Q: I am in danger of being foreclosed on my home & I have 2 liens against my house. Should I file bankruptcy to save house?
My mortgage company said I need to satisfy the liens before they can even consider a modification. It totals about $6,000 but I don't have that kind of money right now. I am permanently disabled & my husband had lost his job in June of 2009 & is still trying to find another.I have been fighting with my mortgage co for 2 years+ now & still can not get a modification. Meanwhile, they have stopped accepting my payments after I had fallen behind. I was 2 months in past due. Will Chapter 13 help save my house & help pay with some debtors I have fallen behind in payments with?
A: Chap 13 will freeze all the debts and you can tote them up and pay a percentage off ove 3-5 years. And based on your income situation, you might qualify for a Chap 7. Howver, under a 13, you have to pay off the arrears AND stay current on your mortgage. If you are having a hard time doing that, a 13 might delay the inevitable only. You have to seriously think whether the house is worth saving.
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