Can Bankruptcy Stop my Foreclosure?
Posted By
Majed on Aug 27, 2010 7:00am PDT
The short answer is yes. A Chapter 13 debtor can put off foreclosure proceedings by filing and then come to an agreed-upon repayment schedule with their mortgage lender to save their house. In addition, debtors facing foreclosure may apply for a Home Affordable Modification Program or HAMP in order to modify their mortgage repayment plan in conjunction with a Chapter 13.
Chapter 7 debtors may also be able to ward off foreclosure by discharging other debts that prohibit them from paying their mortgage in order to free up money to make the payments. These are just a few ways that bankruptcy allows debtors to stay in their homes. Contact the Fears | Nachawati Law Firm today for more assistance.