Buying a home is a significant accomplishment for many individuals. However, that accomplishment is often not completely achieved until mortgage payments are completed, and unfortunately for some, falling behind on payments could cause a serious issue. If South Carolina residents miss multiple payments and find themselves owing a considerable amount, their homes could face foreclosure.
If individuals are facing such a predicament, they do not necessarily have to accept that they are losing their home. Though paying a lump sum of the total amount owed is often seen as the only option, there are other alternatives. In fact, qualifying individuals may be able to file for Chapter 13 bankruptcy in order to protect their homes from foreclosure.
Because Chapter 13 involves a repayment plan, individuals may be able to make up their missed payments over multiple years, rather than having to pay all at once. Many individuals want to repay their financial obligations, but due to unforeseen financial issues — such as sudden unemployment or a medical emergency — they may not be able to keep up as they had hoped. Luckily, bankruptcy may be able to help get them back on the right track.
If South Carolina residents are facing foreclosure, they may wish to find out more about how to potentially halt the procedure. Information on Chapter 13 bankruptcy may prove valuable in their efforts to save their homes. Consulting with experienced attorneys may also allow interested parties to gain insight into their particular predicaments and determine whether following this route could be right for their circumstances.
Source: yourhoustonnews.com, “Legal Line: What happens if you fall behind on your mortgage payments?”, Melissa Lanier, July 29, 2016