A bankruptcy filing delivers a devastating blow to your credit and FICO score. Most lenders will not consider offering you a new mortgage. Their misguided belief is based upon their prejudice against people who have had financial difficulties.  They fail to realize that sometimes really good people have very bad problems.  Illness and loss of income are just two common examples. We have been able to refinance many of our customers out of foreclosures and bankruptcies. Our President, Norman M. Mendelson, has been an attorney for the past 37 years and actively practiced Bankruptcy Law on a day to day basis.  Mr. Mendelson is the the President of OneBetter Mortgage Corp which is a Registered Mortgage Broker with the New York State Banking Department.  OneBetter is authorized by the New York State Banking Department to place loans with third party lenders.  Our team of mortgage experts includes a Bankruptcy Attorney, a Realtor licensed by the Department of State of the State of New York and experienced mortgage people.

Chapter 13 Bankruptcies may be the only way to save a home; but once the home is saved, there are alternatives that should be explored.  For example mortgage payments are generally composed of four components caled: "PITI" which stands for Principle, Interest, Taxes and Insurance.

If prior to filing a Chapter 13 your monthly payment was $2,400.00 that payment will continue throught the life of the Chapter 13 case which is often five years.  In addition to this payment which is made directly to the holder of the mortgage, you are required to pay all of your mortgage arrears over a period of time not to exceed five years, under the terms of a Chapter 13 plan.  These payments are made to a Chapter 13 Trustee.  The payments may range from several hundred dollars a month to several thousand dolars a month.  The Trustee gets a 10% commission so if your original mortgage carried interest at 8.5% per annum, the arrears will actually be paid at the original rate of interest (8.5%) plus an additional 10% for the trustee.  You will actually be paying 18.5%.  To make matters more difficult, if you could not pay your original mortgage, before the Chapter 13, how are you going to pay it now together with the additional burden of paying of $10,000, $20,000, $30,000 and sometimes even more plus 10% in five years.

That is why we suggest you give us the opportunity to provide you with a free consultation and help you determine if a new mortgage is possible for you.  You may have more equity in your home than you think and if so that equity could work for you.  It costs you nothing to get our free property evaluation or free credit report or free consultation.  Speak to the experts at OneBetter Mortgage.  Learn your alternatives for free and then choose what is best for you.  At OneBetter we strive to provide you with alternatives so you can choose the Better One.