Emergency Petition for Bankruptcy Used to Stop Foreclosure on Military Family
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Some mortgage companies have no mercy, even on military families. According to RealtyTrac, a popular online marketplace for foreclosed homes, military zip codes have shown a 10 percent increase in foreclosures over the last year. Army wife Nicole Rosen is fighting to keep her family’s home out of those statistics.
In 2005, Staff Sgt. John Rosen’s military duty sent him to Washington State. He and his wife Nicole bought a house there at a high interest rate. Not long after, their infant son was diagnosed with kidney disease, and Nicole quit her job to care for him around the clock.
With Nicole no longer employed, the family suffered a significant drop in income and before long, they began missing mortgage payments. Rather than ignore the problem, Nicole confronted it, reached out to her mortgage lender (formerly IndyMac Bank, now OneWest Bank) and sent several requests for a loan modification. She never received a response.
Finally, when Nicole was able to speak with an IndyMac employee on the phone, she was told her loan modification was “being worked on.” Just weeks later, however, she was notified that her lender was selling the house out from under her, and she and her family had just 10 days to vacate the property.
After a request for foreclosure relief under the Service members Civil Relief Act (SCRA) was denied, Nicole did what she felt she had to do, given her rapidly approaching eviction deadline … she filed an emergency petition for bankruptcy. Though the emergency petition bought her some time, Nicole’s case continues to drag on, in and out of courtrooms. While caring for her two sons and managing a tax office part time, she is fighting to keep her house without the help of an attorney and the chances are good, she might lose the battle. It’s a sad case, and one that families are dealing with throughout the United States every day.
If you’re a Georgia homeowner facing the possibility of losing your house to foreclosure, I urge you to contact me immediately for a free consultation. We’ll discuss your situation and determine together if Chapter 13 Debt Relief is the right answer for you. A Chapter 13 bankruptcy stops foreclosure, consolidates your debt and gives you 36 to 60 months to bring your mortgage current and get back on your feet.
No one likes to think about bankruptcy, but homelessness is an even tougher situation to face. Don’t let your mortgage lender put you and your family out on the street. Call me today at 404-763-3623 or send me an email for the fast, friendly, professional help you need.