Mortgage Debt Help In Chapter 13

: Chris Lee Law Firm

  Filed under: Foreclosures

Although the foreclosure crisis is slowing down, there are still many families who are or will soon be still at risk. When it comes to finding a solution to mortgage debt troubles, many lenders have been less than helpful. However, there are still ways to get caught up and save your home.

Finding Relief

Mortgage debts are one of the most stressful types of debt for families because of the threat of losing one’s home. While some lenders may be willing to offer loan modifications, not everyone is eligible for this solution due to poor credit. When financial hardships strike, many of the financial problems it causes are the same ones that would prevent someone from obtaining help directly from a lender.

Filing for Chapter 13 can help just about anyone looking to stop or prevent a foreclosure. Besides resolving debts, Chapter 13 can protect the home from being liquidated by the bank while the homeowner gets caught up on payments in a series of smaller, affordable payments. Not only will the foreclosure process be stopped, but other debts, like credit cards and medical bills, can also be resolved in Chapter 13; leading to a debt free future.

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