Bankruptcy

VERY BAD NEWS for Homeowners with BANK OF AMERICA (BAC) LOANS facing FORECLOSURE

By R. Grace Rodriguez, Esq.

Today, Barbara Desoer, president of Bank of America announced that the moratorium on foreclosures by Bank of America is at an end.  She stated that in the month of December Bank of America intends to foreclose on 16,000 homes within the next ten days.  However, they will observe a "holiday suspension" of sales and evictions from Dec. 20 to Jan. 2.

My friends if your are scheduled for a foreclosure sale within the next 10 days or in the early part of January, I URGE you to meet with a BANKRUPTCY attorney, who can help you come up with a plan in which to either save your home from foreclosure, or alternatively recommend short-sale or eviction defense proceedings to help you maximize the amount of time you have left in your home. 

If you know that there is no way to save your house from foreclosure, then the economic goal should be to stay in your home as long as legally possible.  The longer you can stay in your home without making a mortgage payment is the more money you save to move out.

Many people with whom I have consulted tell me that their children are able to buy new family homes using the money they save.  Then they are able to file for bankruptcy under Chapter 7 and eliminate the balance of their debt and achieve a fresh start.

I cannot tell you how important it is to PLEASE CONSULT AN ATTORNEY IN YOUR COMMUNITY immediately so that you can develop a strategy that will improve your financial future.  For many of my clients that strategy does not include a bankruptcy.  So if you are afraid or embarrassed about bankruptcy, you owe it to yourself and to your family to consult with an attorney.  THE CONSULTATION at the Law Offices of R. Grace Rodriguez are always free!

Remember if you have a Bank of America loan and you are facing foreclosure, the MORATORIUM IS OVER!!!  Get HELP NOW while you can!

Full post as published by The Law of Second Chances on December 10, 2010 (boomark / email).