“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.
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