“Mr. Petrowsky
My neighbor gave me your contact information. In 2020 and 2021 I was in forbearance and when this period was over the mortgage company contacted me, as to when I could bring the loan current. When I spoke to the servicer, they indicated that the payments missed would be added to the end of the loan, apparently not the case. They are starting a foreclosure, have spoken to the law firm and they basically said there was nothing they could do and told me I should work on refinancing. Can you help me? Barry XXXXX”
Unfortunately, a refinance is not possible at this time. I referred Barry a bankruptcy attorney to file a chapter 13, which would stop the foreclosure.
The chapter 13 allows for him the file a repayment plan with the court. Basically, the repayment plan would take the mortgage arrearage, plus any other debts that need to be included in the plan. Normally these plans are a payback between 48 or 60 months.
Also, if the plan is accepted by the court, the person needs to resume making payments on the original mortgage.
Here is the best part of going this direction, I can refinance the original mortgage and the remaining balance of the chapter 13. This can be accomplished after 13 on time payments. The chapter 13 payments are normally pretty hefty so the sooner a refinance can get accomplished, the better!
If you or someone you know needs my help, give me a call.
Comments(2)