How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask VanDLaw Your Own Question
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
Type Your Bankruptcy Law Question Here...
VanDLaw is online now
A new question is answered every 9 seconds

We have a home that is in the foreclosure process in ...

This answer was rated:

We have a home that is in the foreclosure process in Virginia. We would like to file Chapter 13 to stop the process, however, we used a one year hard money loan to purchase the home. The loan matured on 6/1/08. Can we reaffirm a home that does not have a regular mortgage?

Filing a Chapter 13 petition automatically stops the sale of a house in foreclosure and gives the debtor as much as five years to catch up on late payments while making current ones. Whoever is foreclosing on your home, will be stopped from pursuing foreclosure action. You won't be reaffirming you will be catching up on payments over the course of 5 years.

You need to consider whether or not you have the disposable income available to do so and have the plan confirmed by the court. You must also have steady income to show that you are able to make the plan payments.

Seek a consultation with a bankruptcy attorney to go over your situation and see if Chapter 13 is a viable option.

VanDLaw and 3 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions