Congratulations on wrapping up another successful season of Tigard Little League! For ten years Michael O’Brien has sponsored a team of young boys and girls playing Little League in Tigard. Special thanks to the team this year and the wonderful photograph they sent over in appreciation!
Portland Bankruptcy Attorneys Help Cure Mortgage Default
Sometimes people find themselves falling behind on their mortgage payments and face the dreaded “F” word = foreclosure. People may fall behind because of a medical issue or a temporary job loss. Often times these same people have restored their income such that they can make the ongoing mortgage payments but cannot write a check to pay back all the missed payments. Those missed payments, called a mortgage default, can result in the lender starting a foreclosure to take away the home.
If you cannot write a check to pay the mortgage default, you could seek the assistance of a Portland Bankruptcy Lawyer to explore Chapter 13 bankruptcy. With a Chapter 13 bankruptcy you can STOP a foreclosure to protect your home and force the lender to accept a payment plan for the missed payments. That payment plan could last up to 5 years.
For example, one recent client of ours had a mortgage payment of $2,000 a month and was one year behind on payments, totaling $24,000. The client wanted to resume her mortgage payments of $2,000 a month so she doesn’t fall further behind but the lender refused, instead they wanted a check for $24,000 or else they wanted the house. (I hate to be cynical but with property values increasing in the Portland Metro Area, is it any surprise that the lender wanted the house?) This client filed Chapter 13 and took control over the situation. The lender has now resumed accepting the monthly payments and the client is going to pay about $400 per month additional over the next five years to bring the loan current. Yes it took a Chapter 13 bankruptcy to solve this problem, but that is better than losing the home.
If you find yourself in this type of situation or know someone facing financial difficulty, call the Portland Bankruptcy Attorneys at Michael D. O’Brien & Associates to learn your options and discuss solutions for the problem.
Our Oregon Attorneys are here to help!