Like a moving train, an individual has trouble stopping the forklift. And if you can get a new job and pay your mortgage again, as you do too often, your mortgage is not being restructured by the lender. You say it does, the Obama administration says it has services to help you, but most of it is a bait and a move. When lenders say they’re working with you, it usually means you’re confused by the lovely people on the phone. The lender has the power to make decisions and to determine whether or not to approve an arrangement.
One way to avoid forfeiture is through bankruptcy in Chapter 13. Compulsory deferral of all debt collection operations by creditors, including foreclosures, litigation, and telephone calls, shall be effected if you apply for Chapter 13.
In addition to stopping foreclosure, you will receive late mortgage payments in Chapter 13. This is what we call the healing of backwardness.
Chapter 13 Bankruptcy would allow you to do what your mortgage lender does not do on its terms and conditions or court-approved terms and conditions. You pay a little more each month and make payments over time. The investor does not have the last word: the court does. If the investor doesn’t have the final say, you’ll get better results.
There are limits to the use of Chapter 13 to prohibit bankruptcy.
Before your home is sold, you’re going to file for bankruptcy. The house is no longer yours when the hammer falls.
By including an additional amount in your Chapter 13 arrears account program, you will be willing to restore your daily and ongoing mortgage payments. If the payment can not be made, the judge will not approve the request. Chapter 13 is not going to lower the mortgage interest rate.
Chapter 13 Insolvency is a great tool for many to escape default, especially if the reason the mortgage was delayed was a temporary loss of income.
If you wait until the last minute, it will be very difficult to avoid foreclosure in time to save your house.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.