06 Jun How Chapter 13 Stops a Pending Mortgage Foreclosure
Chapter 13 is widely known as the fastest and most effective legal action you can use to stop a foreclosure – even a foreclosure scheduled for the next few days.
In this video, I explain how Chapter 13 works and why you can feel confident that your Chapter 13 filing will not only stop a pending foreclosure, but it will provide a method by which you can catch up your missed mortgage payments over the next 5 years.
Because Chapter 13 functions as a payment plan that can legally restructure your debts, in many cases, it can reduce your monthly expenses and eliminate high rates of interest. Often, it can reduce your total debt load as well. Unlike purely voluntary debt consolidation plans advertised by private “debt help” companies, Chapter 13 is a form of bankruptcy. Your creditors have to participate and a federal judge will resolve disputes.
Does Chapter 13 make sense for you? Seek legal advice from a knowledgeable consumer bankruptcy lawyer as bankruptcy filings are not “do it yourself” projects.
Jonathan Ginsberg, Esq.
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- Are You Exposed? - February 6, 2017
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- Defining the Term “Mortgage Arrearage” - July 7, 2016
- How Chapter 13 Stops a Pending Mortgage Foreclosure - June 6, 2016