Options For Stopping A Foreclosure
Let’s assume that you do owe the past due payments on the mortgage loan and you do not have any other means of paying the past due payments in a lump sum. Are there other options for stopping a foreclosure action?
A loan modification or refinance may help. With a refinance, you must apply for a new loan with your current lender or another lender. If you are approved for the loan, the proceeds of the new loan pay off your current mortgage lender to stop the foreclosure. However, you owe the same amount if not more on the new mortgage.
With a loan modification, the lender agrees to change the terms of the loan permanently. You might be able to negotiate a lower interest rate, longer terms, and a lower monthly payment. However, if you cannot resume making the monthly mortgage payments, a loan modification does not help.
The third way to stop a foreclosure is to request a forbearance agreement. With a forbearance agreement, the lender agrees to reduce the monthly payment or suspend the mortgage payments temporarily. If your financial hardship is temporary, a forbearance could be an option. However, as with a refinance and a modification, if you cannot afford to make the payments, skipping a few mortgage payments probably will not resolve your problem.
Property Of The Estate
Determining which assets are property of the estate in Chapter 7 or Chapter 13 requires careful consideration. It is highly recommended to consult with a bankruptcy lawyer in Tampa before taking action. Failure to properly plan for your bankruptcy may have devastating consequences. You may be forced to lose assets you acquired after the bankruptcy was filed. For instance, in Chapter 13 bankruptcy everything you purchase post-petition will be property of the estate. Additionally, if you inherit money within 6 months after filing that money usually becomes property of the estate.
There are several items that never become property of the bankruptcy estate. These items include funds in a retirement account, employee benefit plan, and health insurance plans. Additionally, any interest you may have as a lessee under a lease of nonresidential property is protected. Also, deferred compensation plans and tax-deferred annuities may be protected as well. Further, if you work and earn income post-petition, the income is not property of the estate.; See bankruptcy law 11 USC 541.
Contesting The Mortgage Through Chapter 7 Bankruptcy
If you have reason to believe that your mortgage is not valid, or is unenforceable, or that the party seeking to collect the mortgage does not own the loan, you may be able to contest the lender’s lien in the bankruptcy court. This is especially useful in non-judicial foreclosure states, where there is no court action needed to foreclose on and sell a home. In these states, a contested action in bankruptcy court may be the only opportunity to challenge the validity of the mortgage.
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The Law Offices Of Kretzer And Volberding Pc Can Represent Your Interests Through Bankruptcy In Houston
When you are trying to figure out how to avoid or manage foreclosure issues during bankruptcy, you will need a lawyer with specific experience on bankruptcy in Texas and who has the right knowledge and resources to help you.
Contact The Law Offices of Kretzer and Volberding P.C. today to schedule a free consultation so that we may discuss your case.
Bankruptcy In Florida: The Comprehensive Guide
If you are struggling to keep up with your debt, bankruptcy may be the solution. Bankruptcy allows borrowers to stop all collection efforts and get a fresh start immediately. Phone calls, wage garnishments, foreclosure sales, and collections notices all must stop immediately after a bankruptcy is filed. Bankruptcy also provides for a discharge of debt to give people the fresh start they need to rebuild. Bankruptcy has a lot of benefits, but it is not right for every situation. If you are considering bankruptcy, contact a bankruptcy lawyer in Tampa to schedule a consultation.
Consult A Foreclosure Defense Law Firm In Tampa
If your mortgage company is threatening you with foreclosure call us to speak with a Tampa foreclosure defense lawyer. Homeowners have rights and we want to make sure our clients choose the best strategic plan for their family. Regardless if you want to prevent foreclosure or walk away without being responsible for the debt we can help. Our initial consultation is free and we offer flexible payment options to all of our clients. To speak with a foreclosure defense lawyer in Tampa call us today at 800 990 7763.
The Florida Bankruptcy Automatic Stay Cannot Prevent The Following Actions:
- Some tax proceedings. An automatic stay will not protect you from an IRS audit, and cannot stop the IRS from issuing a tax assessment, demanding your tax return, or demanding payment once a tax assessment has been issued. The automatic stay will stop the IRS from putting a tax lien on your property, seizing your bank account or seizing your property.
- The automatic stay will not protect anyloans you took out against your pension plan such as a job-related pension or an IRA. Even if an automatic stay is issued, you may still have money withheld from your wages to repay the loan.
- An automatic stay will not stop any actions instigated to establish paternity. An automatic stay will also not stop a lawsuit against you which is meant to modify, establish or collect child support or alimony.
- Your automatic stay will not halt a criminal proceeding against you. In some instances a criminal proceeding may have both criminal and financial components. As an example, if you are convicted for writing a bad check, none of the criminal penalties will be affected by an automatic stay, however your financial obligations associated with the conviction could be stopped by the automatic stay.
