Foreclosure Option
“A Rescue Plan for Strapped Homeowners,” Dec. 17 by Lew Sichelman, missed one important way to stop a foreclosure and start over. A Chapter 13, once filed, will immediately stop the foreclosure sale. It does not require permission of the lender nor investor. It allows the owner to pay back the arrearages over a three- to five-year period, while regular monthly payments are recommenced and maintained.
In situations when the only alternative appears to be loss of the home, this procedure should not be overlooked.
Steven L. Bryson
West Los Angeles
Bryson is a lawyer specializing in bankruptcy law.
*
Letters must include the writer’s name, address and daytime telephone number and should be sent to the Real Estate Editor, Los Angeles Times, 202 W. 1st St., Los Angeles, CA 90012, or faxed to Real Estate Editor at (213) 237-4712, or e-mailed to Real.Estate@LATimes.com. Letters may be edited for length and clarity.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
