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).
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.
Stripping a mortgage from the title to your home could save you a tremendous amount of money.
If you are leaving your mortgage(s) behind, what are the advantages and disadvantages of doing so within the two main bankruptcy options?
How do these two consumer options help with your home mortgage(s)?
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?
We end this series on Chapter 13 with some illustrations of how it works and why it can be so great.