Bankruptcy, Foreclosure or perhaps Mortgage Relief? - Tampa Chapter 13 Bankruptcy Attorneys
If you are confronting an economic turmoil and fear losing your own home, realize you aren’t alone. Like countless other home owners, you could have lost employment or suffered a pay cut, your adjustable rate mortgage could have reset so you can’t afford the payment, or falling property values mean you cannot refinance. It may seem that bankruptcy, foreclosure and loss of your house is inevitable. One answer doesn’t deal with every scenario, and you’ll have solutions that include keeping your property 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 FL Bankruptcy, consult with a skilled Tampa bankruptcy attorney as soon as possible.
Your mortgage payment, which often can include amounts for property insurance and taxes, is most probably the heaviest single bill you have to pay on a monthly basis. The check covers your housing needs, and it shows an investment for most homeowners – you can find financial and emotional aspects as well. If you cannot make your home loan repayments, it is advisable to have a hard look at your situation, financially and otherwise, and come to a decision 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.
Consider All Options
Here is a set of options and factors you will need to consider:
What is the extent of your financial crisis – is there a major element, like a job loss, or is paying just one debt at the bottom of your 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 permanent change, such as a disability that may 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
Prior to reaching the significant stage of bankruptcy or foreclosure, discover if refinancing or changing your mortgage is an available option. In reaction to common economic crises suffered by a multitude of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Web site that has information on eligibility along with the process for getting help. The Web site includes an interactive tool for helping decide 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 targets those that haven’t got the ability 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 higher than the home value
2.Home Affordable Modification for homeowners who can’t afford their mortgage payments as a consequence of loss or decrease in income, increased mortgage rates or who don’t get a Home Affordable Refinancing. This program aims to modify your mortgage terms and 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 get yourself a solution. Avoiding foreclosure will likely be best for all parties.
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