A reaffirmation is an official way to “reobligate” yourself on the loan. This involves the lender sending us a reaffirmation contract to be signed by you.
Save Your House with Chapter 13 Bankruptcy
If you’re behind on your mortgage payments and want to know how to save your house from foreclosure, call Atlas Law Firm today. A chapter 13 bankruptcy can stop the foreclosure sale and suspend your creditors from demanding immediate payment of the amount you’re behind on. Under chapter 13, you propose a payment plan to the court over 3 to 5 years depending on what you qualify for. For example, if you’re $15,000 behind on your mortgage, you can propose a payment plan to the court in which you pay $250.00 each month for 5 years to bring that amount current. You must pay each new month’s mortgage payment as it comes due. There are some restrictions on chapter 13 plans, but they can be very powerful tools. Mike has even had success getting second mortgages stripped off of homes in chapter 13 bankruptcies. To learn more about how Mike can help you, call us today or schedule a free consultation.
Chapter 13 is essentially a payment plan that you organize through the court system. Think of it as a consolidation loan with teeth.
There are 2 things you must do after your case is filed: (1) attend the meeting of creditors (aka the 341 hearing); and (2) complete a debtor’s education course via phone within 75 days from the date your case was filed. The 341 hearing is sometimes referred to as the meeting of creditors because your creditors can attend the meeting and ask you questions about the information contained in your petition.