05/17/2022
Providing options of mortgage modification and bankruptcy to assist homeowners
If you have missed mortgage payments and are concerned about foreclosure, there are steps you can take to help prevent your lender from taking away your residence, such as:
🔻Filing for Chapter 13 bankruptcy protection — Our attorney can prepare and submit a Chapter 13 bankruptcy filing, which restructures your obligations and allows you to keep your home. Once you apply for bankruptcy protection, creditor harassment and collection actions, such as foreclosure proceedings, must stop. Under Chapter 13, missed payments and future obligations can be rolled into a three to five year plan that is created based on your income and other expenses.
🔻Addressing other debts — Though Chapter 13 is usually the bankruptcy option that is best suited to debtors who want to maintain ownership of their home, some people may benefit from a Chapter 7 bankruptcy. Though that type of bankruptcy filing does not authorize a repayment plan, a homeowner who is released from other obligations might be able to get the money they need to catch up on their mortgage. We will provide you with detailed and personalized options.
🔻Pursuing a mortgage modification — Even if the foreclosure process has already begun, it may not be too late to save your home. If after a Chapter 13 bankruptcy is filed, we can work to assist you in negotiating a mortgage modification that fits your current circumstances. Our firm also advises on government programs that are available to assist homeowners in crisis and encourage our debtors to seek out all options.
