Filing Chapter 13 Bankruptcy to stop a foreclosure is an effective way to re-organize your debt and allow you to get current with your mortgage lender. Unfortunately, what may occur is when you include the mortgage arrears along with your current mortgage payment, the Chapter 13 Bankruptcy plan payments may be too much to be feasible in your monthly budget.
Just recently, the Chapter 13 Bankruptcy trustee’s have enacted a streamline process to apply for a home loan modification while under protection of the Chapter 13 Bankruptcy. This program will assist in expediting the application process and if approved will allow you to get current with your mortgage and potentially exit bankruptcy sooner.
We have successfully assisted many of our clients in stopping foreclosure and getting current with the home mortgage. Call or email us for your free consultation.