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Bankruptcy can help you deal with home foreclosure in Florida

On Behalf of | Aug 20, 2015 | Firm News, Home Foreclosure

Nothing may be more stressful than a missed mortgage payment except knowing more missed payments are possible due to a financial strain. Those missed or late payments can put a responsible Florida homeowner on the track toward home foreclosure. While in an ideal world anyone behind in mortgage payments would simply be able to catch up, that is not always the case, and people may need to seek options such as bankruptcy to regain control of finances.

Different types of bankruptcy affect the home foreclosure process differently, meaning it is imperative to understand exactly what will occur. Chapter 7 bankruptcy is the most common and will immediately halt the foreclosure process. While a foreclosure may be halted, you will still have to pay back the mortgage if you wish to keep the home. This may not be possible for some.

Chapter 13 bankruptcy is slightly different. This type of bankruptcy is a payment plan in essence. You are given a certain amount of time, typically three to five years, to catch up and pay back the missed mortgage. This option is beneficial as you get to keep your home and get your mortgage current.

No two home foreclosure situations are alike, but facing foreclosure does not have to mean your home will be lost and your credit ruined forever. The sooner a Florida homeowner who is behind in payments takes action to halt the process or pursue bankruptcy as means of regaining financial control, the sooner a solution can be put in motion. Our website has more information about home foreclosure and the way in which bankruptcy may help.

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