Can I Keep My Home in Bankruptcy?
If you can afford your mortgage payments going forward and it makes sense to stay in your current loan you can probably keep your home in a bankruptcy
If you are a renter and behind in rent, you also may have options to stay in your current home.
Falling property values and abuses in the subprime lending market have created situations for many people where their mortgage balances exceed the value of the property and their housing payments are unrealistically high. In short, you may owe more than your home is even worth. You may also have a mortgage payment that takes up most of your monthly pay, leaving you with no money to put food on the table.
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king the decision to file for bankruptcy provides you with the opportunity to choose between continuing to live in a property that you can afford or establishing your home in some new property that is more financially manageable to you. It is important that you get good advice and make a good long-term decision at this important planning moment.
You may have the option to:
- Cure your mortgage arrearage in a Chapter 13 bankruptcy to get yourself back in good standing; or
- Reaffirm your mortgage in a Chapter 7 bankruptcy or continue to pay your mortgage as originally agreed
There may also be other options. The decision on what to do about maintaining a home is usually the hardest decision to make for a person facing bankruptcy. It is important to get good legal advice on this issue and to make a sound, long-term decision on what is in the best interest for you and your family. Let me help you through this difficult process.
During an initial no cost, no obligation meeting I can give you an analysis of your situation to help you make a good decision. Sign up today!
