Save Your Home



A Chapter 13 reorganization Bankruptcy is a very effective tool for financially distressed home owners during this current housing crisis. Filing for Bankruptcy under Chapter 13 stops lenders from foreclosing and gives you the time you need to repay mortgage arrears. Once our office files a Chapter 13 Bankruptcy Petition on your behalf an automatic stay goes into effect and your lender is forced to stop a foreclosure sale of your home. In addition to stopping a foreclosure sale filing for Chapter 13 may eliminate your 2nd Mortgage.


HOW CAN YOU GET RID OF YOUR 2nd MORTGAGE?

Home values have been going down in the San Diego area for the past several years. If your home is currently worth less than you owe on your first mortgage, you may be able to eliminate your second mortgage (and third if you have one) through a Chapter 13 Bankruptcy. An additional benefit of Chapter 13 Bankruptcy is that it can help you to reorganize your tax debt, credit card debt, medical bills, vehicle loans and more into one monthly payment.

In a Chapter 13 bankruptcy where the home is worth less than the first mortgage, the judge can order your second mortgage lien “stripped” and the bank that holds your second mortgage now becomes an unsecured creditor. Call our office to find out if filing for Chapter 13 Bankruptcy could eliminate your second mortgage and at the same time reorganize AND consolidate your credit cards and other debts into one low fixed monthly payment.

If you are considering walking away from your house because you do not have any equity in the property, this might be your chance to keep your home and rebuild equity.



ALREADY IN A LOAN MODIFICATION BUT STILL HAVE A SECOND MORTGAGE?
We can still do a Chapter 13, possibly get rid of your second mortgage and at the same time, consolidate your debts together giving you one low fixed monthly payment.

LOAN MODIFICATION
Did you know that taking money up front for a loan modification is ILLEGAL? Do not give money to a company that promises to do a loan modification.

Very few loan modifications are successful. The truth is that banks have little incentive to reduce the amount you owe on your mortgage or to lower the interest rate on your loan. Most banks would rather let you fall into foreclosure so they can sell your home for today's value and get it off of their books. Many people who were approved for loan modifications are already in default on the terms of the modification.

Click link for printable .PDF from the National Consumer Law Center's "Outlook" Newsletter discussing why Foreclosing is better (CHEAPER) for the banks than helping their customers with a Loan Modification.



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