How chapter 13 Bankruptcy can save your home
Avoiding foreclosure and saving your home through a Chapter 13 bankruptcy
Hello. It’s Brent Bowers with ZechBuysHouses, LLC, brentbuyshousesfast.com,
Today I am filming this video from inside because it’s about 15 degrees in Colorado Springs, Colorado and there’s a little bit of snow on the ground, so I like the 75-degree temperature inside.
I wanted to talk to you guys about something that’s near and dear to my heart. I recently had some family members that were about to lose their house. They have several acres and a beautiful house that doesn’t need any updating. They’re about to lose their house to foreclosure. They’ve been dealing with this for the last year. They kind of were down on their luck as far as health problems and job problems, income problems and then, it just snowballs from there.
Being a real estate investor, it’s really hard seeing a family member go through forclosure and it’s hard seeing a lot of the sellers go through losing their properties to foreclosure or just being without a job, losing their job, having bad health. It’s just a terrible process to see, and you can’t help everybody, but you darn sure want to try. I wasn’t even able to help my family members. There just wasn’t enough equity for us to move the property to a cash buyer and close quickly or do a fast cash sale. There was no renovations needed on this property, so there was really no value add.
The long story short, the house was set to sell on the courthouse steps here in the next week.
However, we were able to help them by finding them a Chapter 13 bankruptcy attorney. I’m no attorney. I’m not giving legal advice. Please consult a foreclosure attorney or a bankruptcy attorney when you’re dealing with something like this but this Chapter 13 bankruptcy attorney was able to go in and look at the situation of my family members and see exactly where they were at.
They were getting back on their feet. They both now have good jobs and They’re making decent income again and they were kind of able to go through and see what all the secured debt was and what the unsecured debt was, and figure out a payment plan to basically catch up on all the back payments on all their secured debt and then, also on their unsecured debt.
A lot of people have a common misconception that, “Oh, with Chapter 13 bankruptcy, we just get rid of all of our debt and we keep our house.” It doesn’t work that way and It’s not that easy. However, it could help save your house.
If you’re going through something like this, possibly going to lose your house to foreclosure, sometimes, maybe Chapter 13 bankruptcy is a good option. It kind of gets you back to where you can catch up on everything in the arrears, get all these collectors off your back. The creditors will eventually get paid. You’ll keep your house, keep your property, and there’s just things you can do.
If there’s anything we can do to help you out as far as referring a good bankruptcy attorney, feel free to reach out. We’d love to help you.
Again, this is Brent with ZechBuysHouses.
Have a great day.