There are a few things that everyone in Pennsylvania needs, and one of those is keeping a roof over your head. You probably felt like you were securing that need when you purchased your home. Now that you are facing foreclosure, your biggest priority should be saving your home. Bankruptcy tends to be depicted as a pretty negative process on TV and in the movies, so you might not understand that filing for bankruptcy is one of the best options for stopping foreclosure.
It is very easy to find yourself buried underneath debt, and it is even harder to dig yourself out. Your lender could already be foreclosing on your property by the time you realize how many monthly payments you have missed. But if you choose to file for Chapter 13 bankruptcy, your lender will have to at least temporarily stop pursuing this action.
This is because Chapter 13 gives you another chance to pay off your debts, including your mortgage. You will have to make a payment plan that reorganizes your debt, which will take anywhere from three to five years to pay off. It is possible to pay less or possibly eliminate other debt to make catching up on mortgage payments more feasible. Your repayment plan, which must first be approved by the bankruptcy court, could also eliminate your second mortgage.
Just because you are delinquent on your mortgage payments does not mean that there is no hope, so do not give up on saving your home. However, you might feel reluctant to consider bankruptcy if you have only ever heard negative things about the process. If you are serious about finding a way to keep your home, you can visit our website to learn more about the benefits of filing for Chapter 13 bankruptcy in Pennsylvania.