If you’re seeking an alternative option in helping you get caught up
on mortgage payments,
Chapter 13 bankruptcy may be a helpful solution. The plan can help you make missed payments
to cure the default with your mortgage. This option has helped a large
number of homeowners
avoid foreclosure, while making affordable payments. Chapter 13 has also given homeowners
another opportunity to obtain reasonable payments when they have been
unsuccessful in negotiating a lower payment with their mortgage holder.
The Automatic Stay Helps Stop Legal Proceedings
If you are in foreclosure the
automatic stay helps stop legal proceedings from moving forward. The stay prevents the
mortgage lender from trying to sell your home and cease collection attempts
against the homeowner. Filing gives you more time to settle on a repayment
schedule with the Chapter 13 trustee. As long as you make payments according
to your repayment schedule, the mortgage lender cannot foreclose on the home.
Even if you are not facing foreclosure but you have missed payments, Chapter
13 can help you cure the default through reorganizing your debt obligations.
The repayment plan lasts anywhere from 3 to 5 years. At the end of the
Chapter 13 plan you can be current with your mortgage payments. The amount
you pay depends on your income and other debt obligations. Debtors are
often required to pay mortgage arrears when they want to keep their home.
Are you Facing Foreclosure? We Can Help
Many debtors wait until the foreclosure process has started before seeking
legal assistance. Yet, you can still obtain legal protection before the
lender begins to foreclose. Your questions and concerns with a qualified
bankruptcy attorney. If you would like to schedule a free consultation
with our attorneys, give us a call or fill out our
contact form.