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Posted on in Home Mortgage

Mortgage delinquencies skyrocketed in April. One big reason: the pandemic CARES Act provided for extraordinary mortgage payment forbearance.

Epic Increase in Mortgage Delinquencies

The number of home mortgages that became delinquent in April was largest one-month increase in U.S. history. 1.6 million mortgages current in March were not paid in April, according to Black Knight, a mortgage data provider.

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If you are behind on your mortgage and want to sell, you may be able to delay the home sale for years and pay the arrearage out of the sale.

In a recent blog post we listed 10 ways Chapter 13 helps you keep your home. Here’s the third one of those ways:

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Chapter 13 gives you much more time to catch up on your unpaid mortgage payments. That can be reason enough choose this option.

Filing either a Chapter 7 “straight bankruptcy” case or a Chapter 13 “adjustment of debts” one stops a pending home foreclosure. And they can both prevent one from begin started. Assuming you’re behind on your mortgage and want to keep your home, whether you should file under Chapter 7 or Chapter 13 depends on how far behind you are and how much help you need in catching up.

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Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start.

Our last two blog posts have been about two options for when you need help making mortgage payments: a mortgage modification and a forbearance agreement.

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Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.


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