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Can I stop a foreclosure?

Posted on July 7, 2016 at 6:45 PM Comments comments (1)

Your home means the world to you.

It protects your family. It is the place that your children feel safe.  So what do you do when you can't make your mortgage payment and your mortgage company notifies you that your home will be sold?  

Tennessee is a non-judicial foreclosure state. This means that your mortgage company doesn't have to sue you before they put your property up for auction.  When you signed that Deed of Trust at closing, you gave your mortgage company authority to sell your home to pay off the balance owed to the lender in the event you stop making payments. 

However, there are rules that have to be followed before your property is sold.  For example:

1.   Your mortgage company must publish a notice of sale at least three different times in a newspaper in the county in which the sale is to take place.  The first time the notice is published must be at least 20 days prior to the sale. 

2.   A notice of sale must be sent to you, as the borrower, at least 20 days prior to the sale date if you live in (have possession) of the property

3.   The sale must occur between 10:00 am and 4:00 pm for cash to the highest bidder.

What can you do to stop the foreclosure?

You can call your mortgage company and ask for a loan modification.  A loan modification will usually capitalize the arrearage, meaning add the amount you're behind to the total amount you owe. A loan modification can also extend the time in which you pay back the loan and change the interest rate to make the payment more affordable. While a loan modification is being processed, the lender will postpone the foreclosure. 

What happens when you are denied a loan modification?  FILE A BANKRUPTCY!

You can file a Chapter 13 bankruptcy prior to the sale to stop the foreclosure.  When you file a bankruptcy an automatic stay goes into place that stops creditors from collecting from you.  The automatic stay also stops foreclosures.  

We can stop foreclosures on the day of the sale!

While you are in the Chapter 13, you can still apply for a loan modification.  If a loan modification is granted while you are in the Chapter 13, your Chapter 13 payment can be adjusted to reflect the new terms. 

To learn more about how a Chapter 13 can help you stop a foreclosure, give us a call!   

423-994-3389   


How can I save money when I need to file for divorce?

Posted on August 6, 2015 at 1:30 PM Comments comments (0)

What are Unbundled Services?

Filing for divorce can be expensive.  Attorneys usually want a lump sum upfront as a retainer, plus an hourly rate. So what can you do to keep the costs down?


You can always file the divorce proceeding pro se, or without an attorney, but many folks don't feel comfortable filling out all the paperwork and going before a judge on their own.  The Complaint, Marital Dissolution Agreement, Parenting Plan, and Child Support Worksheet are all so important and you don't want to make a mistake that you will regret in the future. 


The newest trend in the legal services community is offering clients Unbundled Services.  This means that you only pay the attorney for specific work.  


Example:  You feel like you can represent yourself in court, but don't feel comfortable filling out all the paperwork.  You could retain an attorney to only do the paperwork for you.  This saves you money because you are only paying the attorney for document preparation.   


Basically, Unbundled Services are an a la carte service.  You only pay for the specific service done by the attorney instead of paying the attorney to do everything on your behalf from start to finish.  This does not mean that the attorney cannot represent you on an hourly basis if a problem arises; it just means that the initial representation is based on the specific service you need done.


Interested in learning more about Unbundled Services?   Give us a call to schedule a free consultation.  423-994-3389

Creditors are harassing me! Can they do that?

Posted on June 22, 2015 at 9:40 PM Comments comments (0)

Creditors are awful.  The phone calls.  The letters.  They even call your neighbors and family!!!! They don't understand that you are struggling to pay your electric bill and certainly can't spare $100 for each creditor every month.

Here's some basic facts about collections:

 

  • In most cases, creditors can't garnish your wages until they have obtained a judgment against you.  This means that they have to sue you and go to court to obtain a judgment before money can be taken out of your pay check.  There are exceptions to this such as foreclosures and debts owed to the government like taxes, overpayment of state or federal benefits, and student loans.


  • If your spouse didn't co-sign on the loan, then your spouse does not owe the debt.  There are exceptions such as medical bills.  If the medical bills are incurred during the marriage, then both of you owe them even if only one of you was seen by a doctor.


  • The Fair Debt Collection Practices Act (FDCPA) prohibits creditors from using unfair, abusive, or deceptive practices to get you to pay a debt. The Act applies to consumer debts like credit cards, medical bills, and mortgages.  The Act does not cover debts owed by a business.


  • Creditors should not call you before 8:00 am or 9:00 pm unless you give them permission to do so.


  • Creditors should not call you at work if you tell the creditor that you're not allowed to get calls at work. 


  • Creditors can call friends, neighbors, and family members, but only to get your phone number, address, and where you work.  A creditor is NOT supposed to discuss your debt with anyone other than you, your spouse, and your attorney.

Dealing with creditors is frustrating, scary, and stressful. Chattanooga Legal Group, P.C. can provide you with options with dealing with creditors and help you stop the calls!  

 




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