Under a Chapter 13 payment plan you have much, much more time to catch up on both unpaid mortgage payments and property taxes.
Last week we wrote a blog post that listed 10 ways Chapter 13 helps you keep your home. Here’s the first of those ways it can help:
1. Gives You More Time to Catch up on Unpaid Mortgage Payments
Chapter 7 usually gives you a very limited amount of time, usually a year at the most, to catch up on your mortgage loan. In contrast Chapter 13 often gives you years to catch up. This can greatly …
Here are 5 more tools that Chapter 13 gives you to solve particular challenge to keeping your home.
Here’s a summary of today’s blog post:
Adding to the 5 tools in our last blog post, today’s 5 include: 6) protecting your home equity if it’s greater than the homestead exemption, 7) giving you much more time to live in your home before selling it, 8) dealing effectively with child/spousal support liens against your home, 9) resolving an income tax lien on dischargeable income taxes, and 10) preventing foreclosure from overdue property taxes.
6. Avoid a Chapter 7 …
If you qualify in Utah, stripping a junior mortgage from the title to your home could make it worth saving while making it possible to do so.
In this “Making Sense” series, we’re helping you understand bankruptcy by explaining each of its important concepts through a single sentence. But this concept of mortgage stripping will take two sentences, one to show the huge benefit of stripping your second (or third) mortgage, and the second to explain how to qualify for this mortgage strip.
The two sentences:
If you qualify for removing (stripping) your second or third mortgage from your home’s …