Bankruptcy Issues: Foreclosures

Orlando Bankruptcy Lawyer, L. Todd Budgen provides professional Bankruptcy and Debt Relief Attorney services in Orlando, Maitland, Longwood, Winter Park, Orange - Osceola - Seminole Counties, and Central Florida.

Call 407.481.2888 about your Bankruptcy law needs in Orlando and Central Florida.

One of the best reasons to file a bankruptcy is so you can afford to catch up on your house payments. It is always traumatic and distressing when a job loss or medical event causes financial difficulty. An empty, uncared for house is not a win for anybody.

The bank must take legal action when the borrower defaults and is ill-equipped to make subjective or moral assessments about how and when the borrower will pay again or get current. The bank is in the business of making a loan and making money. If the borrower defaults, it has no choice but to foreclose on its collateral and take the home, even though the bank is not in the business of wanting the home or wanting to re-market it for sale. But is must, if it is to stay true to its shareholders.

You want your home and the bank doesn’t really want your house (it wants your money!) . A bankruptcy is can bridge that gap.

A Chapter 13 Bankruptcy may:

• Stop the foreclosure.
  
  
• Allow you to pay your ongoing mortgage through the Chapter 13 Plan.
  
  
• Allow you to spread out the arrears over 3 to 5 years at 0% interest.
  
  
• Allow you to pay your unsecured debt at an amount you can afford after the house payment.
  
  
• Allow you to reorganize your debts, cure defaults over time and reinstate your mortgage after your bankruptcy’s conclusion.
  
  

A Chapter 7 Bankruptcy may:

• Stops the foreclosure (but you must get current in short order or else foreclosure can resume).
  
  
• Get rid of and discharge most unsecured debt so you may be able to afford monthly mortgage payments after bankruptcy discharge.
  
  
• Or, a Chapter 7 can help you surrender a home and owe little or nothing afterward.
  
  

Call 407.481.2888 for a free consultation to find out if filing a bankruptcy can help you with a foreclosure.