoxville-bankruptcy.com

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit www.knoxville-bankruptcy.com.

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