Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
A Chapter 13 bankruptcy would immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.The Chapter 13 bankruptcy may also be used to strip away a 2nd mortgage if the first mortgage equals or exceeds the value of the property.
In order to save the house the Chapter 13 must be filed prior to the foreclosure sale. It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.
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