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You keep talking about long term and short term. Doesnt everyone want to keep their house for the long run?

April 26, 2017House run short talking term

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You keep talking about long term and short term. Doesnt everyone want to keep their house for the long run?

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A. Not always, imagine a case where the homeowner knows that they can not afford to keep their home. For this example figure they built a great deal of equity in the house over the years and that if there wasnt a pending foreclosure they could sell the property and cash in on their equity. A chapter 13 provides the time and the means to stop the foreclosure and provide for an orderly sale.