Tampa Bankruptcy Lawyer: Debt Relief in Florida

by admin on December 27, 2011

Bankruptcy, Foreclosure or perhaps Mortgage Relief? – Tampa FL Bankruptcy Attorneys

If you’re dealing with a financial problems and fear losing your home, realize you aren’t alone. Just like millions of other house owners, you may have lost a job or suffered a pay cut, your adjustable rate mortgage could have reset and you also can’t afford the payment, or falling property values mean you cannot refinance. It could seem that bankruptcy, foreclosure and loss of your property is inevitable. A single answer doesn’t cover every scenario, and you may have alternatives that include keeping your house while you work through financial challenges. Explore all options before concluding that all will be lost in foreclosure or bankruptcy proceedings. For help with a Tampa Bankruptcy, consult with a competent Tampa bankruptcy attorney as soon as possible.

Your mortgage payment, that may include amounts for property insurance and taxes, is most probably the heaviest single bill you pay on a monthly basis. The check covers your housing needs, also it represents an investment for many homeowners – one can find financial and emotional aspects also. If you can’t make your mortgage payments, you have to have a hard review of your situation, financially and otherwise, and decide on an alternative that’s best for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.

Tampa Bankruptcy Lawyers: Debt Relief in Florida

This is a list of options and factors you will have to consider:

What is the degree of your financial crisis – is there a predominant element, like a job loss, or is paying one particular debt at the root of your respective financial problems, like medical bills or your mortgage?

Is your financial crisis temporary, such as a short period of unemployment or underemployment, or is there a lasting change, such as a disability that can affect your earning power on a long-term basis?

How much equity is in your house?

How does the value of your house compare to the debt it secures – do you owe more than the house is worth?

Do you have other debts, and could those debts be discharged or restructured through bankruptcy?

Tampa Bankruptcy Attorney

Just before reaching the critical stage of bankruptcy or foreclosure, discover if refinancing or changing your mortgage is possible. Reacting to widespread economic crises suffered by so many homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Site that furnishes information about eligibility and the process to getting help. The Web-site has an interactive tool that will determine if you’re a candidate for relief.

Making Home Affordable has two kinds of relief:

1.Home Affordable Refinancing for homeowners who may have loans owned by Fannie Mae or Freddie Mac. This program targets individuals who haven’t got the capacity to refinance their mortgages at today’s historically low rates due to declining home values, leaving them “underwater” along with a mortgage balance that’s greater than the home value

2.Home Affordable Modification for homeowners who can’t afford their mortgage payments as a consequence of loss or reduction of income, increased mortgage rates or who don’t get a Home Affordable Refinancing. The program aims to modify your mortgage terms and also to bring the payment within a reasonable range

Start by contacting your lender or loan servicer, but be patient and persistent. These programs are new, and lenders must work to quickly implement the programs and also the demand is high. Despite the fact that you don’t qualify for these programs, work with your lender to get a solution. Avoiding foreclosure usually is best for all parties.

For help with a Tampa Florida bankruptcy, contact a bankruptcy lawyer Tampa.

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