But… considering this is the Serin Family Home, I can hold back my tears.
Apparently, though, those zany Uzbeki scammers aren’t giving up what they stole without a fair fight. They filed for Chapter 13. Meaning:
Citrus Heights Chapter 13 Lawyer
Foreclosure Options in Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy does not mean you will lose your home. One reason many homeowners select Chapter 13 is so that they can save their homes.
Even if your home mortgage is in the foreclosure process, filing for Chapter 13 bankruptcy can stop the process and give you time to decide whether you are able to keep your home.
As soon as you file for Chapter 13 bankruptcy, you will have automatic stay protection. This means that no matter where you are in the foreclosure process, all actions will stop while you and your lawyer sort out the details of your bankruptcy. Even if your home is about to be sold, the sale will be stopped.
You may be able to negotiate more favorable terms with the lender.
Banks and mortgage companies would rather not own your property — especially in today’s depressed real estate market.
You may be able to arrange a payment plan for your mortgage arrears and make it part of your debt reorganization plan. You could also negotiate with the bank for more favorable terms on your mortgage. Make sure your lawyer reviews any documents before you sign them.
In a Chapter 13 bankruptcy, you may also have the option of lien stripping. If your first mortgage is the same or more than your home’s value, the second mortgage is unsecured debt and can be stripped from the mortgage. This can happen in a market where home values are declining.
Here’s hope the Serins listen to their craziest son, so they lose their home as soon as possible.