If Your Mortgage Foreclosure Sale Has Not been Scheduled, Then The Following Information Is For You
Law Office of John Bristol - 1776 N. Pine Island Road, #224, Plantation, Florida 33322 (954) 475-2265
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John Bristol began his law career in 1988. Since 1988, John has filed more than 10,000 consumer Chapter 7 and Chapter 13 Bankruptcy Cases in the Southern District of Florida. Because John's office is in Plantation, Florida; John concentrates his law practice only in Broward County. We offer PAYMENT PLANS and give FREE CONSULTATIONS (954) 475-2265
The first thing to remember is that your mortgage company does not want your home. They want your money! You have several options if you are in a mortgage foreclosure:
1. Call you mortgage company directly and try to work out a payment plan for any amounts you are behind. All mortgage companies have a “loan work-out department” to help people who are behind on their mortgage. Your monthly mortgage statement has a toll free number that you can call to speak directly to the mortgage company’s representative. The representative will tell you the options that the bank provides to homeowners who are in a mortgage foreclosure.
2. If you do not have any equity in your home, you may consider a “short sale”. In a short sale, the bank stops the mortgage foreclosure and takes back the property and also agrees to waive any money you owe on the mortgage. You do not receive any money at the closing of the short sale. But, very often, the mortgage company will give you money to help you relocate to another home.
3. If you have equity in your home and you can not pay your mortgage, you should consider selling the property to take out any cash value you have in the home rather than go through a mortgage foreclosure. Better you get the cash value in the home rather than allowing the mortgage company to have the equity. If you can not pay, you should contact a licensed real estate agent to help you sell.
4. A Bankruptcy Can Stop the Fort Lauderdale mortgage foreclosure. If you are far behind in the payments and the mortgage company will not work with you, a chapter 13 bankruptcy can force the mortgage company to accept a payment plan you likely afford.
Benefits of Filing a Chapter 13 Bankruptcy:
1. A Bankruptcy stops the mortgage foreclosure. Under the law, once you file a chapter 13 bankruptcy all legal action, including a mortgage foreclosure must stop. Stopping the mortgage foreclosure will give you time to think about your options to save your home.
2. To work out a chapter 13 bankruptcy, You keep your property but you must earn wages or have other income to work out a chapter 13 bankruptcy payment plan with the mortgage company. The Bankruptcy Judge can force the mortgage company to accept a payment plan to repay the amount you owe
3. Approval of the Chapter 13 Bankruptcy payment plan is up the a Judge NOT the mortgage company. If you qualify under terms of the Federal Bankruptcy Code, The Judge can force the bank/mortgage company to accept the the bankruptcy plan and payments you make under that plan.
4. You have up to 5 years to repay any amounts that you are behind based upon the mortgage foreclosure. A five year plan allow you to repay the amount you owe to the bank slowly so you can have enough money to continue to pay your regular household expenses like your electric bill or car payment.
5. The bank/mortgage company can not continue the mortgage foreclosure during the entire time you are in the payment plan. At the end of the plan, the mortgage foreclosure will be dismissed because you have paid back all of the money you owe to the bank.
Additional Information From Other Attorneys Around the United States:
Not only is John Bristol an excellent attorney, he is kind and compassionate. He, and his wonderful office staff, assisted me during a very difficult time in my life. - Lisa Gilmour
Fort Lauderdale Mortgage Foreclosure
Law Office of John Bristol
1776 N. Pine Island Road, Suite 224, Plantation, Florida 33322
(954) 475-2265 - J@Jbristol.com
The Bankruptcy Law Office of John Bristol has filed more than 10,000 cases in the Southern District of Florida since 1988. We concentrate our law practice on Chapter 7 Bankruptcy (liquidation) and Chapter 13 Bankruptcy (personal reorganization) cases in Fort Lauderdale and All of Broward County, Florida
Tell Us How Much You Can Afford To Pay For Your Bankruptcy Case. We Will Work With You!
The Law Office of John Bristol
The Law Office is on the Corner of Sunrise Boulevard and Pine Island Road
From I 95: Take Sunrise Boulevard West to Pine Island Road
From I 595: Take Pine Island Road North to Sunrise Boulevard
1776 N. Pine Island Road, #224
Plantation, Florida 33322