In today’s economy, it’s no secret that families are struggling with paying their home mortgages. Falling behind just one or two payments on your mortgage can quickly snowball into a full blown attempt by the mortgage company to foreclose on your home. The process in Texas is relatively quick and your home could be in foreclosure less than 60 days after your first missed payment!
If you are struggling with getting caught up on your past due payments, there is a solution. Chapter 13 bankruptcy allows you to put the past due payments into a repayment plan monitored by the bankruptcy court that stops the foreclosure and allows you to get caught up on those payments over 60 months. That’s right: STOPS THE FORECLOSURE in its tracks. The foreclosure sale is automatically stopped when you file your Chapter 13 case. This means that you will get to keep your home, get caught up on the past due amounts and resume your regularly scheduled mortgage payments beginning the month after you file the Chapter 13.
As previously stated, the Chapter 13 will allow you to pay the past due amounts over 60 months so if, for example, you owe $10,000 past due on payments, fees, costs, etc., then you can expect that as part of your Chapter 13 payment, you will pay approximately $185.00 a month additional through the Chapter 13 to get caught up.* If you have substantial equity in your home or simply want to keep your home to provide your family with the stability they need, this may be a viable option to save your home.
Do not hesitate to contact our office today for your free consultation and take control over your financial difficulties and discuss your options for saving your home if you are facing foreclosure.
*This does not include other creditors that may need to be added to your Chapter 13 repayment plan.
