Why Don’t More “Money Experts” Suggest Chapter 13 To Save Your Home From Foreclosure?
By Peter Orville, Attorney at Law on Jan 30, 2008 in Automatic Stay, Bankruptcy Practice and Procedure, Benefits of Bankruptcy, Chapter 13 Bankruptcy, Foreclosure Issues, General Bankruptcy Information, Mortgages
If you crank up your computer this morning to the MSN homepage, you see a featured article called “facing foreclosure - 9 options” written by MSN’s money writer Liz Pulliam Weston. Her 9 options include: Make a budget; consider getting help; check your refinance options; be realistic; get organized. And if a loan modification or refinance isn’t possible, she says your options are limited to: sell the house; offer a deed in lieu of foreclosure; negotiate a short sale; or allow the foreclosure to proceed.
Hey Liz! What about filing a chapter 13 bankruptcy case? How can you omit the very powerful and proven successful option of saving your home by filing a chapter 13?
As you, the reader of blogs on bankruptcylawnetwork.com know, a chapter 13 will stop a foreclosure dead in its tracks, and allow you, the homeowner to get caught up on mortgage arrears, unpaid property taxes and deal with all of your other debts. After filing the chapter 13 and confirming a chapter 13 plan, as long as you stay current on your regular monthly mortgage payments and pay the chapter 13 monthly plan payment, you avoid foreclosure and keep your home.
If you are behind on your mortgage payments and are facing a foreclosure, you owe it to yourself to speak with an experienced bankruptcy attorney to see if a chapter 13 is right for you.
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