Chapter 13 Bankruptcy - Save Your Home from Foreclosure

Submitted by Anonymous (not verified) on Thu, 11/21/2013 - 17:56
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(305) 891-4055 - Bankruptcy Lawyer Jordan E. Bublick has over 25 years of experience in filing Chapter 13 and Chapter 7 bankruptcy cases - 1221 Brickell Avenue, 9th Fl., Miami, Florida -  www.bublicklaw.com

Chapter 13 bankruptcy may be the appropriate solutions for many homeowners facing foreclosure of their mortgages In using chapter 13 to stop a mortgage foreclosure, certain time deadlines and special considerations are presented.  

Filing of Bankruptcy Case.

A chapter 13 bankruptcy must be filed before the foreclosure sale takes place if desire to save your real property. Under chapter 13 you are required to present a plan of reorganization. Typical solution are to a. try to obtain a modification of your mortgage, b. cure a mortgage default and reinstate the mortgage, c. avoid second mortgage if there is no equity in the property to support its lien.
Other Factors Regarding Filing of Bankruptcy Case 

The first payment under a chapter l3 bankruptcy plan is normally due 30 days after the bankruptcy case is filed.

Junior Mortgages (Such as Second Mortgages)

Junior mortgages (i.e. all mortgages besides a first mortgage) often have the right to payoff any senior mortgage (i.e. higher priority mortgages) if you are in default in order to protect their positions. Such advanced amount would then be part of the "reinstatement amount" due for such junior mortgage. This may make it difficult for you to reinstate this junior mortgage as the reinstatement amount may be a substantial sum--even when made in installments over a 3 to 5 year period.  This factor may make it wise for one with a junior  mortgage to file a chapter l3 bankruptcy case as soon as  possible and before a junior mortgage lender has an opportunity  to payoff a senior mortgage.

(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases. Bankruptcy Attorney Jordan E. Bublick has filed over 8,000 Chapter 13 and Chapter 7 cases.