Despite the many federally funded programs designed to help home owners facing foreclosure many South Florida families are still walking away from their homes without giving making any effort to save their equity. Programs like the "Making Home Affordable" although not perfect offer home owners the opportunity to modify or refinance their mortgages under better terms. These programs are specially important for those with ARM (Adjustable Rate Mortgages) because they make their existing home more affordable once again. Before walking away from a property consider consulting a seasoned foreclosure attorney in Miami. Walking away from a property you have equity in may be more costly then you may think! If you owe more than your property is worth, a deficiency judgment can come into play making you liable for the difference between what the bank or lender sales the property for and what you owe!
The facts are that even though the economic is improving for
some; many are struggling to make ends meet. Because the real estate market is
starting to show signs of stability, banks are being real quick to trigger a
foreclosure proceedings. Foreclosure is a legal motion or instrument by which a
lender can repossess your home. Today missing a single payment can trigger
foreclosure specially if there a is a history of late payments. If you are a
south Florida family struggling to make your mortgage payments consider talking
with a bankruptcy attorney in Miami who has
experience in not only foreclosure defense but also loan modification.
You may asked yourself! If we are talking about foreclosure why are we mentioning "bankruptcy"? Bankruptcy Laws specially a chapter 13 bankruptcy is one of the most efficient and most frequently used legal instruments to put a stop to foreclosure. A chapter 13 bankruptcy is a protection chapter that gives you a lot of power and forces lenders to consider restructuring the terms of the mortgage including interest rate and number of payments. If you're having problems making your payments, call or write to your lender's loss mitigation department and hire a Miami bankruptcy lawyer who is experience in foreclosure defense and loan modification.
