Mortgage Relief, Bankruptcy or perhaps Foreclosure? - Tampa Bankruptcy Law Firm
For anybody who is struggling with financial turmoil and fear losing the house, understand you’re not alone. Similar to millions of other house owners, you might have lost a job or suffered a pay cut, your adjustable rate mortgage may have reset and you can’t afford the payment, or falling property values mean you can’t refinance. It may seem that bankruptcy, foreclosure and loss of your property is inevitable. A single answer doesn’t deal with every scenario, and you’ll have possibilities that include keeping your home 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 FL Chapter 13 Bankruptcy, consult with a skilled Tampa bankruptcy lawyer now.
Your loan payment, that may include amounts for property insurance and taxes, is probably the biggest single bill you make payment for month after month. The check covers your housing needs, also it shows an investment for many of us homeowners – you will find financial and emotional aspects also. If you can’t make your mortgage payments, you need to have a hard assessment of your situation, financially and otherwise, and come to a decision on a strategy that’s good for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.
Consider All Options
Here is a list of options and factors you will have to consider:
What is the degree of your financial crisis – is there a major element, like a job loss, or is paying a single debt at the root of one’s financial problems, like medical bills or your mortgage?
Is your financial crisis brief, such as a short period of unemployment or underemployment, or is there an unchangeable change, like a disability that could 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 Lawyers
In advance of reaching the final stage of bankruptcy or foreclosure, find out if refinancing or changing your mortgage is possible. In response to common economic crises suffered by a lot of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Website that furnishes information about eligibility and also the process to get help. The Web site has an interactive tool that will determine whether you’re qualified to apply 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 targets those that haven’t been able to refinance their mortgages at today’s historically 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 on account of loss or reduction of income, increased mortgage rates or who don’t get a Home Affordable Refinancing. This program aims to change your mortgage terms and then 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 and the demand is high. Even if you don’t qualify for these programs, work with your lender to find a solution. Avoiding foreclosure is frequently best for all parties.
For help with a Tampa FL chapter 13 bankruptcy , select a bankruptcy attorney Tampa Florida.
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