Use Chapter 13 to save your home!

When do I know I need a Chapter 13 to save my home?

The easy answer is “when you are in foreclosure!”  But in all seriousness, it doesn’t have to get that far.  Yes, you can save your home from being sold on the courthouse steps, but I would much rather you contact me way ahead of that scenario.

Falling behind on your home isn’t an overnight thing.  You may lose income due to a job loss, or you may incur other expenses that cause you to have to miss a house payment.  Missing one payment isn’t going to lead to foreclosure.  The problem is that once you have missed a payment, the mortgage company may start refusing payments from you if those payments don’t bring the account completely current.  So if you are $1500 behind on your mortgage, and you send a payment of $800, the mortgage company may send that money back to you, causing you to fall even further behind.  This is when you should call me so we can do a Chapter 13 to save your home.

The bottom line is that the sooner you call me to do a Chapter 13, the less expensive and stressful it will be in the long run.

My mortgage company said they will work with me.

Unfortunately, I’ve heard this 10,000 times.  Mortgage companies, in recent years, have been under tremendous pressure to offer work-out options to their customers.  In the last couple of years, as the economy has improved, they are working with their customers less and less.  And even when they send you the paperwork for a loan modification, that does NOT mean you will get it!  In fact, you probably won’t get a loan modification.   Your paperwork will get “lost” or you’ll be denied for other reasons.

Don’t get me wrong – you should work with the mortgage company.  But you should also assume they are NOT going to help you.  I cannot control what the mortgage company does, but I can help you use Chapter 13 to save your home.  You shouldn’t put all of your eggs in one basket.  You should file for Chapter 13 relief to stop foreclosure and to restructure other debt.   You may also work with the mortgage company while in bankruptcy to see if you can work out a modification that makes sense to you.

How does Chapter 13 work?

In a nutshell, the mortgage company will get all of their missed payments paid in Chapter 13.  You will resume making regular, monthly payments to the mortgage as well.  We will deal with your other debts in the Chapter 13.  Most people who file for Chapter 13 relief do NOT have to repay 100% of their credit cards, medical bills, and other unsecured creditors.  So the Chapter 13 will help you repay the missed payments on your home, allow you to resume regular payments on your home, and help you manage other debts that you may have.

You can’t afford to wait.  Call me TODAY to discuss using Chapter 13 to save your home.  Don’t let the mortgage company make promises to you they won’t keep.  Don’t let the missed payments spiral out of control until you are 6, 10, 0r more payments behind.  Call TODAY to file for bankruptcy relief and get this process started.

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