In bankruptcy Chapter 13 mortgage foreclosure is either stopped or at least temporarily avoided. The first aspect is actuallHere’s how. First, just in case you are not familiar with a Chapter 13 bankruptcy, it is a bankruptcy court approved payment plan where the debtor (the person filing bankruptcy) pays a bankruptcy trustee each month and then the trustee pays the debtor’s creditors. There are several aspects of a Chapter 13 bankruptcy that work to help people facing mortgage foreclosure. The loan officer's job is to help you process your application for a mortgage. To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction.
