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Mortgage Problems

Resolving Mortgage Problems in Bankruptcy

Since the nationwide crisis in real estate, which has only been made worse by the spread of unemployment around the country, the attorneys of WANTLAND LAW, PLLC have helped many people in Bullitt County, Jefferson County and throughout the Louisville area figure out how to resolve problems with their home mortgages. If you have been laid off or if you have been affected by the local layoffs contact us in Shepherdsville to learn how we can help expand your options.

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We work with people facing the threat of mortgage foreclosure both in and out of bankruptcy. The first thing we do is help you figure out what to do about a troubled mortgage. In some cases, it makes the most sense to walk away from mortgage payments that you can’t afford. You don’t always have to file for bankruptcy to get out of a mortgage.

Talk to us about options such as short sales, deeds in lieu of foreclosure, workouts, debt negotiations, and loan modifications. In the event you do end up selling your home for less than you owe on it, the deficiency judgment is dischargeable in bankruptcy.

If you want to keep your home, bankruptcy can open up some options. Chapter 13 bankruptcy can often be used to strip off second mortgages or pay past due mortgage payments, While Congress has not yet passed a mortgage modification bill as of this writing, the right to change your mortgage terms in Chapter 7 or Chapter 13 could represent a powerful tool toward keeping you in your house. Our lawyers are watching this situation closely.

At a minimum, bankruptcy will interrupt or prevent mortgage foreclosure proceedings, which can buy you valuable time for working out an arrangement with your lender. In a Chapter 13 case especially, you may be able to spread your past-due payments over the first two years of the payment plan, but you’ll need to keep your payments current while you’re in bankruptcy.

You can also reaffirm your mortgage in a Chapter 7 case. Once again, you’ll need to make arrangements to cure the defaults and find a way to stay current on your payments. Many families find that getting out from under the burden of other debts helps them meet their monthly mortgage obligations.

What’s best for you will depend on your goals and such factors as the amount of equity you have in your home and your income.

For dependable advice about your options for resolving problems with your current mortgage, contact a Kentucky bankruptcy lawyer at WANTLAND LAW, PLLC in Shepherdsville.

We are a debt relief agency. We help people file for relief under the U.S. Bankruptcy Code.


The attorneys of Wantland Law in Shepherdsville, Kentucky, advise and represent individuals and families in bankruptcy cases and debtor-creditor negotiations in Bullitt County, Nelson County, Spencer County, Hardin County, Okolona, Jefferson County, Louisville, and such communities as Mount Washington, Brooks, Lebanon Junction, Bardstown, Taylorsville, Elizabethtown, Radcliff and Fort Knox.

The information on this Louisville kentucky Wantland Law / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. THIS IS AN ADVERTISEMENT.

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