This country is passing through some very difficult times. Many people are losing their jobs or have had their hours cut. Some have even had their salaries or hourly wages reduced. We are now hearing news that gasoline could reach $5.00 per gallon this summer putting additional financial strains on family budgets.
Many families are facing losing their homes to foreclosure even though they have tried loan modifications through their mortgage company. They are given a "trial period" with a reduced payment only later to be told they do not qualify for the loan modification and "oh by the way" you are now in foreclosure because of the reduced mortgage payment. What is a family to do? Is there a way out? How can we save our home?
There are options! One of the most viable options is to seek protection from the mortgage company by filing a chapter 13 bankruptcy. A chapter 13 bankruptcy can save your home from foreclosure by taking the payment arrearage and putting the arrears into a chapter 13 plan. The plan gives the individual any where from 36 months (3) years to 60 months (5) years to pay the back amounts. There is the requirement to make your on going house payment starting the month following the filing of bankrucpty but many times by restructuring the debt the ability to make the payment becomes easier.
If you are facing financial difficulties be sure to consult with a competent bankruptcy attorney. He or she will be able to assist you in developing a plan that works making it possible to maintain your home. richardsgodfrey.com
