You Might Not Need Bankruptcy to Avoid Foreclosure
As the subprime mortgage crisis deepens, more and more homeowners are turning to bankruptcy as a way to interrupt foreclosure proceedings and save their homes. Unfortunately, their attorneys don't always tell them about the continuing consequences of bankruptcy, or the less drastic measures that can be available to protect your home. To discuss alternatives to bankruptcy with an experienced Florida real estate lawyer, contact the Jacksonville office of W. David Vaughn, Esq.
Why file for bankruptcy if you don't need to?
You're only eligible for one bankruptcy discharge every eight years. Why not save your right to a discharge for when you really need it? While it's true that a bankruptcy petition will interrupt a mortgage foreclosure, you're still going to need to work out a deal with your mortgage service company to keep your house. Once a bankruptcy judge grants your lender relief from the automatic stay, foreclosure of your mortgage can proceed to completion — even if you are still in the process of filing for bankruptcy.
My law practice emphasizes expanding your foreclosure defense and negotiation options. With more than 30 years of experience in real estate law, I can review your situation and spot the opportunities for working out an arrangement you can live with. In many cases, that will mean a recapitalization agreement that adds your arrearages to the principal of your loan and cures your mortgage default.
In other cases, we can work toward a modification agreement with provision for a short sale that relieves you from liability for the difference between what you owe and what your house sells for. As a seasoned real estate attorney, I know how to make sure that we deal only with key decision makers at the mortgage company who actually have the authority to enter into an enforceable agreement with you.
The best time to contact my office is as soon as you can: 904-475-1646
You shouldn’t wait until your mortgage goes into foreclosure to start looking for ways to salvage your situation. Although I have managed to keep people in their homes even after their foreclosures were completed through a sheriff’s sale, your bargaining leverage definitely does not improve as time passes.
A simple deed in lieu of foreclosure is no longer a realistic alternative for most people facing mortgage problems. Your available options may differ depending on how much equity you have, the characteristics of your local real estate market, your lender's willingness to forgive a deficiency and the existence of any other liens against the property.
No matter what the specifics of your situation involve, I can pursue negotiations to save your house outside of bankruptcy for a single flat fee. Although I can't guarantee results, I can promise you my best efforts, and I can tell you I'm usually successful. To learn more, contact the Jacksonville office of W. David Vaughn, Esq.