Sacramento homes have fluctuated in value causing home owners to consider mortgage medication programs, federal bailout bills, and even walking away from their homes.  When mortgages exceed the value of the home and the interest rates on the home are adjustable the home can become unaffordable.  If a mortgage modification does not work, letting the home foreclose may not be wise unless you are prepared for the debt consequences.

For debtors that have fallen behind on a mortgage, a Chapter 13 plan offers a chance to catch up on late payments over an extended time frame, usually three to five years.

Homeowners that are facing foreclosure may face personal liability on certain types of mortgages after the foreclosure takes place.  To protect future income and property, for those qualified, a Chapter 7 filing usually discharges debt from mortgages and home equity lines.

Upside down homeowners that have a second mortgage may be eligible to convert their second mortgage into an unsecured debt in a Chapter 13 or Chapter 11, and to discharge the portion of the debt that exceeds their disposable income and unprotected assets.

Contact us to schedule your free initial consultation to find out how we can help you.