If I am worried about foreclosure on my home, is bankruptcy the best option for me? 27 Answers as of August 11, 2011

My home is at risk of foreclosure and I want to do everything i can to fix this. I am considering filing for bankruptcy, but I am not sure if this is the right away to go about it. Do I have other options?

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Heupel Law
Heupel Law | Kevin Heupel
Bankruptcy could be a good option, but it depends on how many mortgages are on the property and if you have other debts. Without knowing more about your debts, income, and the home, it is difficult to state whether you should file bankruptcy. Our office provides free consultations to see if bankruptcy or another option is available so call us today.
Answer Applies to: Colorado
Replied: 8/10/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
the Bankruptcy will restrain the sale, you need to talk to a local BK attorney to see if that's your best option
Answer Applies to: Washington
Replied: 8/11/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
Filing for ch. 13 bankruptcy may be a good option for you to consider, in order to save your home from foreclosure. This is a good option for homeowners who are past due on their mortgage payments and need help getting caught up. This is often a good move for homeowners who are in an affordable mortgage payment, but fell behind due to a temporary hardship and need help to get current. The thing to remember with ch. 13's it that if your mortgage payment was not affordable to begin with, or is no longer affordable to you, then the ch. 13 bankruptcy is not going to change your mortgage payment, loan type or terms-it is only going to place the mortgage arrearages, plus any other unsecured debt you have, into a payment plan over about 5 years. The good thing about a chapter 13 bankruptcy is that it does have the ability to lien strip an unsecured second mortgage. Therefore, if you have more than one mortgage, this may be something you should consider. If on the other hand you only have one mortgage and/or your mortgage payment was not affordable to you, you ,may want to try for a loan workout or modification to see if you can qualify for a hardship program. I would recommend that you speak with an attorney, at least during an initial consult, to have that person review your specific situation and discuss your best course of action for you to take.
Answer Applies to: California
Replied: 8/1/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Chapter 13 will allow you to catch up and prevent foreclosure. You need to be able to make the payment each month and the catch up payment. If you have a second mortgage you might be able to strip it off.
Answer Applies to: California
Replied: 8/1/2011
Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
Unless you can make your home payments and then some to make up the arrears over 3 to 5 years, bankruptcy can only dely the inevitable. Talk to a bankruptcy attorney about your options.
Answer Applies to: Michigan
Replied: 8/1/2011
    Eric J. Benzer, Attorney at Law
    Eric J. Benzer, Attorney at Law | Eric Benzer
    Yes
    Answer Applies to: Maryland
    Replied: 7/30/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Talk to a bankruptcy attorney
    Answer Applies to: California
    Replied: 7/30/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    A Chapter 13 bankruptcy can help you keep your home if you fell behind on payments and can make "catch up" payments to your mortgage holder. It is a way to keep your home if your financial position will be able to support a plan payment.
    Answer Applies to: Oregon
    Replied: 7/29/2011
    Greifendorff Law Office
    Greifendorff Law Office | John Greifendorff
    All such issues are driven by the particular facts of each case. We don't know what you mean by "risk of foreclosure" for example. You should make an appointment with local bankruptcy counsel to discuss options in light of the facts of your particular situation. That much said, of course you have options. The question is are they acceptable options, and only an analysis of the facts will answer that question.
    Answer Applies to: California
    Replied: 7/29/2011
    Bankruptcy Law Center
    Bankruptcy Law Center | Bill Zurinskas
    When you have difficulty in paying your mortgage, you should first consider applying for a Mortage Modification with your lender. To find out if you qualify for modification call the ColoradoForeclosureHotline.org 1-800-601-HOPE. Your next option may be a chapter 13 bankruptcy. Both options depend on your ability to make a meaningful mortage payment in the future.
    Answer Applies to: Colorado
    Replied: 7/29/2011
    Law Office of Felipe A. Malo, P.A.
    Law Office of Felipe A. Malo, P.A. | Felipe Augusto Malo
    Option 1 try and reach a loan modification with your bank. Option 2 if already in foreclosure filing bankruptcy will pause it until the automatic stay provision is lifted. if you want to keep your home filing bankruptcy will not solve the problem as you will need to be up to date on payments to keep it. Bankruptcy will only pause or slow down the foreclosure action. >
    Answer Applies to: Florida
    Replied: 7/29/2011
    Property and Estate Law, PLC
    Property and Estate Law, PLC | Alisa Lachow-Thurston
    When you cannot afford the payments on your mortgage there are several options to consider. Each option depends in the overall picture of your income and debt amounts. Thos options are: short sale, bankruptcy, settlement negotiations, litigation and simply doing nothing at all. A bankruptcy sometimes is the only option to stop a foreclosure from happening, especially when the foreclosure is within a day or two and the lender is not cancelling it. A bankruptcy can also help on paying all the arrearages and saving your home while being able to eliminate other debt including second lien holders/mortgages also attached to the property . The best thing is to consult an attorney that can advice you on all the options and how each one can benefit or hurt more your particular situation.
