Bankruptcy Home Loan Saved Only Through Chapter 13
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Larence Hubert
May 6, 2013, 11:20:05 AM5/6/13
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Please consider this free-reprint article written by:
Larence Hubert
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Article Title: Bankruptcy Home Loan Saved Only Through Chapter 13
Author: Larence Hubert
Word Count: 540
Article URL: http://www.isnare.com/?aid=219773&ca=Finances
Format: 64cpl
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In cases of homeowners filing a Chapter 7 bankruptcy, most likely they are going to lose their home. The court typically will order the home sold with the proceeds going to the lender holding the mortgage and, if there is anything left over, the money would go to secondary lenders involved in any claims against the debtor.
Many times when people are behind in their mortgage payments as well as many other debts they may hope to reclaim their finances by filing for Chapter 13 bankruptcy. They, with the help of an attorney, can file a payment plan with the federal bankruptcy court to pay off their creditors over a period of three to five years. Under this plan they may keep their home, car and other items held as collateral on the loans.
However, the only amounts placed into the court payment plan are past due payments. The petitioner will still have to make the regular payments on the home loan while paying off the past due payments to maintain possession. If they default on the payment agreement through the court, the home will go into foreclosure and the individual will usually end up filing for Chapter 7 bankruptcy relief.
However, the payment plan submitted to the court in a Chapter 13 bankruptcy filing will not be approved unless the petitioner shows that they have sufficient income to make the payment to the court trustee every month while still paying for all other approved living expenses. Failing to show that, the individual may be advised by their attorney to consider Chapter 7.
Even after filing for bankruptcy, mortgage loan companies may still seek you out and court you with attractive sounding offers. Too many times an individual may fall for their advertised rates only to realize � in the aftermath � that they have just committed to a loan with highly dangerous terms which, if not gotten rid of in time, may quite possibly lead them into a financial situation direr than the one they just left behind.
What makes debtors so attractive after bankruptcy, mortgage loan companies openly confess, is that this is an underserved market of individuals who are eager to once again get on their feet and redeem themselves in their own eyes and in the eyes of society. A home purchase is of course the ultimate status symbol in this regard, and it is therefore not surprising to find that many a fresh baked �new starter� is home shopping.
Yet what these individuals fail to notice is the fact that in spite of their best intentions they are falling victim to loan schemes with sky high interest rates, steep prepayment penalties, frequently adjustable rates, and overall will also be saddled with the necessity of paying high lender fees. Too often they may find themselves in a great spot financially, only to see their new vantage point slipping away when adjustable rate mortgages adjust and balloon payments come due. Therefore it is wise to read through the offer in its entirety and � if the mortgage terminology sounds like a technical treatise on underwater basket weaving � in case of a doubt have a trusted third party take a look at the documents.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
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Message delivered directly to members of the group:
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Please consider this free-reprint article written by:
Larence Hubert
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=219773
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=219773
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Bankruptcy Home Loan Saved Only Through Chapter 13
Author: Larence Hubert
Word Count: 540
Article URL: http://www.isnare.com/?aid=219773&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219773
Easy Publish Tool: http://www.isnare.com/html.php?aid=219773
*********************** ARTICLE START ***********************
In cases of homeowners filing a Chapter 7 bankruptcy, most likely they are going to lose their home. The court typically will order the home sold with the proceeds going to the lender holding the mortgage and, if there is anything left over, the money would go to secondary lenders involved in any claims against the debtor.
Many times when people are behind in their mortgage payments as well as many other debts they may hope to reclaim their finances by filing for Chapter 13 bankruptcy. They, with the help of an attorney, can file a payment plan with the federal bankruptcy court to pay off their creditors over a period of three to five years. Under this plan they may keep their home, car and other items held as collateral on the loans.
However, the only amounts placed into the court payment plan are past due payments. The petitioner will still have to make the regular payments on the home loan while paying off the past due payments to maintain possession. If they default on the payment agreement through the court, the home will go into foreclosure and the individual will usually end up filing for Chapter 7 bankruptcy relief.
However, the payment plan submitted to the court in a Chapter 13 bankruptcy filing will not be approved unless the petitioner shows that they have sufficient income to make the payment to the court trustee every month while still paying for all other approved living expenses. Failing to show that, the individual may be advised by their attorney to consider Chapter 7.
Even after filing for bankruptcy, mortgage loan companies may still seek you out and court you with attractive sounding offers. Too many times an individual may fall for their advertised rates only to realize � in the aftermath � that they have just committed to a loan with highly dangerous terms which, if not gotten rid of in time, may quite possibly lead them into a financial situation direr than the one they just left behind.
What makes debtors so attractive after bankruptcy, mortgage loan companies openly confess, is that this is an underserved market of individuals who are eager to once again get on their feet and redeem themselves in their own eyes and in the eyes of society. A home purchase is of course the ultimate status symbol in this regard, and it is therefore not surprising to find that many a fresh baked �new starter� is home shopping.
Yet what these individuals fail to notice is the fact that in spite of their best intentions they are falling victim to loan schemes with sky high interest rates, steep prepayment penalties, frequently adjustable rates, and overall will also be saddled with the necessity of paying high lender fees. Too often they may find themselves in a great spot financially, only to see their new vantage point slipping away when adjustable rate mortgages adjust and balloon payments come due. Therefore it is wise to read through the offer in its entirety and � if the mortgage terminology sounds like a technical treatise on underwater basket weaving � in case of a doubt have a trusted third party take a look at the documents.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219773
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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