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Foreclosures and Bankruptcy

Foreclosure5

If you are facing financial difficulties, you may be considering options such as bankruptcy as you receive foreclosure notices on your home. Making the decision to declare bankruptcy can be an overwhelming decision, but when faced with the possibility of a foreclosure, the decision can become even more challenging. The decisions you make can change your financial future. Understanding the foreclosure process works, and how it may affect a possible bankruptcy can help you understand your rights and help you make your next decisions.

Foreclosures

If you find that you are behind on mortgage payments for several months, you may be facing a possible foreclosure on your home. You may have had unexpected medical bills or other unexpected debts that created a financial burden making it impossible to pay your mortgage. However, foreclosures do not happen suddenly, therefore you have a bit of time to make your decisions regarding your financial future.

You will be sent notices if you miss monthly payments on your home. If you still fail to bring your mortgage current, the case will eventually result in the foreclosure process which may include a sale of your home. If you have received a notice that your home is in a pre-foreclosure status, contact an attorney as soon as possible to help you understand what options may be available to you.

Bankruptcy

If you are behind on paying your mortgage and are facing a foreclosure action on your home, you may consider filing for bankruptcy. A recent law in 2018 changed how Florida handles bankruptcy as it relates to foreclosures. Until recently, Florida debtors would agree to surrender their home and property as part of bankruptcy to eliminate their mortgage debt, and then subsequently fight the foreclosure in court to delay the process. The delay in this process allowed a homeowner to stay in their home during the process. However, in March 2018  law went into effect  that stated that a mortgage lender may use bankruptcy documents against you as an admission against you in a foreclosure action. This means that if you file bankruptcy and show that you intend to surrender your home, you are not allowed to withdraw that surrender or contest it at a later time.

However, there are certain circumstances that still remain where, as a homeowner, you are allowed to still raise a defense against a foreclosure after you agree to surrender your property. The laws between foreclosure and bankruptcy are complex, and contacting an experienced bankruptcy attorney can help you understand your legal rights.

Foreclosure imminent?  Let Us Help You Today 

If you are facing a foreclosure on your home, or the prospect of bankruptcy, you may feel overwhelmed. The laws in Florida regarding both foreclosure and bankruptcy are ever-changing, complex and challenging. If you make the decision to file for bankruptcy when a foreclosure process has started on your home, you may face additional legal obstacles. Contact a Jupiter & Palm Beach Gardens bankruptcy attorney at the office of Julianne Frank, Esq. to help you with your case, and help determine the best way to handle your foreclosure and bankruptcy. Contact our legal team at 561-320-7971 for a free consultation today.

Resources:

usa.gov/foreclosure

flsenate.gov/Session/Bill/2019/220

https://www.juliannefranklaw.com/debt-and-bankruptcy/

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