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Stop Birmingham Foreclosure by filing Chapter 13 Debtor's Court
Posted by: Matthew Dunaway
August 02, 2007

Many homeowners are not aware that if they are facing foreclosure, they may be able to stop the foreclosure sale by filing Chapter 13 Debtor's Court. In today's real estate market, this is very important to understand. Mortgage companies continue to increase the burden on homeowners with the exotic mortgage products they have peddled over the last several years, such as adjustable rate mortgages, option-arms, interest only loans, and negative amortization loans.

Home foreclosures are at an all time high in many states. Although Chapter 13 Debtor's Court may not be the best solution for a consumer who has little to no equity in his home and who is facing rising interest rates, courtesy of an adjustable rate mortgage (ARM), it may be a good option for the homeowner that has substantial equity in their home and is able to catch up on mortgage payments given some time. This, in essence, is what Chapter 13 Debtor's Court does for the homeowner; it gives him time to catch up on the payments.

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