Under water? Stop foreclosure right now.
Chapter 13 bankruptcy will stop foreclosure in its tracks. You may even be able to completely eliminate your second mortgage all together.
Most people with a regular incomes are able to keep their home, no matter how far behind they are on the payments.
The only way to permanently stop foreclosure now is to file a Chapter 13 bankruptcy.
To stop foreclosure, the Chapter 13 bankruptcy must be filed with the bankruptcy court before the public trustee conducts an auction of your property. After the property is sold at auction, it is too late to stop foreclosure and save the property.
Permanent mortgage modifications are relatively rare. Don’t rely on empty promises or “trial modifications” from your mortgage company.
How Chapter 13 works.
- When your bankruptcy petition is filed, the county Public Trustee is notified and the foreclosure stops.
- The amount of back payments you owe to your mortgage company are paid over a period of up to 60 months.
- After we stop foreclosure on your home, your other creditors (such as credit card debt) are mostly eliminated in your bankruptcy plan so you are able to afford your mortgage payments in the future and get back on track.
- Perhaps you got behind on your mortgage payments because you could not afford to pay all your creditors. In a Chapter 13 reorganization, you are able to focus on keeping your mortgage payments current in the future because all your other unsecured debts are largely written off in most cases.
A Chapter 13 bankruptcy has an enormous number of other benefits too versus filing for Chapter 7:
Denver Bankruptcy Attorney for Chapter 13:
- NOT A DEBT REPAYMENT PLAN — ELIMINATE MOST OF YOUR DEBT IN MOST CASES.
- STOP FORECLOSURE. KEEP YOUR HOME
- ELIMINATE YOUR SECOND MORTGAGE IN MANY CASES
- RESTRUCTURE TAX DEBT WITH NO PENALTIES OR INTEREST
- PAY THE VALUE OF YOUR CAR IN MANY CASES, NOT WHAT YOU ACTUALLY OWE ON THE CAR
- ELIMINATE DIVORCE OBLIGATIONS (BUT YOU CANNOT ELIMINATE CHILD SUPPORT OR MAINTENANCE)
- STOP CONTEMPT OF COURT PROCEEDINGS FOR CHILD SUPPORT OR MAINTENANCE
- PAY DELINQUENT CHILD SUPPORT OR MAINTENANCE OVER A FIVE YEAR PLAN
Contact us today for a free consultation in our office.