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JP
JP, Attorney
Category: Bankruptcy Law
Satisfied Customers: 109
Experience:  Represented creditors and individuals in bankruptcy and consumer matters.
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I am considering Bankruptcy chapter 13 . But I would like to

Customer Question

I am considering Bankruptcy chapter 13 . But I would like to handle it without going bankrupt. Are there options out there?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  JP replied 8 years ago.

Here are some options you can consider:

 

  • Project HOPE: By calling 1-888-995-4673, you may find that you qualify for an FHA federal refinance program which could buy you more time to find a new buyer.
  • Deed in Lieu of Foreclosure: This is an alternative that will allow the homeowner to simply give the property back to the lender and be able to leave the property behind without having a foreclosure on your credit. You will have to request this alternative. Most mortgage companies are not going to voluntarily let you know this option exists. The only downside with this alternative is that the mortgage company must be in agreement in order to execute the deed in lieu of foreclosure.
  •  

    I hope you found this information helpful.

     

    Best Regards.

    Customer: replied 8 years ago.

    I have already contacted the mortgage companies about modifying the mortgages. Since the house we planned to sell is now rented...Deed in Lieu is not an option.

     

    What I was getting at is there an alternative to Bankruptcy to buy me time?

    We have credit cards, auto loans, and medical bills.

    Expert:  JP replied 8 years ago.

    You can try the court system. A temporary restraining order can be used to stop a foreclosure or any other action if you can show the court that you are entitled to the temporary protection from whatever action you are trying to prevent.

     

    I hope you found this information helpful.

     

    Best Regards.