    Answer Applies to: Virginia
    Replied: 7/29/2011
    Cartwright Law Firm
    Cartwright Law Firm | Andrea Cartwight
    If you are facing foreclosure, it is understandable that you are worried about losing your home. However, in many cases, people can save their home by filing for Chapter 13 bankruptcy. If you're behind on your mortgage payments and you do not feel that you can bring them current, then filing for a Chapter 13 may help you save your home. A Chapter 13 bankruptcy will allow you to pay off your late payments (arrearage) over the length of the repayment plan, which can be from 3-5 years depending of your financial circumstances. However, you will need enough income coming into the household to propose a workable plan, which means you will need to have enough income coming into the household to pay your current mortgage payment plus a portion of the arrearage. A Chapter 13 bankruptcy can also help if you have junior (2nd or 3rd) mortgages on your property by eliminating those wholly unsecured mortgages and stripping the liens. Before you consider filing for bankruptcy, have you contacted your mortgage company to try to modify your mortgage payments under the Making Home Affordable Plan? If you have attempted a home modification and that has failed then bankruptcy may be your only option left. It is very important if you are interested in saving your home that you seek legal advice immediately because the longer you go without making mortgage payments, then it is more likely you will not be able to proposed a workable Plan.
    Answer Applies to: Michigan
    Replied: 7/29/2011
    Law Office of Irina S. Puhachevsky
    Law Office of Irina S. Puhachevsky | Irina S. Puhachevsky
    Bankruptcy can certainly be one of the options for you. A Chapter 13 in particular if you qualify, can help you stop a foreclosure.
    Answer Applies to: California
    Replied: 7/29/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    Bankruptcy is one of several options to get your home mortgage back on track. You should discuss your financial situation with an experienced attorney who can help you evaluate your options. *
    Answer Applies to: Colorado
    Replied: 7/29/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    If you haven't already looked into HAMP (Home Affordable Modification Program) then you may want to consider Chapter 13 bankruptcy. Chapter 13 basically allows you to take the amount you are behind and spread it out into equal payments over the course of 36 to 60 months, depending on your income and over situation.
    Answer Applies to: Indiana
    Replied: 7/30/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If your house is in foreclosure you might want to consider a chapter 13 payment plan. Alternatively, talk to your lender about loan modification.
    Answer Applies to: California
    Replied: 7/29/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    Foreclosure is a single factor. One must examine the debt "portfolio" and examine all financial affairs to determine if bankruptcy is advisable. As far as foreclosure goes... Chapter 7 or chapter 13 bankruptcy will temporarily stay a foreclosure. Chapter 13 can permit one to cure a mortgage arrearage and/or strip a second mortgage if the latter is wholly unsecured. Such a "lien strip" doesn't apply to all cases. This answer (as well as our Web site) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon; it creates no attorney-client relationship; it may be pertinent to CA only; it's independent of other answers. Hire good legal counsel before acting or refraining from bankruptcy/legal action.
    Answer Applies to: California
    Replied: 7/29/2011
    Apple Law Firm PLLC
    Apple Law Firm PLLC | David Goldman
    Yes you have options, you should talk with someone who does bankruptcy and foreclosure defense to discuss what are the options you can choose from
    Answer Applies to: Florida
    Replied: 7/29/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Once a house is being advertised for foreclosure, a bankruptcy often becomes the only way to stop foreclosure. To know, you need to sit down with a lawyer (and do not wait until a few days before foreclosure) to determine if it will work, if you qualify and what chapter you can or should file.
    Answer Applies to: Georgia
    Replied: 7/29/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    If the bank won't modify your loan and you can cure arrears in a Ch 13, this bankruptcy is your best option.
    Answer Applies to: California
    Replied: 7/29/2011
    Lewis Adams and Associates
    Lewis Adams and Associates | Lewis P. Adams
    Bankruptcy is only one option. Chapter 13 allows a homeowner to pay the delinquent payments up to five years, if they can make the ongoing payments, and stay the foreclosure. It is a good option, but leaves a stain of bankruptcy on your credit report. The government backed modification process over the last year, in my opinion, has been a failure. Only about 10% or less have been successful. The rest usually end in foreclosure. A refinance or a streamline refinance may work if your lender will work with you. Very few are successful. The only other option that I am aware of is to bring the mortgage current. Perhaps a 401(k) loan may provide the funds to do so. Any other scheme usually requires you to give up title to your home, which eventually causes you to lose your home entirely.
    Answer Applies to: Utah
    Replied: 7/29/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    If you're late and can make up payments, Ch. 13 can help. There really are no other reasonable.options. Please see a bankruptcy attorney to help, as there are many questions to answer before deciding.
    Answer Applies to: Virginia
    Replied: 7/29/2011
    Glen A. Kurtis, P.C.
    Glen A. Kurtis, P.C. | Glen A. Kurtis
    Without filing a bankruptcy, it is possible to modify the loan to provide for a lower monthly payment. Sometimes you can place the arrears on the back end of the loan, and remain current at the lower monthly payment.
    Answer Applies to: New York
    Replied: 7/29/2011
    Grennier Law
    Grennier Law | Michael Grennier
    Sit down with a qualified bankruptcy attorney for a free consultation so that you are informed, know your options and can make an intelligent decision.
    Answer Applies to: California
    Replied: 7/29/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    You might. Are there other debts that you owe? What is the value of the property? What are your income and expenses? Hard to answer this question with the limited info you have provided.
    Answer Applies to: California
    Replied: 7/29/2011
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