There are no mechanisms in bankruptcy that would force a mortgage company to modify the terms of their note. They have a contract, you signed on the line, you agreed to pay, they agreed to give you the money. There’s no mechanism in the bankruptcy code that forces a creditor to do that. However, what we found in this climate, in this economy, that mortgage companies are coming forward and they’re offering clients deals, whether it be a 7 or 13, to modify and to try to keep that debtor in that home.
Financial Planning After Divorce in Florida
Divorce is not just an emotional process; it also carries significant financial consequences. Whether your divorce was amicable or contentious, it is crucial to take control of your finances and plan for a stable future. In Florida, where divorce laws and financial...