Recent information indicates that, through October of 2016, approximately 1 in every 830 homeowners in Miami-Dade County was facing foreclosure. In Broward County, it's about 1 in every 620. If you are struggling to keep up with your mortgage payments, you don't have to become one of these statistics.
When you are trying to save your home, lowering the amount you owe on the property is one of the best things you can do. Depending on the circumstances of the situation, this can be a very accessible option for people who have taken out home-equity loans or other types of second or third mortgages through a process known as lien stripping.
In a previous post in this series, we discussed the foreclosure process and the steps lenders must take before initiating a foreclosure on your property. In that same post, we also mentioned that there may be steps you can take to stop the foreclosure and keep your home. Today we want to get into that topic in a little more detail.
No one ever plans to find themselves in over their head with debt and behind on mortgage payments. But for thousands of people all over this country, this is an everyday reality that requires proactive - and sometimes legal - steps to get out of.
Many Florida residents understand that they need help to address serious financial challenges, but they may not always know what kind of assistance for legal options they are entitled to. Filing for bankruptcy is one option that has proven to be very successful for countless Americans throughout the years, but different forms of bankruptcy can be more helpful to people under specific circumstances.
For the millions of people across the country facing serious financial challenges, the prospect of losing one’s home can be very real and troubling. The only thing many Florida families know about foreclosure is the information their lender provides them with once the process begins, and individuals often feel as though they have few options to keep their homes. Chapter 13 bankruptcy can be used to delay and even stop foreclosure in some instances; however, it’s important that homeowners understand how personal bankruptcy works and its limitations in addressing issues like foreclosure.
The economy has shown steady improvement since the last recession a few years ago, but that does not mean people in Broward County are not still struggling financially. An unexpected medical emergency, natural disaster or health issues can easily send someone into a financial whirlwind. In many cases, people try to stay afloat by using their credit cards but then the reality of their situation hits and they start looking for debt relief by filing for Chapter 7 or Chapter 13 bankruptcy.
Millions of Floridians are facing a wide range of financial challenges. If you’re struggling to pay your bills, you may have come up with a list of possible solutions to get you and your family out of the mess. But, like most Americans, you might think that filing for bankruptcy is a scary option and a last resort.
With the financial challenges that many people are facing in Florida, bankruptcy can be a good option for some. However, there are certain rules and qualifications for bankruptcy, to prevent people from abusing the system. The idea of being able to dismiss your debts or restructure them for easier payment can be tempting, but bankruptcy is a tool that is meant to help those who truly need it. In fact, fraudulently filing for bankruptcy can get people in serious trouble.
When filing for bankruptcy in Florida, people facing financial challenges hope that they’ll be able to start over rebuilding their credit. But that won’t be able to happen if the major credit reporting bureaus haven’t accurately updated credit reports to reflect a bankruptcy debt dismissal.