Even a simple Chapter 13 case has many powers unavailable under Chapter 7. So the extra time Chapter 13 takes can be highly worthwhile. Chapter 13 Consumers file a Chapter 13 case mostly because of significant advantages that it gives them over Chapter 7. Also, sometimes people ... Read More »
Chapter 13’s Tools for Your Home Mortgage
Chapter 13 gives you many tools to help you manage your home mortgage. Chapter 7 vs. Chapter 13 in General Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” give you two very different ways of attacking your debts. This includes your home mortgage. Chapter ... Read More »
Chapter 7 vs. Chapter 13 and Your Home Mortgage
Here are 7 ways filing a Chapter 7 case can help you deal with your home lender and 8 ways filing a Chapter 13 one can. If you’re buying a home, your mortgage and other related debts are probably your biggest and most important ones. So it’s no surprise that the choice ... Read More »
A Fresh Start with a Mortgage Modification
Mortgage modification may reduce your monthly payments but not likely reduce your balance owed. So it costs less short-term, not long-term. Quick Definition A mortgage modification is a permanent restructuring of one or more of the terms of the mortgage intended to make it more affordable on a ... Read More »
A Fresh Start on Your Home If You’re Behind on Your Mortgage
If you are behind on your home mortgage & want to keep your home, do a mortgage modification, a forbearance agreement, or a Chapter 13 plan. The Three Options Here’s a summary of 3 ways to get a fresh start on your mortgage: A mortgage modification is a permanent restructuring of ... Read More »
Chapter 7 and Chapter 13–Stripping a Second (or Third) Mortgage
Stripping a mortgage from the title to your home could save you a tremendous amount of money. Two blog posts ago our topic was getting rid of judgment liens, which can be done under either Chapter 7 “straight bankruptcy” or 13 “adjustment of debts.” So if you ... Read More »
Chapter 7 and Chapter 13–Surrendering Your Home
If you are leaving your mortgage(s) behind, what are the advantages and disadvantages of doing so within the two main bankruptcy options? Do You Need a Bankruptcy to Surrender the Home? If you’re thinking about surrendering your home to your mortgage holder, most likely you are ... Read More »
Chapter 7 and Chapter 13–Home Mortgage Overview
How do these two consumer options help with your home mortgage(s)? Chapter 7 “Straight Bankruptcy” A Chapter 7 case usually lasts about 3-4 months. It doesn’t reduce your monthly mortgage payment, and doesn’t directly help you deal with your mortgage lender if you’re ... Read More »
Mistakes to Avoid–Selling Your Home under Pressure instead of Waiting until a Better Time
Bankruptcy can buy you a few more months or even several years, so you can sell your home when you’re financially and personally ready. Selling under Pressure If you are being pushed to sell your home quickly because of serious financial pressures, please know that there’s a good ... Read More »
Mistakes to Avoid–Selling Your Home without First Stripping the Second Mortgage
Selling Your Home without First Stripping the Second Mortgage One way that bankruptcy—Chapter 13 in particular—could save you a tremendous amount of money is with a second (or third) mortgage strip. If you have serious financial pressures inducing you to sell your home, is ... Read More »
