If my husband and I are considering bankruptcy, is any way possible to keep our home?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my husband and I are considering bankruptcy, is any way possible to keep our home?

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.

Asked on October 3, 2012 under Bankruptcy Law, South Carolina

Answers:

Timothy Trott / Law office of Timothy J. Trott

Answered 8 years ago | Contributor

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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption