How Can I Save My Home?
Misinformation: My house payments will go down if I file Chapter 13 bankruptcy.
The truth: Filing Chapter 13 bankruptcy has many advantages for homeowners who are facing foreclosure. However, you shouldn't expect your payments to go down. They are more likely to go up once you add trustee and attorney fees.
If you are facing home foreclosure, you and your family have a difficult decision ahead of you. Should you file Chapter 13 bankruptcy to save your home? Should you try to negotiate with the lender through a loan modification or forebearance agreement? There are several programs available to stop home foreclosure, you should educate yourself and make the best decision for you and your family.
At The Day Law Office in Spring Hill, Florida, we are lawyers who practice in the area of bankruptcy law, but that doesn't mean that we recommend bankruptcy for every person who faces foreclosure. Filing bankruptcy is a last resort.
- Will you be able to make your house payments after filing bankruptcy? If not, arranging a short sale or deed in lieu of foreclosure will sometimes allow to you walk away with some money in your pocket.
- Is mortgage debt your only form of debt? If so, a better option maybe able to obtain a loan modification from your lender. You may be able to put mortgage arrearages at the back end of your loan or negotiate a lower interest rate.
However, there are times when filing bankruptcy is the answer.
- Do you have other debts in addition to mortgage debt? If so, filing Chapter 13 bankruptcy may enable you to address all of your debt problems.
- Do you have an unsecured second mortgage? Filing Chapter 13 bankruptcy will enable you to strip the lien from the second mortgage.
Should I Stop Making House Payments?
To be eligible for loan modifications each lender has its own requirements. You should call your lender and discuss this with them. However, you should seek the advice of a real estate attorney to review the paperwork.
Free Attorney Consultation
To schedule a free initial consultation about stopping a home foreclosure, call us toll free at 888-326-9553 or fill out the contact form on this web site. Our law office is located in Spring Hill, Florida, in the center of Hernando County.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
