Saving Your Home

If you’re falling behind on mortgage payments in the Chicago area, you have a number of options. It’s not for everyone, but for some homeowners, a Chapter 13 bankruptcy may offer the best solution to impending foreclosure. An experienced Chicago bankruptcy lawyer can look at your situation and help you determine if bankruptcy is the answer that’s right for you.

With a Chapter 13 bankruptcy, any arrears owed on your home are calculated into the Chapter 13 payment plan, so that after the bankruptcy is filed and approved, the mortgage becomes current and the foreclosure automatically stops. A Chapter 13 bankruptcy gives a homeowner three to five years to catch up on mortgage payments. This all hinges, of course, upon successful completion of the Chapter 13 bankruptcy procedure, but it can certainly eliminate the anxiety and panic of constantly trying and failing to catch up on delinquent mortgage payments.

While a loan modification might be appropriate for some homeowners, a Chapter 13 bankruptcy offers you a faster solution to your foreclosure problem. Home loan modifications can take months to complete, but a Chapter 13 bankruptcy instantly gives you the mortgage relief you need without extending the length of the loan. You pay arrears through the Chapter 13 payment plan while simultaneously making your regular mortgage payments. With the court’s permission, you can even pursue a loan modification during and after the Chapter 13 bankruptcy process.

Speaking candidly about foreclosure and other financial troubles is embarrassing for many, but so you’ll need an lawyer you can trust, someone you can work with comfortably. Your bankruptcy lawyer is there to work with and for you and to help you resolve your difficulties. In the Chicago area, if you are a homeowner dealing with foreclosure, arrange to consult with an experienced Chicago bankruptcy lawyer as soon as possible.