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Foreclosure Defense

The state of Florida is one of the "sunshine" states that were hit hard with the real estate collapse. When you factor in the thousands of upside-down mortgages in Florida, and when those figures are combined with a large percentage of people that are out of work or struggling to make ends meet, then you have a recipe for disaster.

For the average person, their home is the largest investment of their life. Often times we associate our home with building fond memories with friends and family, and for this reason many of us don't want to risk losing our home to foreclosure. If you are worried about losing your home or if you are already falling behind on your mortgage payments, then it's extremely important that you take quick and decisive action to find out what you can do to resolve the situation.

Can bankruptcy help my situation?

Mortgage lenders use the foreclosure process against homeowners who cannot afford their payments, and that have been affected by the economy, and against homeowners who have found themselves living in a home that is worth far below what they owe.

There are few legal tools available that have such a swift and dramatic impact as filing for bankruptcy as a foreclosure defense. There are a number of savvy homeowners who are realizing the incredible advantage of hiring a Clearwater bankruptcy attorney to protect them against their lender and from losing their home permanently. If you have been served foreclosure papers, it's of the utmost importance that you contact me at my firm, The Law Office of Gary G. Carpenter to discuss your situation in detail as soon as possible.

As a homeowner, it's important for you to understand that federal bankruptcy laws supersede any foreclosure lawsuits against you and your property. The lender forecloses upon a property with the purpose of regaining possession of the property so they can turn around and sell it to satisfy the outstanding mortgage balance.

Many homeowners make the mistake of believing that they can simply walk away from their property and not have to pay the lender a dime; however, this is couldn't be further from the truth. Once the lender sells the home, if they are unable to sell the home for what the homeowner owed on the mortgage, then they will get what is called a deficiency judgment against the homeowner.

In that case, the homeowner will still owe money to the lender, but they won't get to enjoy living in the home. In many cases, a deficiency judgment can be for several hundred thousand dollars, especially when the home was severely upside-down.

Enter Bankruptcy Protection

As soon as the borrower files for bankruptcy, the "automatic stay" goes into effect, thus halting all debt collection actions against the debtor and any of their property, and this includes foreclosure proceedings. Additionally, with a Chapter 13 bankruptcy, second and third mortgage liens may be "stripped," thus reducing the borrower's payments to the point where they can better afford their mortgage. This is very important because filing for bankruptcy can stop a home from being sold in a foreclosure sale, it can stop the bank from repossessing the home, it can stop the homeowners from being evicted from the home, it can stop a foreclosure judgment from being placed against the home, and it puts a stop to all other collection proceedings by the mortgage lender and any other debt collectors that may have a claim against the debtor and their estate.

If the borrower files a Chapter 7 bankruptcy, it can give them the time they need to explore either a loan modification or another viable solution. If the homeowner filed a Chapter 13 bankruptcy, it allows the homeowner to remain in the home while the "automatic stay" is in effect which is for 3 to 5 years. Most importantly, for those homeowners that file a Chapter 13, it offers them tremendous relief and protection from a sizeable deficiency judgment being collected against them. If they did not file for bankruptcy, they could have a several hundred thousand dollar deficiency judgment against them that would accrue interest and ruin their credit for a number of years, all for a house they no longer live in!

Foreclosure Defense Lawyer in Clearwater

If your home is at risk of going into foreclosure, or if you have already been served your mortgage complaint by your lender, it's critical that you contact me as soon as possible for bankruptcy must be filed before your scheduled sale date, and of course, the sooner you file the better off you will be.

I was admitted to the Florida Bar in 1994, and after working for the Department of Children & Family Services and the Office of the Attorney General, I went into private practice in 1998. I practice in multiple areas of law and have an in-depth understanding of the state and federal bankruptcy laws, as well as the Florida laws as they pertain to foreclosure and foreclosure defense. If you have fallen behind on your mortgage payments, I urge you to take this matter seriously and contact me today. I am here to help and I am confident that we can come up with the most practical solution for your unique situation.

The Mercury Insurance Building, 1901 Ulmerton Road, Suite 400, Clearwater, FL 33762

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Address: The Mercury Insurance Building, 1901 Ulmerton Road, Suite 435, Clearwater, FL 33762 Phone: (727) 424-2279