Stop Creditors | Stop Foreclosure

Mortgage foreclosures are sweeping across the country at a record rate. If you are facing a foreclosure, you're not alone; South-Eastern Michigan is leading the nation in active foreclosures. Adjustable rate mortgages, poor lending practices, and a weak economy have added up to a perfect storm for mortgage defaults.

Foreclosure is the legal proceeding in which a bank or mortgage lender repossesses a home due to the owner's failure to comply with the terms of the mortgage. Usually this occurs when the homeowner has fallen behind on 3 to 4 monthly payments. In Michigan, the lender must publish notice of this foreclosure action five weeks before the sale. In order to save your home, you must bring the mortgage current, enter into an agreement with the lender, or file a Bankruptcy, usually a Chapter 13 Bankruptcy. You must file the bankruptcy case before the sale date set for the foreclosure.

Category:

Education

Tags:

• Stop
• Creditors
• foreclosure
• debt
• releif
• resolution

[ckris2005]

Is the bankruptcy chapter 13 the solution for a foreclosure. As much as i know this is a temporary solution. If homeowner is behind on his mortgage in chapter 13 he will end up paying two payments. Mortgage payment and chapter 13 payment. How he will be able to afford?