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Foreclosure Attorney Omaha

Attorneys in Omaha, NE
Foreclosure Attorney Omaha

Facing Foreclosure and Saving the Home

Sometimes a homeowner faces a setback which causes he or she to fall behind on the mortgage payment.  Since mortgage payments can range from several hundred to several thousand dollars per month (depending on the amount of the loan, term, and interest rate) falling a month behind may be easy to catch up on or it may be a daunting task.

Lenders typically provide borrowers with opportunities to get caught up.  If the loan falls behind 60 days or more it may be time to consider applying for a loan modification.

Loan modifications are paperwork-intensive AND time-sensitive.  Loan modification applications are littered with strict requirements and are not always approved.

What happens when you exhaust the options that are available to you and then discover your home is in active foreclosure?  What if a sale date is scheduled but you have the means to get caught up if ONLY your lender would provide you enough time to do so??

Chapter 13 Bankruptcy is also known as the “reorganization” bankruptcy.

Chapter 13 bankruptcy cases offer a path to retaining a home if the missed payments can be “caught up” in a 60-month time frame.

Here is an example:

Your mortgage payments are $1,000/month.  A bout of unemployment has caused you to fall five months behind.  In order to come current on the loan you will need $5,000 plus whatever late fees, penalties, and legal costs the lender tacks on.

To keep it easy let’s say you will need $6,000 total but without access to $6,000 right now, you need a plan to spread out the payments over time.

In addition to the mortgage loan let’s say you have a vehicle loan with a remaining balance of $6,000, plus some medical bills.

Finally, all Chapter 13 plans have administrative costs built in to pay out legal fees to your attorney and to your Trustee.

Based on the above you will need to submit a plan to the bankruptcy court that proposes:

1. Starting next month, I will resume paying my regular $1,000/month mortgage payment directly to my lender.

2. Starting next month, I will begin paying the Chapter 13 Trustee $300/month over the next 60 months for a total of $18,000.

3. $6,000 (plus an estimated $500 of interest) will be for my mortgage loan to get caught up.

4. $6,000 (plus an estimated $500 of interest) will pay off my vehicle loan in full.

5. $1,000 will be available for my medical bills.

6. The remaining $4,000 will be distributed toward the legal costs of the case (attorney and Trustee fees).

In this example, starting the month AFTER filing Chapter 13 the filer will resume paying $1,000 monthly mortgage payments directly to the lender, and $300 per month to the Trustee.  If this is affordable, Chapter 13 is a good fit!

Chapter 13 does NOT provide an opportunity to make adjustments to your loan.

Bankruptcy law does not allow a Chapter 13 plan to alter your monthly mortgage payments, interest rate, or the length of your term.  The only path available to do so is to refinance your loan.

Chapter 13 is effective immediately.

The moment you file a Chapter 13 case ALL activity of your creditors must cease.  This includes a pending foreclosure.  Even if a sale is scheduled the sale must be cancelled the moment you file a Chapter 13 case.  The legal mechanism that stops all creditor activity is called the “automatic stay”.  This is what provides you an opportunity to submit a plan to the Court and notify all of your creditors how you intend to reorganize your finances.

If you are facing foreclosure and considering your options you should consult an attorney immediately.  You may have less time than you think to consider these important life choices.

Contact a proven and successful Foreclosure Attorney in Omaha today!
402-933-3345

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From day 1 Frank was able to give me several different options and helped me to choose which course would be best for me in my family law case. Everything was done quickly and without problem. I walked away from court and what seemed like a never ending battle completely satisfied with the outcome. I would recommend Frank and his firm to anyone looking for an attorney who really knows their stuff and cares about their clients.

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Your Questions About The Law

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The short answer is yes, you should care because it’s going to affect the statute of limitations on your claim. It’s important to define what a political subdivision is that way, you know where your claim lies.

A subdivision is city, county, villages, schools, certain administrative agencies. All those are treated under the act differently. Now, if you do sustain an injury or an accident with one of those individuals that I’ve named, then you have one year from the date of your injury to file a written notice, written claim to that subdivision. If you don’t, then your claim is forever barred. Read More

That depends on you, specifically in regards to the length of time it takes for your injuries to improve, how long it takes to get to a point where we can reasonably determine what your future looks like, what additional medical care you require, the cost of such medical care and what permanent restrictions or impairments you have. Read More

The answer to that is almost universally no. The reason for that is the insurance companies like to get in early and offer you a lowball offer in the hopes that they can get you to sign a release of liability waiver. Once that happens, you’re out of luck.

The reason that they send these lowball offers is because you haven’t had a chance yet to properly evaluate your claim. You might still be treating, you might need future medical. There’s also the possibility that you’ve been permanently damaged and you need a doctor to assess that. Read More

Maximum medical improvement or MMI is the point in your injury where you’re about as good as you’re going to get which means you’re not likely to get much better and you’re not likely to get much worse.

It doesn’t mean that you’re all the way better and so for that reason, maximum medical improvement is the point at which your permanent disability benefits are determined. Read More

In order to answer that question, we have to know the specific facts of your case. A lot of factors go into the value of a workers’ compensation case.

First of all, money benefits that are paid to you are based on your wages before the accident. That amount is used then to determine both your temporary disability benefits and your permanent disability benefits. Read More

Yes, it can. In order to modify a child custody order, you have to show what’s called a material change in circumstances.

Now, simply stated what that means is something has to happen. An unanticipated change that if the judge or the parties knew about it when they made the original order, they would have decided differently. Read More

Well, it depends on two things.

First of all, who are you suing and second of all, what are you suing them for? If it’s just general negligence and you’re suing a private person or corporation, it’s four years from the date of accrual of the claim or the date of the accident. Read More

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Attorneys in Omaha, NE