If you are scared of losing your home because of missed mortgage payments, John D. Wieser Esq., P.C. may be able to help. As a full-service law firm in Rochester, NY, they represent clients who are facing foreclosure or financial difficulties and may be considering filing for Chapter 7 or Chapter 13 bankruptcy.

Here are the answers to five frequently asked questions about the foreclosure process:

• Will My Lender Negotiate With Me? If you are several months behind on payments or you have an adjustable rate mortgage, your lender may be willing to modify the terms of your loan to help you avoid foreclosure. If the loss mitigation department is unreceptive to working with you, though, you may want to consider talking to a bankruptcy attorney.
• Is There Anything I Can Do To Stall Or Stop The Foreclosure? Filing for Chapter 7 bankruptcy will not save your home if you are already in foreclosure; however, it can delay foreclosure proceedings. If you want to save your home, you can reorganize your debt by filing for Chapter 13 bankruptcy, which will allow you to put more of your income toward your mortgage payments and less of it toward any unsecured debt.
• How Long Does The Foreclosure Process Take? Missing a single mortgage payment will not result in foreclosure. In general, lenders will not begin foreclosure proceedings until the borrower is at least three months behind on payments. If you fall behind, the lender will send you a letter detailing your breach of the contract and informing you that if you do not catch up on payments, foreclosure proceedings will begin by a certain date. Once the proceedings begin, it can take several months for the foreclosure to be final.
• When Do I Have To Leave My House? You will legally own your home until the day of the foreclosure sale. If you do not vacate after the sale, the new owner will start the eviction process. You may receive a Notice to Quit prior to the formal eviction. In general, it is best to leave the premises before the duration listed in the notice has passed and formal eviction proceedings have begun.
• What Happens To My Equity In A Foreclosure? If you have equity in your home at the time of foreclosure proceedings, that equity remains yours; however, in most cases, there is little to no money left over after the fees and auction, which means you may not get anything despite having equity in your home.