Options for Avoid Foreclosure in Chandler, AZ

by | Oct 20, 2016 | Lawyers

Buying a home is a dream many Americans share. People work hard for years to save enough money for a down payment and improve their credit score so they can qualify for a mortgage. Unfortunately, many people don’t anticipate a job loss or other financial hardship that could limit their ability to pay their home loan. These types of financial problems may cause a family to lose the home they worked so hard to acquire to Foreclosure in Chandler AZ, but they don’t have to accept that fate. In fact, families who are able to overcome their hardship may be able to keep their house through Chapter 13 bankruptcy.

An experienced bankruptcy attorney may be able to work out a plan to help a client repay the arrears on their mortgage as well as the make the current payments so they can avoid Foreclosure in Chandler AZ. Although adhering to a bankruptcy payment plan might require cutting back on luxuries, if it is completed, the family will be able to keep their home and get their mortgage out of arrears. Most bankruptcy payment plans are set up to allow families to pay off their debts over three years. Some people are eligible for five-year payment plans. The extended time frame could help people get their finances under control so they don’t run into the same problems in the future.

Bankruptcy could help a family resolve more than their defaulted mortgage loan. It’s possible to include other secured and unsecured debts in a bankruptcy filing. If the court accepts the plan, these debts may also be paid over time and, potentially, at a lower interest rate than the original loan. This could help a family pay off their debts much more quickly. Instead of taking a decade to pay off a large credit card bill, it might be repaid in just a few years with Chapter 13 bankruptcy.

Waiting until it’s too late to stop the foreclosure will only result in losing the house. Families that want to explore their options should Click Here as soon as they realize they are in over their heads. It is often possible to stop foreclosure, but families have to act quickly.

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