Under existing law, a Chapter 13 Bankruptcy Petition can be used to cure a default in a mortgage. A plan can be proposed to get caught up on your payments over a 3 to 5 year period. In most circumstances, the law does not permit the court to change the basic terms (amount due, and interest rate) of a residential mortgage. A proposed change in the law did not pass the Senate.
In some circumstances, a second mortgage can be reduced or avoided in Chapter 13.
If you would like to schedule an Appointment to discuss your situation, please call our office at 695-5518. CONTACT US
