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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:
A Chapter 7 Bankruptcy may:
Altamonte Springs Office:
P.O. Box 520546
Longwood, FL 32752