For those who are struggling with making monthly mortgage payments, understanding the options and consequences of those options is imperative. One option for those who want to keep their Florida home is to obtain a loan modification. However, this leaves a homeowner at the mercy of the bank and can be a time consuming process. For others, bankruptcy may be the best way to get finances in order.
Once bankruptcy is filed, the bank that handles the loan modification may actually take the request more seriously, in part because financial difficulties will be made clear. Our firm is able to take a long look at your individual finances, including mortgage difficulties, and make a plan with you. Some homeowners may be pleasantly surprised to know that bankruptcy can help a homeowner get rid of the second mortgage they may have.
If bankruptcy is explored, Chapter 7 can be a means of discharging difficult debts, including mounting credit card debt. By being able to have that debt discharged, a homeowner may have some free cash to devote to mortgage debt. Bankruptcy can also lead to the writing off mortgage arrears in some circumstances. This can be a tremendous help for struggling homeowners.
The bankruptcy process and loan modification benefits can vary, depending on a Florida family’s individual financial situation. Our website offers some answers as you go through this difficult time. The more information you have about options and the loan modification process, the more you may feel confident about the decisions you make to resolve outstanding financial issues.