{"id":291,"date":"2014-02-05T09:33:05","date_gmt":"2014-02-05T09:33:05","guid":{"rendered":"https:\/\/www.brandonlawyer.com\/?p=291"},"modified":"2023-09-01T11:37:24","modified_gmt":"2023-09-01T11:37:24","slug":"bankruptcy-as-a-means-to-stay-in-your-home-despite-mortgage-problems","status":"publish","type":"post","link":"https:\/\/www.brandonlawyer.com\/blog\/2014\/february\/bankruptcy-as-a-means-to-stay-in-your-home-despite-mortgage-problems","title":{"rendered":"Bankruptcy as a Means to Stay in Your Home, Despite Mortgage Problems"},"content":{"rendered":"
In these tough economic times even homeowners with steady incomes can find themselves\u00a0facing foreclosure<\/a>. In this situation, filing for bankruptcy is an option to consider closely.<\/p>\n The option you choose will depend on your unique circumstances. But for a homeowner behind on the mortgage, the following options may be available:<\/p>\n When all else fails, bankruptcy may be the answer to avoid the devastating effects of foreclosure.<\/p>\n Filing for bankruptcy<\/a>\u00a0gives a borrower time to sort out their finances and may not negatively impact credit as much as a foreclosure.<\/p>\n Upon filing for bankruptcy, a court\u00a0automatically issues a stay<\/a>\u00a0of the foreclosure proceedings. This will postpone a foreclosure sale for three to four months, unless the lender files a motion to lift the stay or the clock has started ticking on an advance notice. Although bankruptcy will not necessarily keep a homeowner in the home, it provides time to get back on track.<\/p>\n Longer term, bankruptcy provides better options for home ownership. A borrower is ineligible for a Fannie Mae or Freddie Mac mortgage for seven years after a foreclosure. The wait time is only four years after a bankruptcy filing. However, a borrower can qualify for an FHA-backed mortgage three years after a foreclosure and two years after a bankruptcy.<\/p>\n There are two types of personal bankruptcy: Chapter 7 and Chapter 13.\u00a0Chapter 7<\/a>\u00a0bankruptcy\u00a0discharges<\/a>\u00a0nearly all debt within six months and is appropriate for those with low income and few assets.\u00a0Chapter 13\u00a0<\/a>bankruptcy consolidates debts and works out a three-to-five year repayment plan. Chapter 13 is often preferable because it allows a borrower to keep their home and some other assets.<\/p>\n While bankruptcy should not be the first choice when facing foreclosure, it is often preferable to foreclosure’s long-term consequences. If you have exhausted all other remedies to avoid foreclosure, contact a Florida bankruptcy attorney at our firm to discuss your options.<\/p>\n","protected":false},"excerpt":{"rendered":" In these tough economic times even homeowners with steady incomes can find themselves\u00a0facing foreclosure. In this situation, filing for bankruptcy is an option to consider closely. Options for Homeowners Behind on the Mortgage The option you choose will depend on your unique circumstances. But for a homeowner behind on the mortgage, the following options may […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/posts\/291"}],"collection":[{"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/comments?post=291"}],"version-history":[{"count":2,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/posts\/291\/revisions"}],"predecessor-version":[{"id":294,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/posts\/291\/revisions\/294"}],"wp:attachment":[{"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/media?parent=291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/categories?post=291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brandonlawyer.com\/wp-json\/wp\/v2\/tags?post=291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Options for Homeowners Behind on the Mortgage<\/h3>\n
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Bankruptcy Can Help Avoid Foreclosure<\/h3>\n
Bankruptcy Options<\/h3>\n