You CAN SAVE A HOME from foreclosure.
Many times a month, we save a home from foreclosure by filing chapter 13 bankruptcy here in Houston, Texas.
Why is chapter 13 bankruptcy such a good tool to save a home? In Texas, homes are put up for sale in a a foreclosure auction the first Tuesday every month. Many homes are held in a deed of trust. Court proceedings are not needed to put a home up for foreclosure.
Here in Texas a homes generally are held by a Trustee and that Trustee is able to move fast to put a home in foreclosure. All it requires is proper notice. Your home could possibly be up for foreclosure 60 days from when you fell behind on the home loan.
Because a home may be up fro auction in 60 days, you do not have much time to try the non-bankruptcy options. Always understand: Bankruptcy will always save a home from foreclosure. Chapter 13 bankruptcy what we use to pay back the mortgage arrears. Not only will the Chapter 13 halt the sale, it allows you to pay back the mortgage arrears over 36 to 60 months. The money is paid back with no interest and a bankruptcy trustee handles your monthly mortgage payment.
In Houston, once your payment plan is filed with the Bankruptcy Court, your mortgage lender will start receiving the ongoing monthly home payment. In addition you will pay the Bankruptcy Trustee an extra amount each month that pays back the mortgage arrears owed on the house. If you remain current with the monthly payments, your mortgage lender leaves you alone which allows you to bring the home loan current.
You do not have to being your loan current in just a few months. You are allowed to take up to 5 years (or 60 months). You also can pay off your truck or car in the plan. If you have a high interest rate, this is very helpful because here in Houston, the car or truck is paid back at 5.25% interest. You can also pay IRS debt with NO INTEREST and NO PENALTIES. If you have a small business and owe the IRS, this is very helpful. Much like a Chapter 7 bankruptcy, you could discharge unsecured debt as well. You typically pay just a few pennies on the dollar on your unsecured debt. But remember, that some unsecured debt like child support or student loans are not discharged.
When your bankruptcy payment plan is done, 1) your home loan is current, 2) your car or truck is paid, 3) your past due taxes are paid or discharged, and 4) the rest of your unsecured debt is discharged. For many people it means you are COMPLETELY DEBT FREE except for your home.
While in Chapter 13 bankruptcy, you have an attorney that protects you and helps with any issues that arise. You have bankruptcy law and bankruptcy rule to protect you every step of the way. You have a chapter 13 bankruptcy trustee who monitors your case, pays your debts and accounts for all it if there are any disputes down the road. Finally, you have a bankruptcy Judge who makes sure all of your creditors follow the bankruptcy laws and bankruptcy rules and makes sure you receive your due process.
If you need to save a home, do not wait. If time is short, we can stop the sale even that SAME DAY. You should seek the counsel and advice of trusted bankruptcy counsel to assist you in saving your home in bankruptcy.
Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at firstname.lastname@example.org.
We provide bankruptcy services in the greater Houston metro area including the cities of Katy, Sugarland, Pearland, Friendswood, Clear Lake and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.
We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton