Do you have a 2nd or 3rd mortgage, owe property taxes, or have an income tax lien on your home? Chapter 13 may be much better than Chapter 7. The last two blog posts were about situations in which a homeowner is current on the mortgage but has other debts on the home. We showed how Chapter 7 “straight … Read More
If behind on property taxes on property that isn’t your home, either Chapter 7 or Chapter 13 may buy you the time to save this property.
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.
If you are behind on property taxes on your home, Chapter 7 often doesn’t give you enough time to catch up. But Chapter 13 likely would.
Catching up on property taxes benefits both you and your mortgage lender. Chapter 13 helps you pull this off under much less pressure.
Having unpaid property taxes is dangerous, and violates the contract with your mortgage lender. Bankruptcy addresses both issues. Is Chapter 7 “Straight Bankruptcy” Enough Help? It possibly can give you enough of a fresh start with your other debts so that you can catch up on your property taxes. But doing so while keeping your mortgage lender also satisfied is difficult to pull … Read More
Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.
Chapter 13 helps if you owe divorce debts, have personal property collateral, are behind on property taxes, or owe old and new income taxes.
Bankruptcy helps with your property taxes either by writing off your other debts or by buying you more time to catch up.
Falling behind on property taxes can have serious consequences, but does not necessarily mean you should hurry to sell your home.
Although either kind of bankruptcy will stop an approaching foreclosure, which one should you choose?
Here are 5 additional tools that come with Chapter 13, each one neatly solving a different challenge to your home.
Being behind on property taxes is usually a breach of your mortgage. Chapter 13 protects you from your mortgage lender so you can catch up.
Save your home by catching up on real property taxes and securing the release of recorded income tax liens.
When it’s smart to file a 3-to-5-year Chapter 13 case to prevent a home foreclosure and be able to keep it permanently, or to sell it later.