Florida Foreclosure Options: Bankruptcy
Florida Foreclosure Options with Bankruptcy: Discharge Your Debt or Modify the Loan in a 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 in an effort to retain ownership of their home. Our Florida foreclosure attorneys 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 a residential mortgage. Florida judges were able to change commercial loans, but not residential loans. However, all of that is now 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 before. 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, they may face not only the loss of their home and weaker credit but also 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 in an effort to collect.
Thankfully, even if the Florida foreclosure process develops into deficiency judgment – which typically does not happen when working with a foreclosure attorney – 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, at any point in this process, the homeowner can still file for bankruptcy.
Florida Foreclosure Bailout
Now that 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. You must act, and we are here to assist and guide you.
Oppenheim Law’s foreclosure attorneys are now representing and working with homeowners to get them back on their feet so, together, we can get the U.S. going again. Please feel free to contact us online or give us a call at 954-384-6114 so that we can help you arrange your personal bail-out plan.