Behind on Your Mortgage Payments
If you find yourself behind on your mortgage payments and unable to catch up, a Chapter 13 Bankruptcy will allow you to get caught up on your terms. When your payments are behind, your mortgage company will only accept payment in full and will reject anything less. A Chapter 13 will legally force your mortgage company to accept a payment plan that fits your budget and prohibit it from attempting to foreclose on your property. Filing before you receive a foreclosure notice will save you from having to pay the additional legal fees and advertisement costs that your mortgage company will pass on to you. This can be as much as $2,500.00.
You Received a Foreclosure Notice
If you have already received a foreclosure notice, there’s no need to panic. A Chapter 13 bankruptcy will stop your foreclosure as soon as it is filed. In order to stop the foreclosure, it is imperative that your case is filed before the scheduled time of the foreclosure.