Can Filing Chapter 13 Help me with my Adjustable Rate Mortgage?

Yes.  Filing for a Chapter 13 repayment plan may be a good option for an individual who has steady income but has reached a temporary setback and is no longer able to pay his adjustable rate mortgage, particularly if that mortgage has recently spiked.  Chapter 13 allows debtors to work with creditors to come up with repayment solutions that work for both parties.   For individuals in an adjustable rate mortgage filing for Chapter 13 allows the mortgage company to explore more options, such as converting to a fixed rate mortgage or extending the life of the loan to put the arrears at the end and keep payments at an affordable rate.

If you have a steady income and a home that you do not want to lose, Chapter 13 may be a viable option for you.  Contact the Fears | Nachawati Law Firm to speak with experienced counsel to discuss your options.