Florida Foreclosure Options: Bankruptcy
Need foreclosure bankruptcy advice? Florida foreclosure attorney, Roy Oppenheim, gives bankruptcy legal advice to homeowners looking for solutions to save their homes.
In the Florida foreclosure process, homeowners have an option to declare bankruptcy and retain ownership of their home. Our Florida foreclosure attorney’s can help you stop Florida foreclosure and work out the long-term ownership details.
Up until now, Florida bankruptcy judges did not have authority to change the terms of residential mortgage. Florida Judges were able to change commercial loans but not residential. However, now, all of that is changing.
With these new Florida foreclosure laws, banks are forced to negotiate in good faith otherwise homeowners can choose bankruptcy as a foreclosure option. Homeowners now have more leverage and negotiating power than ever. Ultimately, banks do not want borrowers going into the bankruptcy court; so, they will work more diligently and fairly with their borrowers.
Homeowners must remember that if nothing is done after a Florida foreclosure is filed that not only will they lose their home and weaken their credit, but also the bank will likely file a deficiency judgment. This means that the bank will either track down and harass the homeowner or sell the deficiency judgment to a collection agency that will track down the homeowner and repeatedly call their home and work.
Thankfully, even if the Florida foreclosure process develops into deficiency judgment, which typically when working with a foreclosure attorney does not happen, all is not lost. The homeowner is still entitled to a valuation hearing, where the judge decides what the fair amount of the deficiency should be and yet, at any point in this process, the homeowner can still file for bankruptcy.
Florida Foreclosure Bailout
So now that the banks, investment banks, insurance companies, homebuilders and auto dealers have all been bailed out, it is time for distressed homeowners to be bailed out as well. It seems that the government may finally be getting the message; however, unlike any other form of bailout, personal action is required.
Oppenheim Pilelsky foreclosure attorneys are now representing and working with homeowners to get them back on their feet so we can get the U.S. going again. Please feel free to contact us so that we can help you arrange your personal bail out plan.