At some point, sooner rather than later, you need to learn more about filing for Chapter 13 bankruptcy. This may be the best way to stop foreclosure, at least for the time being, in an attempt to get back on track.
Your lender has no choice but to stop with the foreclosure process. With an automatic stay in place, your mortgage lender, among other creditors, are prohibited from taking part in any collection activity without permission from the court.
For you, the homeowner, this means one thing: you are buying a little bit of time. This may be just what you need to save your home from foreclosure.
Catch Up on Back Payments
Since Chapter 13 stops the foreclosure process, you are now in position to save your home. This means something different to everybody, so you need to consider all your options.
Do you have the money to catch up on back payments? Do you need to contact your mortgage lender to discuss a modification? Are you better off waiting for the Chapter 13 process to complete, and then pay off your missed payments through a repayment plan?
Nobody wants to consider the idea that they could lose their home to foreclosure. Unfortunately, this is reality for many people in the United States every year.
You may think you are out of options, but a Chapter 13 filing may be just what you have been looking for.
If you have questions or concerns regarding this strategy, reach out to us for assistance. We can explain the pros and cons of Chapter 13, as well as the steps you should be taking to save your home from foreclosure.