Foreclosure is a scary process for homeowners. You do all you can to protect your home and work towards paying it off. Unfortunately, issues can arise and cause you to fall behind on your payments. When you get behind at least three payments, your mortgage holder can begin the process of foreclosure. Many homeowners lose their homes to foreclosure each year. Fortunately, there is help available for Foreclosure in Chandler AZ. Meeting with an attorney is the first step you need to take in saving your home.
Chapter 13 is the ideal option for avoiding an impending foreclosure. This type of bankruptcy can stop the foreclosure and allow you to keep your home. Chapter 13 is perfect for those with secured debts, like mortgages. When you first meet with your attorney, you need to make sure you bring in information on your income, assets and debts. The attorney will guide you in filing your bankruptcy papers so your home will be protected.
Chapter 13 bankruptcy lasts between three and five years. The period of time you are given will depend on the amount of debt you owe and your income. Through chapter 13, you will pay a payment each month. This payment is handled by a trustee of the court. The trustee works to distribute the money and pay down your debts each month.
It is your responsibility to keep your current mortgage payments paid on time. It is also important you are able to pay off any payments that are past due. During the bankruptcy period, your mortgage holder cannot pursue you or foreclose on your home. As long as you are paid up on your mortgage by the end of your bankruptcy period, you will no longer be in danger of losing your home.
If you are looking to avoid Foreclosure in Chandler AZ, Click Here and visit . Allow them to schedule you a consultation appointment so you can learn how bankruptcy can help you keep your home. There is no reason for you to face foreclosure alone when there is help to be found. Call today and get started.
