Saving Your Home From Foreclosure

November 8, 2013

Can Bankruptcy Really Help Me Keep My House?

Foreclosure, it’s happening all around us.  Our friends, family members, neighbors and co-workers are facing foreclosure.  The loss of a home can be emotionally and financially devastating.  And, because it happens within a public forum, it can be extremely embarrassing to adults as well as any children involved.  When faced with foreclosure, a home owners first thought is almost always, “what can I do to keep my house?”  And this is to be expected.  Our home is our place of refuge and peace from the outside world.  It’s where we raise our families and build memories.  When our home is attacked it can touch us at our emotional core.  So, when you are months behind on your mortgage, what are your options to save your home? 

The options available to home owners facing foreclosure are limited.  First, the most obvious option is that you can pay your mortgage company a large chunk of money to bring your mortgage payments current.  However, if this really was a viable option it is expected you would have already made the payment.  Typically, the only other option would be to use current Bankruptcy laws to immediately stop the mortgage company from foreclosing and to establish a viable re-payment plan.

Specifically, a home owner would file a Chapter 13 Bankruptcy in a situation where they are facing foreclosure and want to keep their home.  This type of Bankruptcy allows individuals who have a steady source of income to establish a payment Plan with their creditor(s) that is monitored by the U.S. Bankruptcy Court.  The home owner can keep their home, property and possessions, but must make reasonable payments according to the Court's terms over a 36 month (3 year) or 60 month (5 year) period.  By filing a Chapter 13 Bankruptcy you can immediately halt a mortgage foreclosure and an automobile sale or repossession, thus allowing individuals to retain valuable personal property. And, the monthly payments on unsecured debt can be appreciably reduced so that they are much more affordable, if not erased altogether. 

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