NOT TRUE! A bankruptcy petition only temporarily postpones the trustee sale. A bankruptcy filing does not modify your 1st mortgage. Once your bankruptcy petition is approved, discharged or dismissed your lender can foreclose on your home without further notice. Most bankruptcy attorneys are not familiar with the complexities of loan modifications and cannot provide you with legitimate mortgage help. A chapter 13 bankruptcy filing can strip junior liens but you have to pay back all of your other creditors including your attorney's bill and any arrears on your first mortgage over a 5 year period. Most chapter 13 bankruptcy filings never finish due to non-payment. A Bankruptcy filing should only be considered as a very last resort. There are better and cheaper ways to handle your debts and liabilities with less damage to your credit history. We can explain this in more detail with you so please call 866-437-9061.
