Mortgage

Husband and wife in mid-50s living in Kenner, Louisiana came in to look at bankruptcy related options in connection with the pending foreclosure/Sheriff sale scheduled to take place within approximately one week. We initially looked at efforts to save the home through a chapter 13 bankruptcy. It's possible to restructure the mortgage arrearages through a chapter 13 plan payment and spread the arrearage out over a 60 month repayment plan.

Early 70s male has a home that has a pending Foreclosure/Sheriff Sale in New Orleans, Louisiana came in to the Gretna, Louisiana office to look at bankruptcy options.. He has tried to modify the loan several times but the mortgage company has refused to qualify him. Accordingly, today is approximately 3 years behind with the mortgage. He has limited income, retirement and Social Security benefits.  He also has approximately $30,000 of unsecured debt and a vehicle loan that is up-to-date.

Mid 30s divorced mother of two from Houma, Louisiana came in to discuss bankruptcy options. She and her children live in a home with a single mortgage. She is six months behind on the mortgage and the property is in foreclosure. She does not have any other significant debt. She fell behind on the house note due to being unemployed for approximately 3 months. She is now reemployed and can afford to resume her house note but does not have sufficient funds to bring the note current.

I recently met with a lady who owns a home in New Orleans that was set to go through sheriff sale the following day. Within the same day, we were able to file a chapter 13 reorganization bankruptcy that forced the mortgage company to stop the sheriff sale. This allowed our client to resume making regular monthly mortgage payments and make a small bankruptcy court payment to catch up her mortgage arrearages over a five-year period.