Posted On: April 14, 2010
Bankruptcy Attorney Jacksonville - Explains Ways to Stop Foreclosure
If you are having problems with paying your mortgage, a Jacksonville bankruptcy attorney says there are steps you can take to avoid your foreclosure, or at least minimize your debt if it happens:Negotiate with the Lender – now more than ever, lenders are willing to negotiate with borrowers. In fact, most of the large lending institutions have special programs designed specifically for mortgage holders who are in trouble, so your first step is to check with your lending institution – and it is best to do it as soon as you are in trouble. You can ask for forbearance (making reduced or no payments for a period of time that can be made up later), a loan modification or a loan reinstatement.
Uncle Sam – the federal government has several programs now to help those who cannot pay their mortgages, include the Making Home Affordable (MHA) Program, the Home Affordable Modification Program (HAMP) and the HOPE for Homeowners Act.
Short Sale – if you are seriously underwater on your mortgage and know you will not be able to afford to stay in your home, a short sale may be a solution. If your lender agrees to a short sale, they will receive all the proceeds from the sale of your home and you walk away.
Bankruptcy – filing for Florida bankruptcy may allow you to keep your home, or at the least, help you get out from under the mortgage. Once a bankruptcy filing is made, the foreclosure process is stopped and cannot be reopened until your case closes or the mortgage holder gets the court’s permission to proceed.
If you are facing foreclosure and need help, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
