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.
How to Protect Your Rights During a Florida Foreclosure
Facing foreclosure can be one of the most stressful and uncertain times in a homeowner's life. The potential loss of your home, financial instability, and growing pressure from lenders can leave you feeling overwhelmed. That’s why it’s essential to understand the...