If your home is about to be foreclosed or if you’re already in the foreclosure process, bankruptcy may be an option for you. In almost all cases, filing bankruptcy will stop the foreclosure process. More importantly, by filing a Chapter 13 bankruptcy you have a chance to cure past due payments and reinstate your mortgage.
If you have more than one mortgage on your home, you may be able to get rid of – or strip – the second or third mortgage from your home. Home equity loans are often secured by mortgages on your property. Once a mortgage is stripped from your property and you complete your bankruptcy case, you will not be required to pay any money to that creditor because that debt will be discharged with all other debts.
If you want to learn more about curing your home mortgage payments or stripping mortgages from your home, call the Bankruptcy Bodyguard and we can discuss your options with you.