Photo by Matt Bowden on Unsplash. The mortgage forbearance extension can be helpful. But the whole situation is extremely stressful. Bankruptcy can help in many ways. Wild Foreclosure Moratorium Rollercoaster Ride If your mortgage has qualified for the federal mortgage foreclosure moratorium, the last 11 months have been a wild ride. Since the original 60-day foreclosure moratorium in March 2020, … Read More
Another Extension of the Mortgage Foreclosure Moratorium
Photo by [ik] @invadingkingdom on Unsplash. President Biden acted immediately to re-extend the previously extended federal foreclosure moratorium. It now goes through March 31, 2021. New Foreclosure Moratorium Extension through March 2021 On the day of President Biden’s January 20 inauguration, the White House stated that: he will ask the Department of Veterans Affairs, Department of Agriculture, and the Department … Read More
Bankruptcy Buys Time to Sell Your Home
Chapter 7, in the right situations, buys time to sell your home. It may buy only a couple of crucial months, or sometimes much longer. Our last several blog posts have been about using bankruptcy to either prevent various kinds of liens hitting your home or deal with those liens if they happen. For example, in the last few … Read More
Chapter 7 Buys You Crucial Time to Move before Foreclosure
Every month you can put off foreclosure buys you crucial time to get money together to make your move to your next housing. Last week we went through a list of ways Chapter 7 buys you time when dealing with a home foreclosure. Included was that filing a Chapter 7 case “can give you time to surrender your … Read More
Chapter 7 Buys You Some Time for Your Home
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
Getting Current on Your Mortgage, on Your Own Terms
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.
Illustrating the Option of Home Surrender Much Later under Chapter 13
Here’s an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.
Surrender Non-Home Real Estate in Bankruptcy
Chapter 7 writes off your mortgage debt as well as many other debts. It might be a way to pay your “priority” debts as well. If you own real estate that is NOT your home, and you’re considering bankruptcy, there’s a good chance that real estate is part of what’s dragging you down financially. Maybe you made an investment that turned sour. … Read More
What Can You Do If You Can’t Afford Your Mortgage Payments?
Could you afford your home if you didn’t have to pay your other creditors or didnât have to pay second mortgage payments?
Avoid Rushing to Sell Your Home to Prevent Foreclosure
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.