Chapter 13 with a 2nd Mortgage, Property Taxes, or Income Tax Lien
Chapter 13 can work much better than Chapter 7 if you have a second mortgage, get behind on property taxes, or have a tax lien on your home.
Chapter 7 Buys Time and Money to Move from a Foreclosing Home
Filing a Chapter 7 case stops foreclosure of your home temporarily, helping you gather funds for your transition to your next housing.
Buy Time to Get Current on Home Property Taxes
Falling behind on home property taxes creates a special problem. The tax collector will likely be much less pushy than your mortgage lender.
Catching up on Your Mortgage on Your Terms
If you've fallen behind on your mortgage, it's very hard to catch up. It may even seem impossible. Chapter 13 makes it possible.
An Example of Surrendering Your Home Later in a Chapter 13 Case
Here's an example of how Chapter 13 can allow you to hold onto your home but then change your mind about it later.
Mistakes to Avoid–Selling Your Home to Prevent Its Foreclosure
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.