It has been reported that 1 in 7 homeowners predict that they might not be able to make their mortgage payments. This is a shocking and dismal statistic that is ignored by our country’s leaders. Nothing is being done to help homeowners, PERIOD.
If you are a distressed homeowner, you are on your own in this battle, but you don’t have to go it alone. So what can you do to protect yourself? Well, the good news is that you’re already doing it.
You are scouring the internet for information, and you’ve found one of the best sources available to you. Smith & Weer, P.C. has been providing Debt Solutions to clients in Central Illinois for 50 years.
There are ways to combat foreclosure. For instance, Chapter 13 bankruptcy permits a debtor to cure a delinquent mortgage payment over a period up to five years in length. Typically, a debtor proposes a plan to repay, or cure, the arrearage in equal monthly payments during the life of the plan. Some plans might involve staggered payments, eventually paying off the delinquency by the end of the plan.
While the debtor is in Chapter 13, the debtor is obligated to honor all terms of the mortgage, including the timely payment of future monthly mortgage payments, maintenance of insurance and payment of real estate taxes. A debtor who successfully completes a Chapter 13 plan can emerge from bankruptcy in good standing on the mortgage.
Naturally, after bankruptcy, the debtor is obligated to continue honoring the mortgage terms and to timely pay all future payments.
Whatever you do, don’t give up! You are not alone. Call Smith & Weer, P.C. today. We can help!
