Foreclosure, Mortgage Relief or maybe Bankruptcy? - Tampa Florida Bankruptcy Attorney
Should you be dealing with some financial catastrophe and fear losing your property, realize you’re not alone. Just like millions of other home owners, you may have lost a job or suffered a pay cut, your adjustable rate mortgage could quite possibly have reset and you can’t afford the payment, or falling property values mean you can not refinance. You may think that bankruptcy, foreclosure and loss of your property is inevitable. One answer doesn’t deal with every scenario, and you may have possibilities that include keeping the house as you sort out financial challenges. Explore all options before concluding that all will be lost in foreclosure or bankruptcy. For help with a Tampa FL Chapter 7 Bankruptcy, call a qualified Tampa bankruptcy attorney today.
Your mortgage payment, which might include amounts for property insurance and taxes, is quite possibly the biggest single bill you have to pay each month. The check covers your housing needs, plus it presents an investment for many homeowners – one can find financial and emotional aspects too. If you cannot make your mortgage repayments, you need to have a hard review of your situation, financially and otherwise, and choose on an option that’s the right one for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.
Tampa Chapter 13 Bankruptcy Law Firm: Debt Relief in Florida
Here is a set of options and factors you should consider:
What is the magnitude of your financial crisis – is there a dominant element, like a job loss, or is paying one particular debt at the root of your financial problems, like medical bills or your mortgage?
Is your financial crisis short-term, such as a short period of unemployment or underemployment, or is there an immutable change, say for example 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?
Making Home Affordable Relief
In advance of reaching the significant stage of bankruptcy or foreclosure, determine if refinancing or changing your mortgage is a viable option. Reacting to common economic crises suffered by a multitude of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Internet site that has information on eligibility plus the process to getting help. The Web page has an interactive tool to help determine whether you’re a candidate for relief.
Making Home Affordable has two types of relief:
1.Home Affordable Refinancing for homeowners who have loans owned by Fannie Mae or Freddie Mac. This program targets individuals who haven’t been able to refinance their mortgages at today’s substantially low rates due to declining home values, leaving them “underwater” along with a mortgage balance that’s higher 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. This program aims to modify your mortgage terms in order to bring the payment within a reasonably priced range
Begin 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 plus the demand is high. Even if you don’t qualify for these programs, work with your lender to find a solution. Avoiding foreclosure is usually best for all parties.
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