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Falling behind on a mortgage

There are many events that could lead to Virginia homeowners being unable to make mortgage payments. However, they might not know what to do when falling behind on payments. A house is a secured debt, so payments must continue when staying in the property. If foreclosure is possible, a homeowner needs to act promptly and take the threat seriously.

To stop a lender from continuing the foreclosure process, getting debt restructured is one option. This could be possible when filing for Chapter 13 bankruptcy. This might allow past due amounts to be paid over a period of three to five years while staying current with future payments. If there is no other way to restructure a secured debt, this form of bankruptcy may be the best option. However, it is important to consider what bankruptcy would mean for every individual and his or her situation.

Bankruptcy is often not about outright removing debt but is a means for people to keep repaying their debts in a more affordable manner. Personal bankruptcy filings in Texas in 2015 consisted of 30 percent more Chapter 13 cases than other types of personal bankruptcy. This indicates that people are trying to keep paying their obligations.

Car loans, mortgages and other secured debts need to be paid for so that the underlying property can be kept. Taking action is important to stop foreclosure, so a homeowner may need to consult with an attorney when continuing to make house payments becomes difficult.

When people have other obligations that need to be addressed in addition to a mortgage, an attorney could suggest ways to reorganize multiple debts. Every situation is different, but Chapter 13 bankruptcy does give debtors the chance to protect property and eliminate hassle from creditors.

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Bowen Ten Cardani, PC

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