When someone falls behind on their debt payments including a mortgage payments, their creditors will typically go about gaining compensation by any means necessary. The most common method, used by a mortgage lender to collect on a past due home loan is to foreclose. A foreclosure is the forced sale of a home in order to repay the debt owed on the mortgage that was used to buy the home. If you have fallen behind on your mortgage payments there are ways to keep your home using the bankruptcy process.
Use the Automatic Stay
There are a number of benefits associated with bankruptcy. One of the best and most useful is obtained immediately upon filing your bankruptcy paperwork. The Automatic Stay is an immediate stop to all collections taking place to the property of the bankruptcy filer. This includes your home.
The duration and lasting effect of the automatic stay varies depending on the chapter of bankruptcy you file, the goal of the bankruptcy, and if you have filed bankruptcy previously. Working with an experienced bankruptcy attorney is important if you want to get the most of your bankruptcy and the automatic stay.
Consider Chapter 13 Bankruptcy
The best chapter of bankruptcy to help you maintain possession of your home is Chapter 13. Unlike other forms of bankruptcy, Chapter 13 does require you to liquidate, or sell, any of your assets in order to pay off your debts. Chapter 13 bankruptcy allows you to reorganize your debts and pay them off over a period of time. Chapter 13 bankruptcy cases usually usualy last 3-5 years and require that you make a monthly payment toward your debts.
Contact The UBG Team Today
We understand the stresses that can come with money, debt and personal finances. We understand that the threat of losing your home can be paralyzing. We understand that bankruptcy may be your last option. Will bankruptcy save my house? Yes. Using our experienced and seasoned team we can help you gain your financial independence and save your home from creditors. Contact us today and learn how we can file immediately to save your home. Call now 801-221-9911.