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How Bankruptcy May Help
If someone has exhausted all other options, filing for bankruptcy may delay foreclosure. Filing for Chapter 7 or Chapter 13 creates an automatic stay, which means that creditors may not continue their collection activities. Therefore, the sale of a home could be delayed for as long as three or four months. In that time period, it may be possible for the homeowner to gather the money necessary to satisfy the loan. It should be noted that there is the possibility that the lender could file a motion to lift the stay.
Another option is to file for Chapter 13, which is prompts consumers to pay off debts through a repayment plan that spans years. This could enable someone to keep his or her home.
Bankruptcy proceedings are typically complex and should be handled by a qualified professional. Anyone who has questions about this topic should speak with a bankruptcy lawyer in Florida.
Can Filing Bankruptcy Stop Foreclosure On My Home
Filing a Chapter 7 or a Chapter 13 bankruptcy will both temporarily suspend any action by your lender regarding the foreclosure on your home. When you file for bankruptcy relief, you are protected by the Automatic Stay provisions of the U.S. Bankruptcy Code which prevents certain creditors from pursuing collection activity. A foreclosure is a collection activity. Therefore, your bank will not be able to move forward with the foreclosure until the Automatic Stay has expired or the creditor has obtained relief from the Automatic Stay through the Bankruptcy Court.
Can filing bankruptcy stop the bank from taking my home through foreclosure?
Filing a Chapter 7 or a Chapter 13 bankruptcy may help you save your home from foreclosure. First, the filing of the bankruptcy case will temporarily stop any foreclosure activity by your mortgage creditor as a result of the Automatic Stay provisions of the U.S. Bankruptcy Code. This temporary break could provide you with enough time to get caught up on your payments or negotiate with your bank. It may also provide you with the opportunity to get rid of a burdensome second mortgage if the value of your home has significantly decreased. In a Chapter 13 Bankruptcy, you can catch up on your late payments interest free over a 3 to 5 year time period.
When Does The Meeting Of Creditors Occur
Under bankruptcy law, the meeting of the creditors must take place between 20 and 40 days after the order for relief. The debtor will be required to attend the meeting and answer questions of the Trustee and creditors under oath. Only creditors and the Trustee will be allowed to question the debtor. The judge assigned the case, and equity security holders of a debtor corporation may not attend the meeting of creditors. In most cases, creditors do not attend the 341 meeting, and the Trustee will be the only party in attendance. The Trustee will typically inquire about the debtorâs income, expenses, assets, and debts. Debtors have the right to have their Tampa bankruptcy lawyer at their side during the meeting. Borrowers should take full advantage of this right to ensure they are not asked any improper questions.
The 341 meeting also acts as a deadline for creditors to file complaints to determine the dischargeability of debts. Under Bankruptcy Rule 4007, the complaint must be filed within 60 days after the first date set for the meeting of creditors. If the complaint is not filed within this time, the creditor may lose its right to file the complaint.
How To Stop A Foreclosure In Florida Urgency Methods
However, some urgent methods can help individuals exposed to foreclosure save their properties while there is still time.;
In this article, you will discover how to stop a foreclosure in Florida.;
How To File An Emergency Bankruptcy Petition
In most cases, you can file an emergency bankruptcy petition by completing the following forms:
- Form 101 – Voluntary Petition for Individuals Filing for Bankruptcy
- Form 121 – Your Statement About Your Social Security Numbers
- the names and addresses of all of your creditors
- a credit counseling certificate requirement or a waiver request, and
- a filing fee, a request for a fee waiver, or a request to pay the fee in installments.
Some courts might require additional forms. You’ll want to check with your local bankruptcy court to learn the requirements in your district. You can find it using the Federal Court Finder. The official bankruptcy forms are on the U.S. Courts bankruptcy form webpage.
Again, after filing the emergency petition, you have 14 days to file the rest of the required bankruptcy forms and schedules. Failure to do so will typically result in the dismissal of your case without prejudice .
Each Foreclosure Case Is Unique
Until our Daytona foreclosure defense attorneys meet with you to discuss your situation, it is impossible to know if you have a valid defense to the foreclosure. Many defenses may apply in some foreclosure cases, but the attorney must analyze the entire case before determining the best defense strategy to use that may stop the foreclosure.
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Gallardo Law Firm And Foreclosure Attorneys
Our foreclosure defense lawyers at Gallardo Law Firm can help you with the different alternatives a defense to foreclosure brings about. They also explain the benefits and impact of foreclosure.
They will guide you through the whole process that best suits you. With Gallardo Law Firm you will obtain competent representation for such an important event. Our bankruptcy attorneys are very knowledgeable of the new requirements and eligibility standards and will be able to expedite the process efficiently.
