Foreclosure and Chapter 13 Bankruptcy: You’ve Decided to Keep Your Home – Now What?

Learn more about foreclosure and Chapter 13 bankruptcy in Colorado.

If your home is in foreclosure and you have decided that it’s worth it to keep making your mortgage payments, there are a few options that will help you be successful in Aurora, Centennial and Littleton – read on for information about foreclosure and Chapter 13 bankruptcy.

Cure the Arrears

If you are able to “cure the arrears” on your home, you often have the right to keep it. This means you will need to pay any missed payments and fees before the set foreclosure date. Bankruptcy attorney Barry Arrington can advise you on the process. Barry may assist you in filing a notice with the Public Trustee with the intent to cure. Some of the tips that he may give you are to file a written notice and bring funds (which may be in the form of cashier’s check or certified funds) to the Public Trustee office. For more information about this process, please contact Barry.

Redemption of Your Home

If you cannot gather the funds to cure the arrears, you may have the right to pay the foreclosure sale amount after your home has sold. There will be a firm deadline to do this, so speak with an experienced bankruptcy attorney in Arapahoe County soon.

Foreclosure and Chapter 13 Bankruptcy in Littleton, Centennial or Aurora

Both curing the arrears and redeeming your home requires a lot of cash on hand, which is not a luxury most people have. So, filing a Chapter 13 Bankruptcy in Centennial, Littleton or Aurora, may be a better option. You may be able to:

  1. Keep Your Home: Filing for Chapter 13 halts foreclosure so that you can make your payments and catch up on the ones that you have missed. This sometimes happens over three to five year time period.
  2. Reduce the Amount You Owe: It depends on the circumstances, but you may be able to reduce the amount of money that you owe on your mortgage. For example, a second mortgage may be stripped off if your home is worth less than the first mortgage.

If your home is in foreclosure and you just can’t keep up with your mortgage payments, there are many options available to you, including filing for Chapter 13 Bankruptcy. Barry Arrington has proven many times that he can successfully work with clients dealing with foreclosure in Centennial, Littleton, and Aurora. Contact Barry, an experienced, trustworthy and understanding bankruptcy lawyer at 303-205-7870 (or submit the “Get Help Now” form) to request your free initial consultation.

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