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.
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.
Chapter 13 gives you much more time to catch up on your unpaid mortgage payments. That can be reason enough choose this option.
Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start.
Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.
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.
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?