Whoever said the waiting is the hardest part hasn’t read the foreclosure laws lately. It you’re considering filing for bankruptcy in an effort to keep your home, you may want to hold off until you speak to an experienced and qualified bankruptcy attorney and find out all of your options.

A recent article in the New York Times highlights a quirky little rule in the housing codes that may allow homeowners who are behind on their mortgages to stay in their homes without having to worry about the back payments or ever giving another dollar to their bank.

The tens of thousands of foreclosures created by the housing crisis have created a bloated backlog in many states, including New Jersey, with which the courts are having a hard time keeping up. There is a statute of limitations on foreclosures and many states that require a judge’s signature to finalize the process simply aren’t able to push the paperwork through in time. This means that homeowners that haven’t paid their mortgage in five years may be getting some much needed relief. Since 2006, nearly seven million people have lost their homes in foreclosure and banks have begun the process on tens of thousands more.

The fear of impending foreclosure is one of the main reasons why people begin the bankruptcy process. While it’s important to make every effort to square your debts, it’s also important that you learn all of your options before making a drastic decision that can affect your credit and your ability to get more loans. A qualified attorney can help you understand your options and determine if bankruptcy is right for you.

Get the information you need to take control of your financial future. Joel R. Spivack Esq. has extensive experience helping clients facing bankruptcy understand the process and make the right choices. Contact us today for a consultation.