If you are in bankruptcy and your lender has told you that your Chapter 13 payments are increasing, you are not alone. In Chapter 13, your bankruptcy repayment plan is determined by the court, and includes how much will be paid toward your mortgage and escrow. Your lender is not legally allowed to increase your…
If you’re facing foreclosure and also have a second mortgage or HELOC, the pressure can feel overwhelming. It’s normal to start looking for ways to find help, and bankruptcy often comes up as an option to eliminate debt. However, whether bankruptcy can actually eliminate a second mortgage depends on the type of bankruptcy you file…
If you’re behind on your mortgage, you may be wondering if Chapter 13 bankruptcy can save your home. Chapter 13 can temporarily stop foreclosure and, in some cases, allow you to strip a second mortgage lien. However, bankruptcy comes with serious downsides, and it’s not always the best option for homeowners who want to protect…
If you’re behind on mortgage payments and facing foreclosure, bankruptcy can feel like the only option to protect your home. One of the benefits of filing for bankruptcy is the automatic stay, which prevents creditors from taking collection actions and pauses any foreclosure proceedings. While an automatic stay in bankruptcy can temporarily stop foreclosure, it…
Bankruptcy is often talked about as a “simple” solution to issues with money or debt. While bankruptcy can be an option, it shouldn’t be your first choice in every financial situation. Bankruptcy isn’t a one-size-fits-all solution, especially if you want to avoid foreclosure. There are many negative consequences or side effects of filing for bankruptcy….
A reverse mortgage can be an appealing option if money is tight and you have a significant amount of equity in your home. However, if you think you might be headed towards bankruptcy, getting a reverse mortgage might not be a good idea. Having a reverse mortgage and filing for bankruptcy could create a confusing…
Declaring bankruptcy shouldn’t always be your first option if you’re struggling with debts. Because bankruptcy can take your house, you could be left homeless with debts that you’re still expected to pay off.
Declaring bankruptcy to avoid foreclosure is a popular topic, but you should be wary of it. Bankruptcy is a legal process involving your debt that can have a lot of long-term negative consequences. If you’re looking to find out if bankruptcy will stop foreclosure, you may want to consider all of your options before you decide to file for bankruptcy.
If you’ve filed for bankruptcy or are considering filing for bankruptcy, you’re likely worried about your post-bankruptcy housing options. Filing for bankruptcy doesn’t mean that you’ll never be able to get a mortgage again. In some circumstances, you may be able to reapply and be approved for a mortgage, even after bankruptcy.