Will Chapter 7 Bankruptcy Stop Foreclosure in Florida?

By
Real Estate Services with STAMATAKIS + THALJI

A Chapter 7 Liquidation Bankruptcy can stop the foreclosure temporarily. It will not allow a delinquent borrower to pay back the delinquency and reinstate the mortgage over a period of time.  A borrower must pay back the arrearages much quicker on the lender's terms, or the foreclosure action will continue again after about a 60 day delay.

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mortgage foreclosure short sales real estate lender tampa florida attorney

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Anonymous #8
Anonymous
jim

It's more complicated than that. If you paid off your cars and they have any value the court will sell them to pay off creditors, you are only allowed a certain amount of equity. You must first lay out all the cards before you can make any determination about bankruptcy in most cases there is no need to file unless your millions in debt. If the only reason your filing is because of you home mortgage you probably don't need to file, you can renegotiate your home loan down in balance and payments or short sale it or deed in Lu of foreclosure or live there free for a long time before a foreclosure can happen. You need to talk to a real estate attorney not a bankruptcy attorney. They can renegotiate you mortgage or deal with the foreclosue action when it comes. Here's one Corey Hoffman or Pilar at 305-443-5600 just tell them Jim sent ya. Hope this was of help.

February 08, 2009 10:06 AM
Anonymous #9
Anonymous
Theresa, Jacksonville FL.

we were delinquent on our mortgage three months, we sent in one months payment after we were told our mortgage company had started foreclosure which they returned a month later, we attempted communication with them (Wells Fargo) and they said if we could make another payment of $4200. that would stop the foreclosure and qualified us for loan modification setting us up to not pay anything until May 2009, at a $50. higher payment than what we were alread paying well we did as they instructed only to get a payment schedule for a temporary forebearance this was never an option discussed with me  and was $379.MORE a month than what we were already agreed to by struggling to pay.  They kept our $4200. and since we didn't make the increased payment we were put back into foreclosure, now our original forclosure was filed on Dec. 5, 2008 our $4200 payment was made in Jan. 2009, but made no difference because after sending in all the necessary financial statements they said we didn't qualify for a loan modification and that in fact we never were qualified for one only pre-qualified which is not what they told me originally.  So what do i do now, my husband wants to file bankruptcy and i think it's our only option.

March 31, 2009 07:45 AM
Rainer
7,408
Judy Dixon
Bankruptcyonly.com

I think chapter 13 bankruptcy is more suitable in stopping the foreclosure. Have a look at this link http://www.bankruptcyonly.com/chapter-13-bankruptcy.php

Hope this might help you.

December 11, 2009 03:44 AM
Anonymous #11
Anonymous
Anonymous

I'm in Alaska and am going to be filing for chapter 7 bankruptcy soon. Obviously, I'm filing for a reason and I don't have much money for a lawyer. So, I'm just wondering about how much I'd be spending for a lawyer to take care of it, or if I should just learn & do it without one. Thanks for the help! See personal bankruptcy lawyer..What are your views?

November 13, 2010 06:15 AM
Anonymous #12
Anonymous
credit counseling for bankruptcy

I live in CT and my wife and I are trying to file bankruptcy. We went to one lawyer and he wanted $2100.00 plus court costs. If im filing chapter 7 how can I afford to pay over 2,000$? Anyone in Connecticut Hartford Tolland Mansfield county have any recommendations? Thanks in advance! What to say about credit counseling for bankruptcy ?

November 13, 2010 06:18 AM
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Rainer
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Stamatakis and Thalii Foreclosure Defense Bankruptcy, FL

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