Tampa Florida Chapter 13 Bankruptcy Law Firm: Debt Relief in Florida

by admin on December 24, 2011

Should a person consider Bankruptcy, Mortgage Relief or perhaps Foreclosure? – Tampa Florida Bankruptcy Attorney

Should you be facing a financial dilemma and fear losing your house, understand you are not alone. Like millions of other home owners, maybe you have lost a job or suffered a pay cut, your adjustable rate mortgage may have reset and also you can’t afford the payment, or falling property values mean you can’t refinance. It might seem that bankruptcy, foreclosure and loss of your dwelling is inevitable. One answer doesn’t deal with every scenario, and you may have alternatives that include keeping the house as 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 Florida Chapter 7 Bankruptcy, call a skilled Tampa bankruptcy lawyer today.

Your loan payment, which may include amounts for property insurance and taxes, is most probably the heaviest single bill you make payment for each month. The check covers your housing needs, also it symbolizes an investment for most homeowners – you can find financial and emotional aspects also. If you can’t make your home loan repayments, you have to have a hard look at your situation, financially and otherwise, and decide on a course of action that’s the right one for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.

Consider All Options

Listed here are list of options and factors you should consider:

What is the level of your financial crisis – is there a dominating element, like a job loss, or is paying just one debt at the root of one’s 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 an unchangeable change, such as a disability that will 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 FL Chapter 7 Bankruptcy Attorneys

In advance of reaching the significant stage of bankruptcy or foreclosure, discover if refinancing or changing your mortgage is possible. Reacting to widespread economic crises suffered by a multitude of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Web-site that provides information about eligibility as well as process for getting help. The Web site has an interactive tool to help determine if you’re eligible 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 those who haven’t been able to refinance their mortgages at today’s substantially low rates as a result of dropping home values, leaving them “underwater” with a mortgage balance that’s above the home value

2.Home Affordable Modification for homeowners who can’t afford their mortgage payments owing to loss or reduction of income, increased mortgage rates or who don’t get a Home Affordable Refinancing. This program aims to modify your mortgage terms and also to bring the payment within an economical 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 pinpoint a solution. Avoiding foreclosure is often best for all parties.

For help with a Tampa FL chapter 13, find a bankruptcy lawyer Tampa.

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