Open Letter to Persons Facing Foreclosure

If you are facing foreclosure, we realize the situation is stressful and may seem overwhelming, but we have helped many people who have found themselves in your situation. Did you know that there may be a way to stop the foreclosure sale and to retain your property, even over the foreclosing creditor's objection? We are willing to meet with you for 30 minutes at no cost and no obligation to help you learn more about your legal rights to avoid the loss of your property which will occur if the foreclosure continues.

We are a Portland, Oregon law firm established in 1981. Our law firm's area of emphasis is almost exclusively bankruptcy. Our firm has handled many ordinary consumer bankruptcy cases as well as several of the largest bankruptcies filed in the state of Oregon. We have a combined experience of over 45 years in this area. Although we have represented many clients in bankruptcy, our first priority is to seek a solution for our client's problems without filing bankruptcy. Bankruptcy is a serious step and should be used as a last resort. Unfortunately, clients often delay too long in seeking professional help so that by the time they come to see us, the only solution left is to seek relief under the bankruptcy laws. We have seen many cases where, if only the client had come to see us sooner, there would have been more options available for dealing with his or her problems.

For many of our clients, and perhaps for you, facing a foreclosure is something that they never imagined would happen. For them, and perhaps you, the foreclosure is often the result of circumstances beyond their control, such as temporary disruption of income caused by unemployment, uninsured medical loss, on-the-job injuries, etc. An obvious solution to the foreclosure may be to sell the property before the date of the foreclosure sale. However, it is often not possible to conclude the sale before the date of foreclosure. It is also our experience that most individuals want to keep their property and find a way to get caught up on their payments.

You may have found that if you are three or more payments behind, the mortgage company will no longer accept payments from you. You may be eligible to file a Chapter 13 proceeding in the United States Bankruptcy Court. Chapter 13 allows you to make payments to your creditors over a period of time and to retain your property while you do so. Often times, creditors are unwilling to agree to a payment schedule with you outside of Chapter 13. If your income permits it, you can have up to five years under Chapter 13 to cure the delinquency in your mortgage payments, even over the creditor's objection. We are not suggesting that Chapter 13 is right for you. Only a careful review of your circumstances by one of our attorneys can determine what option is best for you. Every case is different, and we pride ourselves in giving each client the individual attention that he or she deserves.

Surprisingly, Chapter 13 is a very affordable solution, particularly when compared to the potential loss of your equity through foreclosure. The cost of Chapter 13 is often less than the costs associated with a refinance or a second mortgage, which typically involves significant points, fees and closing costs, as well as a higher interest rate on the new loan. Many credit experts will tell you that having a foreclosure sale on your record is worse than filing bankruptcy. The foreclosure sale can show on your credit report for up to ten years and be a significant impediment to buying another house in the future.

Please contact us as soon as possible if you want more information concerning your legal options. There is no cost or obligation for the initial 30-minute consultation. The greater cost may be the loss you may suffer if you delay.

Lawyers from virtually every major law firm in Portland have, at one time or another, referred clients to us for representation relating to debt problems and/or bankruptcy. Similarly, we have received referrals from lawyers located in cities around the state, including Astoria, Bend, Eugene, Grants Pass, Hood River, LaGrande, Newport, Pendleton, Salem, Seaside, and The Dalles. We believe these lawyers have sent their clients to us for help because the lawyers trust our reputation to handle their clients' matters competently. We also like to think that these lawyers refer their clients to our firm because we treat our clients professionally and with dignity. We would welcome the opportunity to help you. Please feel free to call one of us at 503-241-4869 to schedule an appointment.

Please explore this website carefully. Look at the list of mistakes commonly made by persons in financial distress or facing foreclosure. Avoiding these mistakes might be the difference between keeping your home or losing your home. If you are facing foreclosure, you need to act now to protect your family's financial future. Do not make uninformed decisions. Our firm has written numerous articles in the professional advice column in the Oregonian™ entitled "Ask About Bankruptcy". Some of those articles from the Advice Column are reprinted on our website for your information.

Do not delay. The earlier you call us, the better your chances of keeping your home. If saving your home is not feasible, we will help you plan an alternate course to minimize the other consequences of leaving the home and re-locating to a new place to live. Please call us today.

Sincerely,

VANDEN BOS & CHAPMAN, LLP

Robert J Vanden Bos