Is This You? You are facing foreclosure. You want to save your home and will do all you can to stop the foreclosure process. You have contacted your mortgage company and inquired about a loan modification. The representative to whom you spoke told you what information you needed to submit to them so that you can be considered for a loan modification. You’re safe until you hear back from them, Right? No, That Belief Normally is Wrong. Since the start of the current foreclosure crisis, most mortgage companies have had two separate departments working on the files of people behind on their payments and in the process of being foreclosed. Once the foreclosure action starts, there are certain steps which a mortgage company takes. They normally have a department which handles the work at each step along the way from start to end. The people working in this department notify the person who is behind on their payments that the foreclosure process has started. They then file any necessary legal documents. If court action is involved, they route the case out to attorneys in the area and coordinate their activity with them. They track the sheriff’s sale of the property. If the home is not sold at the sheriff’s sale, title to it reverts to the mortgage company. The people in this department then work with local realtors to sell the property. If the person facing foreclosure wants to see what they can do to save the home, there is a separate department at the mortgage company that works with them. The people in this department tell the person what options are open to them. If they want to see if their loan can be modified and their monthly payment lowered, these people tell the person what information they need to submit. Once the information is submitted someone in that department reviews it to see if the payments can be modified. If they can, the person is contacted and an offer is made.

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With chapter 13 you are able to put your back taxes in it along with due mortgage payments and many other priority debts in your repayment plan. Benefits of Filing Chapter 13: You may include back taxes, past due mortgage payments and a variety of priority debts in the plan. The part payment that you have make may only be minimal. This in many cases is only five percent of the unsecured debts. All you have to agree for is paying the minimal amounts and you can save your home from foreclosure and also avoid tax seizures. Every time a person decides to file a bankruptcy he is going through rough financial times and each case is different from the rest. The good news is that there is a solution for every problem. If you act in time there are chances to avoid bankruptcy completely. If you do it right you can pay only 50 cents on one dollar on all your unsecured debts easily. There is no way to escape paying taxes on your income. The IRS is at the top priority. If you do not pay your taxes and you file bankruptcy online or otherwise, they are seizing the assets along with the exempt property. In case of Chapter 13 your past due taxes are considered current. All the tax seizures have to stop and obey the court’s plan. The payment can be distributed in the next five years. A person who is eligible for Chapter 7 according to the mean test but has filed for Chapter 13 will then file Chapter 7 bankruptcy only. There are many more options which you can explore if you go to an expert. If you check the real cost and the benefits from every option that you can derive you will be surprised on the probable result. Misinformation is common. Thus realistically assess your options and also know that all the options are not available for everyone.

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