Bankruptcies filed by homeowners has risen since the default of loan payments have left many desperate for a solution. A weak economy that has an increase in unemployment, some have tried to stop foreclosures by filing a chapter 7 or chapter 13 your jurisdiction, debt load and assets will be a contributing factor to your ability to repay the loan. The process prevents creditors from collecting, due to what they call an automatic stay. If you are unable to make your monthly payments and you have no equity in the house the mortgage holder can have the court left the stay causing you to lose the house even if you file for bankruptcy to avoid foreclosure.
To collect a debt creditors can sell your assets, a mistake you do not want to make as a homeowner is to wait to long to contact your lender, reason for this is because of the need to work out a reasonable payment plan with the mortgage lender. Some disadvantages to filing bankruptcy is that this liquidation or reorganization goes through a federal court process to help eliminate debts that need to be repayed. A bankruptcy lawyer may be needed to determine if the equity in your house is exempt or if your state has a homestead exemption.Why Bankruptcy may not be the best choice
You may lose IRA retirement benefit plans even though personal property, insurance and public benefits such as social security is protected, it is important to remember that because your home is an asset that is secured by a deed of trust, the mortgage company can have the automatic stay removed. Filing bankruptcy may not be the solution you are looking for.
Also bankruptcies can last for 10 years as well as the mortgage holder can still foreclose on your home, the key is to get your loan back in good standing with mortgage foreclosure counseling, by analyzing your income and your budget, by getting a handle on your finances, contacting your mortgage lender may make it easier to freeze your monthly statements or give you a option to pay a lump sum by a deadline, for a repayment plan that is agreeable. In the case of a loan modification a bank can extend the amoritization period as well as lower interests rates and change them from adjustable to fixed.
Florida Foreclosure Law for Florida Homeowners
Before going through the foreclosure process florida homeowners will be able to discuss options with lenders, what this means for florida homeowners facing foreclosures is that they can choose to consider home loan modification as well as a short sale, the cost of mediation fees can run up to $750 dollars so it is advisable that the homeowner finds out if the lenders will cover the cost.
All residential homestead properties will at some point enter into this process, since the rise of residential mortgages this new law may reduce foreclosure cases for those needing help from mediation services.
Rental Values and Property Taxes keep homeowners seeking a resolution
Insurance and HOA maintenance fees has made it impossible to reach affordable income ratios, lost jobs is affecting homeowners who qualified for subprime mortgages and have good credit, will not help if the new florida foreclosure law does not make provisions for the financial loses and gaps in employment. Home loan credit has hit a crisis that will affect the foreclosure meltdown for years to come because lenders will only deal with those who have credit scores of at least 800 or higher and a 20% down payment with stable employment.
Mortgages foreclosed in equity will have a mortgage foreclosure actionn of court severs to the foreclosing lender. If you have a foreclosure claim it must take place on the terms of a legal advertisement, publication, or notice relating to a foreclosure proceeding and is the responsibility of the lender or their representative to give equitable Right of Redemption that will end at the foreclosure sale so that after the the sale the court will review the sale to ensure a fair price has been paid, this allows for a period of time both parties can decide on the basis that proper procedures were followed or collusion existed between the bidders, which happens usually in 10 days, after which the Certificate of Sale is filed and title is passed, when the sale is confirmed the lender may sue to obtain a deficiency judgment in Florida.
Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months. Florida foreclosure begins when the lender files a lawsuit (Lis Pendens) against the homeowner in which case the homeowners must be notified of the legal action pending and must file an answer within a specified period of time this way if the homeowner does not respond, the court will make a judgment against the homeowner and set an auction date.
Florida Foreclosure Recovery
If you are looking for resources on foreclosure recovery, you can lower your interest rates and cut your payments with the right legal advice, I would suggest that you do research and talk with your lender before signing any paperwork, don't lose your home because you did not ask the right questions, find out your homeowners rights.
Stop Foreclosure Advice on Paying Your MortgageStop Foreclosure Help
Those facing foreclosure will eventually miss payments and need to move, to understand the process it takes some research into how the state you live in handles deed of trust and mortgage state such as when the lender either does a trustees deed or a mortgage when collaterizing a home loan.
To understand a trustees deed one must first look at how the document transfers a title to the property so you could have a person such as a attorney, title company or entitie serving as a trustee of your home, which means the foreclosure process starts once proof of default is attained. Under a trustees deed state the home foreclosure process starts when you stop paying your mortgage.
Foreclosure proceedings for a deed of trust state
In this case you will either get a notice of default or a notice of sale, once you are 90 days late the lender will file a NOD, which allows you to become current before a notice of sale is posted when the lender instructs the trustee to set a sale date for your home it could take a month or half a year.Stop Foreclosure Process before you move
Foreclosure proceedings for a Mortgage State
In this process the right to redemption is the difference with a mortgage, the best stop forecosure advice has more to do with judicial which involves going through the courts and non-judicial foreclosure is similar to deed of trust states which do not have rights of redemption because all sales are final, where the homeowner can redeem the property such as in the case of the mortgage state. Timeline starts with the 90 days, then after 120 days a notice of default is obtained that can lead to loan modification or forebearance agreement, which will give you options for stopping foreclosure.
Mortgage Foreclosure Help for those who fight for it
Across the country those who have missed paying on their mortgage payments could be in default but can fight foreclosure proceedings attorneys that properly defend you can help postpone your foreclosure or eviction with federal mortgage relief, if you are facing layoffs and company closings, Don't let desperation cloud your mind and watch out for scammers and save a mortgage predetors.