There are many reasons why people fall behind on their mortgage payments. Whether its mounting medical bills, an unforeseen job layoff, or high credit card balances — life happens. Although being late on mortgage payments can put you at risk of foreclosure, all hope is not lost. Here are some ways you can catch up and save your home.
Working out a payment plan with your mortgage lender may take some work and some time. If you aren’t too far behind your mortgage payments, they may be willing to accommodate your needs so you can bring your account up to date. If you are nearing foreclosure or are already in foreclosure, this may not be a feasible option. Read on to learn if Chapter 13 bankruptcy could be an option to save your home.
Chapter 13 Bankruptcy, also known as reorganization bankruptcy, can be a viable option in catching up on your mortgage payments. Filing a Chapter 13 Bankruptcy petition puts into effect an “automatic stay.” An automatic stay prohibits lenders from taking action in starting foreclosure proceedings as well as collection activity. Once your bankruptcy is approved, your mortgage payments will then be structured into a 3 to 5-year payment plan that will help you catch up.
Being behind your mortgage payments and facing foreclosure can be scary and stressful. However, consulting an experienced bankruptcy attorney can help you get back on track. Our legal team has over 40 years of combined experience in bankruptcy law, and we are here to help. Call us today at (847) 440-5998 to learn how bankruptcy can be an option to help you save your home.
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