Stop foreclosure by filing chapter 13 bankruptcy.
You can stop a foreclosure and save your home by filing a chapter 13 bankruptcy and paying the past due mortgage payments over time, usually 3 to 5 years.
Stoping foreclosure by filing chapter 13 bankruptcy.Filing a Chapter 13 bankruptcy can be a very powerful tool in order to stop the foreclosure of your home or property. By filing a Chapter 13 bankruptcy you are able to stop a foreclosure and pay back the past due mortgage amounts over 3 to 5 years at a rate you can afford.
How it worksFor example, let’s say you are behind 6 months on your mortgage; the monthly mortgage amount is $1,500.00 per month. You would be behind $9,000.00. As long as you have sufficient income, you can take that amount ($9,000.00) and pay it back over 3 years or, if you need more time, you can extend it up to 5 years as long as you can demonstrate you have the income to do so. In any event, you can immediately stop the foreclosure, get back on your feet, pay back the past due amounts and save your home. Chapter 13 bankruptcy can be very complex.