Chapter 13 how to handle your 1st mortgage

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In this video, Josh Sternberg from Sternberg Law Group discusses the crucial topic of managing mortgage debt during a Chapter 13 bankruptcy. He emphasizes that when it comes to a first mortgage, the borrower must continue to make payments.

Key Points:
First Mortgage Payments: If you have a first mortgage, you must continue making payments during Chapter 13 bankruptcy. There is minimal relief available for a first mortgage.
Arrears Payment Plan: Chapter 13 allows you to spread out any arrears (past due payments) over the 60-month bankruptcy plan. For example, if you owe $30,000 in arrears, you would pay an additional $500 per month over five years to catch up.
Reorganization: Chapter 13 is a reorganization bankruptcy. If you want to keep your home, you must reorganize your debts, including the first mortgage, and commit to making payments.
Alternatives: If you can't afford these payments, other options like Chapter 7 bankruptcy or loan modifications might be worth considering. However, for Chapter 13, paying back the first mortgage is non-negotiable if you wish to retain your home.
Josh underscores that the first mortgage must be paid back during the bankruptcy period if homeowners want to avoid foreclosure and stay in their homes.

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#sternberglawgroup #foreclosureattorney #mortgageattorney #bankruptcy #loanmodification Disclaimer: The information provided in this video is for general informational purposes only and is not intended to be legal advice. Viewing this video does not create an attorney-client relationship. If you require legal advice, please consult a licensed attorney in your area