mortgage and bankruptcy

[ellen8786]

What is the name of your state? Idaho

I am 4 months behind and my lender has not officially started foreclosure proceedings but my circumstances are such that catching those 4 payments up seems impossible. I can make my monthly payments, just can't catch the others up. Would bankruptcy help in this situation? Does Bankruptcy prevent me from having to come up with a huge chunk of money to pay back payments. Ch7 or Ch 13?

Thanks.

 

[Ladynred]

Ch 7 - you would have to cacch up the back payments to reaffirm the mortgage. Ch 13 would make it easier to take care of the arrearage, but it'll be a stiff budget for 3-5 years.