Stop Foreclosure and Save Your Home

When you cannot pay your mortgage and other monthly bills, Chapter 13 bankruptcy can stop foreclosure of your home. If you are able to make Plan payments that cover the arrears (the unpaid mortgage payments) and complete your Plan, you will halt the seizure proceedings and end up keeping your home.

The Bankruptcy and Tax Law Center offers legal advice to people fighting to keep their home against foreclosure. Filing bankruptcy is often considered to be a last resort; however, when people have other debt they cannot pay — credit cards, student loans, car payments — bankruptcy can be the best option.

Making the decision to file bankruptcy often depends on how serious your situation is, whether you are having difficulty making monthly mortgage payments or you have already fallen significantly behind on your home loan.

Before filing bankruptcy, many of our clients have tried to prioritize debt, choosing to pay mortgage payments and ignoring credit card bills or personal loans. Of course, late payments on any debt pushes your credit score down and raises late fees and paying your mortgage loan prevents foreclosure and protects the equity in your home. This strategy generally works until pressure from other creditors brings the situation to a head and forces additional action, usually the filing of bankruptcy. Our clients have often tried to modify their loan without success. Others have modified their loan, but the reduction in the monthly payment is not enough to make a significant difference.

Don’t Wait – Take Action Now

If you are struggling to make your monthly payment, take action now to stop foreclosure. Contact us to learn how we can help you. Help is a phone call away at 443-472-4101.