can you save you home in bankruptcy if you are behind on your payments?

Question

My husband and I are filing for bankruptcy, we want to keep our home, but are about 4 payments behind. Will bankruptcy allow us to keep it and get caught up on the payments without foreclosure

Answer 1

Filing a chapter 13 reorganization can usually save your house, provided that you can make up the payments you've missed, and also keep up your payments current going forward. If your current income can't support that amount of payments, I don't believe the courts can stop the foreclosure.

Your first consultation with almost any bankruptcy attorney is free, so make a call. States used to differ dramatically in home protection under bankruptcy. That may have changed in late '05 with that big law change, so just go ask an attorney to be sure.

Answer 2

Not exactly.

The foreclosure will be delayed or put on hold pending the outcome of the bankruptcy. The lender can ask to have the house released from the bankruptcy. That can happen if there is no chance that the sale of the house will pay back the other debts. There are some other legal aspects to this so legal advice for your state's rules plus federal bankruptcy information would help.

If it works out that after the bankruptcy you are better able to make the payments then maybe you will have the income and the time to catch up on the house payments. Be prepared to pay a lump sum to catch up all at once. Expect that you will have terrible credit so you will not be able to refinance for a while after the dust settles.

Some of the time a bankruptcy filing buys you time to get the home sold rather than provides a way to keep the home. You honestly have to look at all options. Can you really afford the home if you complete a bankruptcy?

Answer 3

Listen - work with whoever you owe the payments to, work something out. They are reasonable people just like you are. Bankruptcy CAN lead to a seizure of your property. Your best bet is to go and get a FREE CONSULTATION with a bankruptcy lawyer AND a debt consolidator.

I can't say more without more information.

Answer 4

in case you have a pending substitute utility the lender can no longer foreclose in the event that they have signed onto the HAMP software. even with the undeniable fact that, you will possibly be able to desire to have earnings to get authorized a transformation. in maximum circumstances, the lender can no longer start up a foreclosures action till ninety days after the rejection of the mod utility. in the event that they do start up a foreclosures action, touch a lawyer right this moment a pair of foreclosures protection physique of recommendations. i could propose a financial ruin purely as a final hotel because of the fact with a conceivable foreclosures protection physique of recommendations, you're able to maintain the residing house with a decrease fee, a decrease payoff and on occasion the residing house unfastened and sparkling.

Answer 5

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