Mariano & Coiro, P.C.
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October 2014 Archives

MY HOUSE IS IN FORECLOSURE OR PRE-FORECLOSURE. I HAVE THE MONEY TO MAKE MY REGULAR MORTGAGE PAYMENTS AGAIN, BUT THE BANK WON'T LET ME, UNLESS I PAY ALL MY ARREARS FIRST. CAN BANKRUPTCY HELP SAVE MY HOME ?

While every situation is different, a Chapter 13 Bankruptcy is usually quite effective for situations where you've fallen behind on your mortgage or other debt payments due to a temporary setback, such as loss of employment or illness, which has since been resolved.
For example, if you are a year behind on your $1,500.00 monthly mortgage payments (i.e., $18,000.00 in arrears), but are now able to resume making regular mortgage payments, then Chapter 13 Bankruptcy can help save your home.
In a Chapter 13, the foreclosure, and even a Sheriff's Sale, will be STOPPED, while you are allowed an opportunity to structure a court monitored re-payment plan which would have you fully caught up on your arrears in a 3-5 year period, while making all of your future payments going forward.
In a Chapter 13, you may even be able to eliminate or reduce some of your other debts or even completely eliminate a second or third mortgage, if you qualify.
Even if all is not well again in your life, financially speaking, Chapter 13 may afford you the opportunity to re-organize your debts, while saving your home at the same time.
Let us examine your particular situation, FREE OF CHARGE, to properly advise you of your available options.