Bankruptcy News - August 2007

There has been a lot of news in the last few weeks about problems being experienced by mortgage lenders. A number of large mortgage companies are changing the terms of new mortgages, or for some companies, stopping mortgage lending entirely. The problems being experienced by the mortgage companies have occurred in large part due to individuals not having money to pay their monthly mortgage payments.

Chapter 13 gives individuals who have fallen behind on their mortgage payments a chance to catch up on their mortgage payments over a period of three to five years. If you have fallen behind on your mortgage payments or are facing foreclosure proceedings, Chapter 13 is one of the few options available to try to keep your house. It does require that you make you regular ongoing monthly mortgage payments, but the amount that you have fallen behind can be spread out (with your other debts) over three to five years. You may also have the option of surrendering the house through Chapter 7.

If you are behind on your mortgage payments and would like to try to keep your house, please call Levy Law Offices at (919) 518-9460 to learn more about Chapter 13.

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Levy Law Offices is a debt relief agency which proudly helps clients file for bankruptcy relief under the United States Bankruptcy Code.