Question: Maybe bankruptcy can help my family save our house. My bank won't approve my home loan modification and now they want to foreclose. I've been trying to get a modification for about one year. I'm about 7 payments behind on my mortgage and I want to keep the house.
The bank first told me that they'd consider a modification, but now it doesn't look likely, although they haven't said definitely no. Why sister had a similar situation and at the last minute the bank said no and immediately tried to foreclose. My brother had a situation where he never got a yes or a no from the bank, but they started foreclosure proceedings. Now he's living in a hotel in Roswell.
I want to keep the house. My wife and 5 kids are there with me. I can make the payments every month, I just got behind because business is slow and I have a gambling and drug problem that I'm now getting treatment for.
My business is seasonal so I can make good money in parts of the year, and then things slow down big time. This year things have been slow throughout the whole year.
I know that if I file bankruptcy I have a chance to save the house from foreclosure.
E.B. in Alpharetta, GA
Answer: Filing bankruptcy can save your home. With a chapter 13 bankruptcy, you can put all of your missed payments into the bankruptcy and pay them back over 5 years. Once the bankruptcy is filed, the foreclosure most stop. All you need to do is to make your mortgage payments moving forward.
Many people get into trouble with a mortgage. When that happens, a bankruptcy filing can help to ensure that you keep your home and that the foreclosure is stopped. A chapter 13 exists to help homeowners prevent foreclosure.
To be absolutely sure of saving the home, you need to get started immediately. You just need to get us the documents we require to file your petition. If, however, the foreclosure is really soon, then we may need to file what's known as a "skeleton petition." A skeleton enables us to stop the foreclosure without all of the necessary documents, but then you must get us all of the paperwork within a very short period of time. Basically, the sooner we start the better.
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