How to Use Chapter 13 Bankruptcy to Stop Foreclosure

Next Video:
What Happens if My House Goes Into Foreclosure?....5

Filing a Chapter 13 bankruptcy proceeding will result in issuance of an immediate stay of any foreclosure, but it will only buy time until the bankruptcy court sorts out the financial situation. Get tips on delaying foreclosure proceedings with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
Promoted By Zergnet


Video Transcript

You've recently suffered a temporary setback but it was enough to make you late with your mortgage payments and ultimately now you have fallen behind on the mortgage payments and your lender has indicated they are going to institute foreclosure proceedings against you and you've been talking with your neighbors, you've never had anyone in your family that's had their property foreclosed upon and you've heard something about a chapter 13 bankruptcy stopping the whole thing and enabling you to keep your house. Hello, I'm Robert Todd and I'm here to answer how to use a chapter 13 bankruptcy to stop a mortgage foreclosure. Well the truth be known, filing a chapter 13 bankruptcy proceeding will result in the issuance of an immediate stay of any foreclosure proceedings, but whether it be a chapter 13 bankruptcy proceeding, a chapter 11 bankruptcy proceeding or a chapter 7 bankruptcy proceeding, it's simply going to buy you some time until the bankruptcy court sorts out your particular financial situation and decides what you owe, how much you owe and what type of plan to pay back the individuals or institutions you owe. So you can delay it, but you can't stop it or prevent it. I'm Robert Todd and thank you for watching.


Related Searches

Is DIY in your DNA? Become part of our maker community.
Submit Your Work!