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.
It’s way past Thanksgiving but Chapter 13 has many features that make you take notice and appreciate what they can accomplish.
How do these two consumer options help with your home mortgage(s)?
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.
Bankruptcy can buy you a few more months or even several years, so you can sell your home when you’re financially and personally ready.
One way that bankruptcy–Chapter 13 in particularâ–could save you a tremendous amount of money is with a second (or third) mortgage strip.
If you’re hurting financially and getting pressured to sell your home, first get bankruptcy advice to potentially save you lots of money.
Although either kind of bankruptcy will stop an approaching foreclosure, which one should you choose?
Either Chapter 7 or 13 will stop a foreclosure, even if your lender unintentionally or purposely proceeds with the foreclosure sale.
Chapter 13 “adjustment of debts” provides a set of tools, each one solving a different problem that could otherwise lead to losing your home.
If you’re behind on your home mortgage, when would a Chapter 7 regular bankruptcy be enough vs. needing the benefits of a Chapter 13 plan?
Chapter 13 stops both mortgage and property tax foreclosures. Then you have up to 5 years to catch up on the property taxes.
We end this series on Chapter 13 with some illustrations of how it works and why it can be so great.
Yes, Chapter 7 may make sense if discharging your other debts would enable you to catch up on your back mortgage payments quickly enough.
If you still owe more on your house than what it’s worth, you may be able to “strip” a second or third mortgage off your title.