Can a ch.13 bankruptcy still help if you are in forclosure process on your home?
I am two months behind on my mortgage, lost my job, and have other debt. My mortgage company keeps telling me I need to send payment although I am filing bankruptcy in about 3 weeks. If the mortgage company begins forclosure process before then, am I still protected through my bankruptcy?
~~It really depends on your current assets, financial information, etc. You may or may not even qualify for a 13. You may have to file a 7.
You need to take your current debts and assets to a BK attorney, then they can tell you what you legally can or can’t do, which includes keeping your home. Best of luck~~
State laws differ on how long it takes to foreclose. I would only use bankruptcy as a last resort. Some lenders are working with borrowers to help them stay in their homes. You may want to check with your mortgage company to see what they may be able to do to help you. Explain to them that you are out of work but trying to find a job. You should be able to file within a few days from foreclosure. Check with a bankruptcy lawyer to see what they suggest. Keep in mind that the bankruptcy lawyer makes money from those who file. Bankruptcy will ruin your credit and take longer to clean up your credit than some missed payments. If you cannot work things out then you may need to file. I would exhaust all options before filing. Good luck. You are not alone. I just heard that 1 in 9 homeowners are in foreclosure.
First of all, relax. These days foreclosures are taking a lot longer than they used to.
As for your bankruptcy, once you file, there will be an automatic stay as to all proceedings against you. As part of your Chapter 13 repayment plan you will required to get current with your mortgage, but you won’t have to do it all at once. So, yes, the bankruptcy should allow you to keep your home.
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