How Can I Get Up to 5 Years to Pay My Mortgage Arrears?

Chapter 13 Bankruptcy & Foreclosure

If you’re behind on your mortgage, you’re in danger of losing your home. Unfortunately, your lender doesn’t care how you got here. It can sound cruel – especially if you just lost your job or needed to afford a serious medical treatment – but the bank's only concern is with their investment and whether or not they’re making money off of it.

If the bank is unwilling to work with you on a reasonable way to handle your mortgage arrears, it might begin the foreclosure process. If you haven’t already, this is when you must act to defend your home! It’s not only possible to stop foreclosure once the process has begun, but you can also buy yourself up to five years' worth of time to get current on your mortgage balance!

The Automatic Stay

When you file for any kind of bankruptcy, the court will issue an “automatic stay.” This is legal protection against creditor collection actions, including foreclosure. The great thing about the automatic stay is that it not only prevents foreclosure from the beginning, but it can also freeze any foreclosure proceedings already underway.

The reason why homeowners should specifically consider Chapter 13 bankruptcy is that it can give them an opportunity to catch up on their mortgage arrears Typically, Chapter 13 repayment plans last three to five years, during which the borrower is obligated to make pre-determined payments on time and in full. This allows the borrower to pay off all the arrears over 5 years, as well as a lot of other types of debt.

How the Denton Law Group Can Help

If you are at risk of losing your home, immediately contact Denton Law Group for help. Our firm can assist clients with emergency filings to prevent or stop foreclosure as soon as possible. By filing for Chapter 13 bankruptcy, you can gain valuable time to pay off mortgage arrears that have weighed you down for so long.

If you’re qualified, no upfront fees for our legal assistance are required. For more information, contact Denton Law Group online.

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