No one wants to be at risk of losing their home. Unfortunately, some Tennessee residents may face foreclosure if they fall significantly behind on their mortgage payments. In these cases, individuals may wonder if there are any options to stop such action from taking place. Luckily, individuals who qualify may be able to file for Chapter 13 bankruptcy in order to protect their homes from foreclosure.
Missing payments does not necessarily mean that individuals do not want to make the payments or are hoping to avoid paying off debt. Some parties may fall on hard times due to job loss, medical expenses or other financial blows. If a foreclosure notice has been served, individuals may wish to explore their options in a timely manner before foreclosure proceedings are set in motion.
Chapter 13 bankruptcy may allow individuals to create a court-approved repayment plan. Rather than simply losing their homes, individuals may be able to repay the owed money over an extended period of time rather than having to make a lump sum payment. In many cases, parties may be able to protect their homes from foreclosure and have time to right their finances in order to continue making their payments in the future.
If Tennessee residents believe that they could be at risk of foreclosure, more information on bankruptcy may be useful to them. Chapter 13 bankruptcy is a viable option for many parties that could help them save their homes. Discussing their specific cases and concerns with experienced bankruptcy attorneys could allow interested individuals to determine whether this route could fit their circumstances.
Source: yourhoustonnews.com, “Legal Line: What happens if you fall behind on your mortgage payments?“, Melissa Lanier, July 29, 2016