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Fort Worth Bankruptcy Attorney

Stop Foreclosure

Individuals may use a chapter 13 proceeding to save their home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as the individual files the chapter 13 petition. The individual may then bring the past-due payments current through a Chapter 13 Plan over a three to five year period. You must file the Chapter 13 case BEFORE the mortgage company completes the foreclosure sale under state law; otherwise, the Chapter 13 filing will be ineffective to stop the foreclosure.

The underlying mortgage is not affected by the bankruptcy filing. After filing a Chapter 13 bankruptcy, the debtor must make their mortgage payments beginning with the next payment which comes due after the case is filed. Each mortgage payment made after the bankruptcy is filed should include only the current principal and interest and current property tax and homeowner's insurance escrows, if any, and is paid directly to the mortgage company. A separate payment is made to a Chapter 13 trustee to catch up payments which were in arrears as of the date of the Chapter 13 case filing. The mortgage arrearage payments do not bear any interest.

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Patrick D. West Law Firm, P.C.
4420 West Vickery Boulevard
Suite 100
Fort Worth, TX 76107
Phone: 817-332-2600
: 817-989-6554
: 817-953-2792
Fax: 332-260-5817

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