April’s one-month increase in delinquent home mortgages was the largest in U.S. history. The new mortgage forbearance law is a major reason.
Chapter 13 gives you a powerful, affordable, flexible, safe and successful method to catch up on your missed payment and save your home. Chapter 7 “Straight Bankruptcy” and Chapter 13 “Adjustment of Debts” The two main consumer bankruptcy options are Chapter 7 and Chapter 13.Most Chapter 7 cases only takes a few months—usually 3 to 4 months—from filing to … Read More
Chapter 7 clears away your other debts so that you can afford to pay your home mortgage. Chapter 13 does so by helping you deal with special debts. Both Chapter 7 and Chapter 13 Improve Your Cash Flow A Chapter 7 “straight bankruptcy” case would very likely quickly write off (“discharge”) many of your debts. For many people it discharges most … 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
Here’s an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.
As you decide whether to use the powerful tools of Chapter 13 to hold onto your home, it helps to know that you can later change your mind.
“Stripping” off a second mortgage has major immediate and long-term benefits.
Chapter 13 gives you much more time to catch up on your unpaid mortgage payments. That can be reason enough choose this option.
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.
How do these two consumer options help with your home mortgage(s)?