I just finished meeting with a charming, vibrant client. She lives alone, works at a hospital, and is several months behind in her mortgage payments. Unfortunately, she has no way to catch up on these payments. Despite this, the mortgage company has not yet begun foreclosure proceedings.
Getting to Work
Rather than wait until the foreclosure began, she came to us right away, and we are going to put her in a Chapter 13 reorganization plan to pay off those back payments over the next five years.
When we met to discuss her situation, it was pleasant and not very long. We are getting to work on her case immediately and there are advantages in doing that.
Advantages
- She doesn’t have to worry about a foreclosure. The filing of the Chapter 13 bankruptcy prevents the mortgage company from moving forward.
- In this case, she has a reasonable interest rate and no other reason to modify her mortgage, as the payments under her Chapter 13 payment plan are affordable. She didn’t have to wait months to see if she was offered a modification from the mortgage company or if it would be accepted, all the while falling further behind in her payments.
- Most importantly, she was able to save on attorney’s fees, sheriff’s costs, and all of the other foreclosure costs, sometimes climbing into the thousands of dollars, by filing quickly. Who wants to pay the mortgage company more than they are owed?
This is a good example of why it's a good idea to contact us sooner rather than later. Hoping the situation will magically work itself out will lead to delays that might cost you thousands of additional dollars while the mortgage company decides your fate. By considering a Chapter 13 bankruptcy, you will get definite results, and get them fast. Contact us today to schedule a free consultation with expert Pittsburgh bankruptcy lawyers.
