Help! I Can't Pay My Mortgage

This blog is about what you can do if your mortgage or rent payments are behind.

Do you own or rent?  It does make a difference whether you rent or own your home.  If you rent, the landlord can get an eviction notice and evict you in just a few weeks.  If you own your home, that is, if you have a loan against it, the bank cannot foreclose for almost four months—110 days minimum. 

The reality is that landlords and banks rarely want to evict or foreclose.  They will frequently allow you to get several months behind before they take any action against you.  But, sooner or later, you either pay or move.

So, what can you do?
You can fight, which is usually a losing process and only delays eviction. 
You can move, but you will still owe the back rent and maybe the mortgage.
Or, you can file bankruptcy.

Once you move, a Chapter 7 will discharge, a fancy word for get rid of, your back rent.  However, for most people, a Chapter 13 is better option.  It allows you to get back on your feet financially and to repay the back rent or mortgage over a five-year period.  And you can’t be kicked out while you do this.

Most people who are behind on their rent or mortgage are also behind on other bills, like credit cards or taxes.  Bankruptcy can help with those things, too.

Please call me at (805) 446-6262 and we will talk about how to keep you in your house.