The mortgage foreclosure defense lawyers at Gallardo Law Firm in Miami work diligently to assist clients on the edge of losing their home to negotiate assertively with the lenders and help them get their lives back on track.
We also have legal advise online at our website, advising prospective customers of their rights.
How To Keep Your Assets With Bankruptcy In Florida
In Chapter 13 bankruptcy, there should be no risk of being forced to liquidate assets. Chapter 13 is a reorganization bankruptcy where borrowers pay debts according to a court approved payment plan. On the other hand, Chapter 7 is a liquidation form of bankruptcy. Borrowers wont have to pay their debts, but in exchange, the trustee for the case will seek to liquidate assets. Not all assets are eligible for liquidation. A bankruptcy law firm may help you keep all of your assets in Chapter 7. In most of our Chapter 7 cases, borrowers keep all of their assets and dont have to liquidate anything.
In Chapter 7, there are generally four options on how to keep property in bankruptcy. The most often used tools to protect assets are exemptions. If the property has a loan/ lien, a statement of intention must be filed within 30 days of filing bankruptcy. See bankruptcy law; 11 U.S.C. § 521. It is highly recommended to consult with a bankruptcy attorney prior to completing the statement of intentions. Without competent advice, you may accidentally limit the amount of relief bankruptcy can provide.
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Is Bankruptcy Better Than Debt Settlement
Determining how to handle your debts is not an easy decision. It is essential to evaluate each option carefully to ensure that you choose the best option. The surest way to achieve this goal is to seek the guidance of a legal expert who knows the pros and cons of debt settlement and bankruptcy. By seeking the services of an experienced Tampa bankruptcy attorney, you can help ensure that you consider every angle during the decision making process.
How To Stop A Home Foreclosure In Florida
Florida is a judicial foreclosure state. Therefore, a bank or HOA seeking to foreclose a home must receive approval from a judge. The case must be filed in the circuit court where the property is located. Under;Florida foreclosure law, all mortgage foreclosure cases are to be conducted in a court of equity. Courts of equity are authorized to apply principles of equity , as opposed to only legal defenses. Therefore, the judge can consider acts by the bank that would render the foreclosure unfair.;
During the court process, the homeowner will have an opportunity to raise defenses and challenge the foreclosure. If the foreclosure sale of your home has already been scheduled, you should contact a;foreclosure defense attorney in Tampa. There may still be options to stop the foreclosure sale but time is running out.
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Mortgage Foreclosure Law Office Of John Bristol1776 N Pine Island Road #224 Plantation Florida 33322 475
John Bristol began his law career in 1988. Since 1988, John has filed more than 10,000 consumer Chapter 7 and Chapter 13 Bankruptcy Cases in the Southern District of Florida. Because John’s office is in Plantation, Florida; John concentrates his law practice only in Broward County. We offer PAYMENT PLANS and giveFREE CONSULTATIONS 475-2265
Chapter 13 Bankruptcy: A Better Alternative
Unlike Chapter 7, where your debts are wiped out, Chapter 13 requires that you make some payments on certain debts during a three to five-year payment plan. In return, you get to keep your property. Chapter 13 bankruptcy has a number of features which can help save your home from foreclosure, including:
- you can catch up on overdue mortgage payments through your Chapter 13 plan, and
- you may be able to strip off junior mortgages and lines of credit, which frees up more money to pay your first mortgage.
To learn more about how Chapter 13 bankruptcy can help you save your home, see Using Chapter 13 to Avoid Foreclosure.
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Chapter 7 Wipes Out Personal Liability On The Note But Not The Lien
Chapter 7 wipes out the amount that you owe on your mortgage note. However, bankruptcy only eliminates what you personally owe on the note. It does not eliminate or wipe out the mortgage lien. This means that if you are behind in mortgage payments, your lender can foreclose , once your discharge is entered. The same is true for other liens, such as condominium or homeowner association liens.
However, if you are current on your mortgage when you file the Chapter 7 bankruptcy, most bankruptcy courts allow you to keep paying your mortgage, and continue to retain your home if you so choose.
Consulta A 5 Star Bankruptcy Attorney In Tampa With Free Consultations
We invite you to contact Florida Law Advisers, P.A. to schedule a free consultation with a bankruptcy attorney at our firm. We will take the time to review your financial situation to see if bankruptcy is the best option to help you get out of debt. At Florida Law Advisers, P.A., we understand that filing for bankruptcy can be a very confusing and intimidating process. That is why we work so hard to make the process as easy as possible for our clients.
Our Tampa bankruptcy attorneys have years of experience helping people solve their financial problems and obtain a fresh start. Regardless, whether you need help with Chapter 13, Chapter 7, or other forms of debt relief, our professional legal team can help. Call 800 990 7763 to speak with a bankruptcy attorney at our firm today.
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