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Chapter 13 is not the answer
California foreclosure
This an actual request from a client
“We have been unable to make payments due to medical issues. Then we tried to file chapter 13. We then dismissed this case in only 2 months time. Since then we have tried to work with a third party to purchase our home and then sell it back to us. The mortgage company will not settle for a reasonable amount. They feel we can work out a forbearance agreement, but we do not have a down payment to get us there. They say with all fees we are $40,000 behind. They want $20,000 down. We couldn’t even give $5,000 down. I am interested in a loan modification, but they will not work with me. Do you think you can help?
We can definitely help in the situation. Our clients typically will need to come up with 25%-30% of the delinquency… in this case since the reinstatement quote is so high it would be easy to get them to accept less. Remember, they don’t want to Foreclose any more than you want them to Foreclose. Bankruptcy is never a valid option to cure a Mortgage default. Statistics show that over 80% of all Bankruptcies fail and therefore do not help you cure the Mortgage situation.
Related Entries
- Should not file chapter 13 bankruptcy? - March 1, 2007
- Bankruptcy did not stop my foreclosure - December 13, 2007
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IMPORTANT NOTICE: American Foreclosure Specialists (AFS) and our services are not approved by the government or your lender. www.afscanhelp.com is not associated with the government, nor is it a government sponsored website. To access information on government sponsored assistance, please visit makinghomeaffordable.gov. You need to know that even if you accept our offer and use our service, your lender may not agree to change your loan. Also, if you stop paying your mortgage, you could lose your home and damage your credit rating. Work Out and Loan Modification Plans vary and are dependent upon mortgage company criteria and financial information gathered as part of the efforts AFS provides. The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. AFS is neither a bank nor an attorney company. By submitting this contact request, you are consenting to be contacted by foreclosure specialists by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.