BANKRUPTCY Information Central
5020 Monument Avenue, Richmond, VA 23230
Broad Street Bankruptcy Clinic
5020 Monument Avenue
Richmond, VA 23230
804-355-3303 * 804-355-5719
STOP FORECLOSURE - CREATE A PLAN TO BECOME CURRENT
BANKRUPTCY STOPS FORECLOSURE
BREATHE. Your house will be saved from foreclosure. Why? A foreclosure is a sale. Bankruptcy stops all acts creditors can take to pay themselves back. Including foreclosure.
NOW THAT THE FORECLOSURE HAS STOPPED, HOW DO I CATCH UP?
THIS is where the real power of the bankruptcy is. Bankruptcy allows us to put other debts "on hold" while catching up mortgage payements. Most Chapter 13 Plans (repayment bankruptcies) are anywhere from 3 to 5 years. So lets say you're trying to consolidate all of your debt, and your mortgage payments of $1,000.00 / mo are behind 3 months (ie: you are $3,000.00 behind); if we spread that out over 3 years / 36 months, the portion of the consolidation payment to catch up your mortgage will only be $83.00 / mo.
WHAT ABOUT A LOAN MODIFICATION?
You are absolutely allowed to partake in loan modification programs WHILE YOU ARE IN A CHAPTER 13 if you qualify. The procedure is basically the same as outside of bankruptcy. You fill out the application, engage in a three month trial period, then a Motion is filed with the bankruptcy court to approve the loan modification agreement. Loan modifications usually cure the pre-bankruptcy arrears (thus lowering your Plan payment) and usually serve to lower your monthly payments, increasing your monthly cash flow.
BANKRUPTCY LAWYERS AT ZWERDLING, OPPLEMAN & ADAMS ARE EXPERIENCED IN STOPPING FORECLOSURES AND OBTAINING LOAN MODIFCATION APPROVAL. CALL TODAY!