If my husband and I are considering bankruptcy, is any way possible to keep our home?
Question Details: We are currently 4 months (almost 5) behind on our mortgage. My husband was laid off for several months and our mortgage got behind. We are trying to catch it up but it seems nearly impossible. He tried for a loan modification and was turned down. They said he didn't bring enough income in. We have 3 kids at home and we are terrified we will lose our home.
Timothy Trott / Law Office Of Timothy J. Trott
Answered 5 months ago
This attorney is licensed in Pennsylvania
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Chapter 13 bankruptcy is a chance for you to stop any pending foreclosure proceedings, while catching up on your mortgage payments. It involves setting up a plan by which you make your monthly regular mortgage payments, while paying the arrearage off over a 3-5 year period. It is court supervised and keeps the bank off your back.
