Here are 3 more Chapter 7 scenarios when you are current on your home mortgage but have other liens on your home. Our last blog post was about situations in which Chapter 7 works well enough in the following 3 debt situations: Second or third mortgages Property taxes Income tax with a lien recorded on your home In general, … Read More
There are certain scenarios when your home mortgage is current and you’re dealing with other home-related debts that Chapter 7 works well. You’re current on your home mortgage payment, although you’ve been struggling mightily to keep it that way. You’re thinking very seriously about getting some financial help through bankruptcy. But you absolutely want to keep the home that … Read More
The advantages of Chapter 13 are more time and more flexibility in catching up on your unpaid mortgage payments. Lots better than Chapter 7. Two blog posts ago we said Chapter 7 buys some time with your home mortgage while Chapter 13 buys much more time. We then showed how Chapter 7 can help. Today we get into how … Read More
Chapter 7 buys you some time by stopping a foreclosure or delaying one from starting, and may also prevent liens from hitting your home. Chapter 7 “Straight Bankruptcy” vs. Chapter 13 “Adjustment of Debts” Speaking very generally, Chapter 7 buys you some time with your home while Chapter 13 buys you much more time. So the questions are: how … Read More
If behind on property taxes on property with a mortgage, that likely puts you in default on the mortgage itself. Chapter 13 can fix this.
If you’ve fallen behind on your mortgage, it’s very hard to catch up. It may even seem impossible. Chapter 13 makes it possible.
“Stripping” off a second mortgage has major immediate and long-term benefits.
You have much, much more time to catch up on unpaid mortgage payments, as well as any unpaid property taxes.
These 10 tools, especially used in combination, can defeat your mortgage debt and other home-based challenges.
If your second (or third) mortgage is not backed by any equity in your home, you can “strip” that mortgage off your home’s title.
Chapter 13 gives you much more time to catch up on your unpaid mortgage payments. That can be reason enough choose this option.
Chapter 7 usually lets you retain your home if you are current (or not too far behind) on your mortgage payments (& other home-based debts).
Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.
Mortgage modification may reduce your monthly payments but not likely reduce your balance owed. So it costs less short-term, not long-term.
If you are behind on your home mortgage & want to keep your home, do a mortgage modification, a forbearance agreement, or a Chapter 13 plan.
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