Chapter 13 Keeping Homes

Many people, especially those facing adjustable rate mortgages, find that for some time they have not been able to make their monthly mortgage payment but could make their mortgage payments going forward. Often times this is the result of an adjustable rate mortgage, temporary job loss or a medical condition that interrupted the household cash flow. If you have missed a few of your house payments and you are facing foreclosure but in the future you feel as though you would be able to make your house payment without the arrears, then a Chapter 13 bankruptcy filing may be your answer.

Often times, people have arrears on their property in excess of $4,000.00 to $5,000.00. For many $4,000.00 to $5,000.00 is a sum that they can not come up with at a time when they are just getting back on their feet and making their regular mortgage payments. A chapter 13 bankruptcy filing will allow you to take the arrears on your mortgage and spread that number out over 60 months of payments. It is important though that debtors are aware that they must continue to make their regular mortgage payment in addition to the Chapter 13 bankruptcy monthly payment.

As such, debtors are allowed to pay off the arrears or missed payments on their home over a reasonable and comfortable amount of time while still enjoying the possession of their home.


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