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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Get Mortgage Payments Caught Up with Chapter 13 Bankruptcy

Posted By Allmand Law Firm, PLLC || 9-Aug-2013

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.

Categories: Foreclosures
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