Are Brooklyn Bankruptcy Lawyers Lying To You About Foreclosures? Bankruptcy Does NOT Stop A Foreclosure!
Let’s be honest. Brooklyn Bankruptcy Lawyers are business owners. They want your money. They will sing and dance the Jitterbug on their desk to convince you to give them your hard-earned cash. Matter of fact, there is little they won’t do for your money.
Your bankruptcy lawyer is lying to you if they claim they can stop foreclosure with bankruptcy. This is not entirely true. A bankruptcy can only delay the foreclosure. This is because all a bankruptcy can do is extinguish the promissory note. It does not extinguish the mortgage which is the actual lien on your house.
You could find yourself hiring a foreclosure attorney after wasting thousands of dollars on Brooklyn Bankruptcy Lawyers. You could also find yourself with both a foreclosure and a bankruptcy on your credit report.
Most Brooklyn Bankruptcy Lawyers also won’t explain to you that a bankruptcy stains your credit report for ten years.
A foreclosure only stays on your credit report for 7 years. You can also qualify for a new mortgage within 2-3 years after a foreclosure. As a result, negotiating a loan modification with a foreclosure attorney or walking away is a better strategy.