Memphis Foreclosure Attorneys

Stop Foreclosure Through Bankruptcy

Memphis Foreclosure Attorneys

If you’re facing foreclosure, you might be willing to try anything. But debt relief services and refinancing can fall through. Only bankruptcy has the power of federal law behind it to stop foreclosure immediately.

Our Memphis bankruptcy lawyers have helped thousands of Memphis residents save their homes and get out of debt, and we can help you, too.

Protecting your home from foreclosure can seem like an impossible process and leave you feeling helpless. But the Chapter 13 bankruptcy process is simple and stops the foreclosure in its tracks.

Chapter 13 bankruptcy is a debt reorganization plan. Your debts — including your past-due mortgage payments — get lumped into an affordable 3-5 year repayment plan. The plan takes your unique situation into account, so you can actually afford the payments.

With this simple setup, you can keep your home and get out of debt. And when the bankruptcy ends, you’ll be current on your mortgage. It’s a powerful and life-changing tool.

Find a Memphis Foreclosure Attorney

Our attorneys have stopped hundreds of foreclosures in Memphis.

If you’re facing foreclosure, don’t wait. Let us help. Darrell Castle & Associates Memphis bankruptcy lawyers offer a free consultation to let you know your options.

Call us today, or contact us online to get started, no strings attached.

Common Myths About Foreclosures

Unfortunately, some people who get laid off from their jobs have a difficult time keeping up with their mortgage payments. Missing too many mortgage payments can result in the bank foreclosing your home. Here are some common myths about foreclosures that you shouldn’t believe.

  • The foreclosure process begins after one missed mortgage payment. Although you ideally don’t want to miss any mortgage payments, you will not lose your home for one missed payment. Most of the time, a lender will not start the foreclosure process until you have missed three mortgage payments.
  • Refinancing can help prevent foreclosure. This is not true either. If your home is in foreclosure, do not count on the bank to offer refinancing. In the majority of cases, banks do not refinance homes going through foreclosure.
  • Once the foreclosure process begins, you can’t stop it. Many homeowners assume that once their bank has decided to foreclose their home, there is nothing they can do about it. Fortunately, this is not the case. In fact, it is possible to stop a foreclosure all the way up to the public option. 
  • Only financially irresponsible people face foreclosure. Sadly, there is still such a stigma around people who receive foreclosure notices. Others may assume that they are bad with their money and spend it on things they do not need. However, the majority of people who face foreclosure are hardworking and responsible people. They may have just lost their job and struggled to keep up with their mortgage payments.
  • You can’t purchase another home after a foreclosure. This is a common fear of people facing foreclosures. They may worry that they will never be able to get approved for a mortgage loan again. Fortunately, there is some good news. Although your credit rating will go down after foreclosing on your home, you can rebuild it over time. Once you achieve a healthy credit score again, you may be able to qualify for a mortgage loan.
  • You do not need to hire a lawyer. If you want to try to save your home through mediation, you definitely want to have an experienced lawyer on your side. Mediation can be intimidating and the bank will have their own lawyers. Your lawyer can present your case and fight hard to help you save your home. You will feel much more confident going into mediation with legal assistance.