If you own a home with a qualifying 2nd or 3rd mortgage, one of the best reasons to file a Chapter 13 case is to “strip” off that mortgage.
Getting Current on Property Taxes on Your Mortgaged Home
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.
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.
“Avoiding” Judgment Liens on Your Home
Both Chapter 7 and Chapter 13 can wipe away judgment liens. But doing so under Chapter 13 can be better when used with its other benefits.
Get Flexible Timing for Selling Your Home
If you are behind on your mortgage and want to sell, you may be able to delay the home sale for years and pay the arrearage out of the sale.
Getting Current on Your Home Mortgage through Chapter 13
You have much, much more time to catch up on unpaid mortgage payments, as well as any unpaid property taxes.
Ten Ways to Keep Your Kentucky or Indiana Home through Chapter 13
These 10 tools, especially used in combination, can defeat your mortgage debt and other home-based challenges.
Power over Your Secured Debts through Chapter 13
Chapter 7 strengthens your hand with your secured debts. But Chapter 13 can be much stronger. Starting with a more potent “automatic stay.”
“Strip” Your Second Mortgage Off Your Home
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.
Curing Your Home Mortgage under Chapter 13
Chapter 13 gives you much more time to catch up on your unpaid mortgage payments. That can be reason enough choose this option.
Keeping Your Home Mortgage under Chapter 7
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).
A Fresh Start on Your Home through Chapter 13
Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start.
A Fresh Start through a Forbearance Agreement
Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.
A Fresh Start through Mortgage Modification
Mortgage modification may reduce your monthly payments but not likely reduce your balance owed. So it costs less short-term, not long-term.