Mark T. Young & Associates
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A Chapter 13 bankruptcy may save your home from foreclosure

When you purchased a home here in Hixson, you intended to make your mortgage loan payments on time. Then, you suffered some sort of financial calamity that made it impossible to meet the demands of your creditors, let alone your mortgage lender.

As you got more behind on your payments, you may have attempted to work something out with your lender, but to no avail. Now, you face foreclosure, but you don't want to lose your home. The good news is that your lender won't get the authorization to sell your home overnight. You have time to determine what debt relief option will work best for you.

Have you considered filing a Chapter 13 bankruptcy?

If you are like many people, you have tried everything short of filing for bankruptcy in order to stop the foreclosure process. Moreover, like many other people, if you are behind on your mortgage loan payments, you may feel as though you are drowning under your debts. The essentials, such as housing, electricity and food, are often the last things that people realize they can no longer pay.

Therefore, you may be readier to file for bankruptcy than you think. You need a way to stop the foreclosure process and get some relief from all of your debts, not just your mortgage loan. If you have a steady income and meet the other qualifications, you may be able to file under Chapter 13, which is the type of bankruptcy most often filed by people who want to keep their homes.

Have you considered how the automatic stay can help you?

When you file bankruptcy, an "automatic stay" goes into effect. This halts any collection efforts such as garnishments and lawsuits, including foreclosures. This means that the bank may postpone the foreclosure sale of your home, but not indefinitely. In order to proceed with the foreclosure sale, your mortgage lender will need to request that the court lift the automatic stay for the limited purpose of continuing its efforts.

While the automatic stay is in effect, you will propose a repayment plan that may include your mortgage loan. If you have the income to make up any past-due payments and keep current, your lender may put off the foreclosure sale, pending your ability to get current and continue making payments in accordance with your prepayment plan, which would allow you to keep your home.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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