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In Chapter 13 a plan outlines how the debtor will pay creditors over a three to five year period.
Only a Chapter 13 can stop a creditor from foreclosing on a delinquent debtor over a period of years.
With a debt consolidation home loan you are able to consolidate each of your high interest credit cards, as well as your consumer loans, into one inexpensive and affordable monthly payment with low interest.
We specialize in helping you get control of your finances and your mortgages with simple common sense home mortgage loans and solutions.
This method allows all parties to make the most of a bad situation and therefore it’s favored over the other options when possible.
A foreclosure workout on property may take one of the following forms: Filing for Chapter 7 or Chapter 13 bankruptcy protection sometimes paves the best path for debtors to retain their houses and deal with their creditors.
Most ways to stop a foreclosure come up as subcategories of these main groups: Let’s broadly define a foreclosure workout as any arrangement negotiated with a creditor outside of the original terms of the loan.Another possible advantage is that interest you pay on your equity debt consolidation loan may be tax deductible.Normally, if you add your first mortgage to a new debt consolidation loan, and the total does not exceed 100% of the appraised value of your property, the interest you pay will be fully deductible.For a Chapter 13 to work payments under the plan must be kept up or the court protection will evaporate and the house will go to foreclosure.Use our chapter 13 bankruptcy payment calculator to estimate if you can afford a chapter 13 bankruptcy to stop your foreclosure.