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Has the foreclosure process already begun? More than likely, you were only a few months behind when your mortgage company filed for foreclosure. Is it impossible to catch up now that they have added attorney’s fees, late fees and miscellaneous fees you have never heard of? Even when you try to make a payment, they just send it back to you? The mortgage company won’t stop the foreclosure until you pay in full?
You may be ready to give up hope, thinking there is no way you are going to catch up, but a Chapter 13 allows you to spread out the amount that you are behind over three to five years.
A foreclosure is a serious proceeding, ending with the sale of your home. The amount it is sold for is deducted from what you owed on the house, and you are then responsible for the remaining balance. In a great number of cases, the mortgage company will waive this deficiency balance in order to foreclose on your home faster. However, this does not relieve you of your debt on a second or third mortgage.
If you decide to let your house go, you may need to file a Chapter 7 Bankruptcy. Contact Attorney Amy Truran for an evaluation of your particular circumstances. A Chapter 7 could buy you a little more planning time, and eliminate any deficiency balance.