Strategies for Defending your home from a Foreclosure Lawsuit
How Chapter 13 Bankruptcy helps is that it: (1) stays the foreclosure action; (2) allows homeowners in foreclosure to restart their mortgage payments; and (3) pay their arrears (missed payments) over a five year period. As we discussed above, since the homeowner now has overcome their interruption in income, they now are able to make the monthly mortgage payment, plus the payment on the arrears, in which the monthly amount would be the total missed payments divided by 60 months. A homeowner who completes this process and pays off their arrears through the Chapter 13 Payment Plan will cure the mortgage default and rehabilitate their mortgage loan. This is solely an overview so please schedule an appointment for a detailed analysis of your situation.
Please call for a free, no obligation, initial bankruptcy consultation with a bankruptcy lawyer to evaluate your specific financial circumstances to see if it makes sense for you to file for Bankruptcy at (610) 935-5555.