By now you have probably heard that the Southern District of Florida, Bankruptcy Court, has implemented a mortgage modification procedure. The results have been outstanding! By making a good faith payment, of 31% of your gross income, in your Chapter 13 payment plan, the mediation process takes place while at the same time the Foreclosure process is stopped. While in the modification process, all the documentation is exchanged via a portal established by the Court. This means that there is no delay or loss of documents that very often would frustrates the homeowner and the bank.
If for some reason the mediation is not successful, bankruptcy still offers the opportunity to save your home by establishing a payment plan. In this method, you go back to the payment of your regular monthly amount plus you are given up to five (5) years to catch up on the arrears.
Please allow our office, Freire & Gonzalez, P.A., to assist you. Call for a free consultation, (305) 826-1774. Bankruptcy may be the solution to your financial difficulties.