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Can bankruptcy stop a foreclosure sale?

By Florida Law Advisers, P.A. |

Yes, when a Chapter 7 or Chapter 13 case is filed an automatic stay is instantly put into effect. The automatic stay is a federal law that stops all forms of collection activity, including foreclosure auctions already scheduled to occur.

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What is a moratorium?

By Florida Law Advisers, P.A. |

A moratorium is a temporary prohibition or suspension of an activity. The foreclosure moratorium in Florida was lifted as of October 1, 2020, by Governor Rick DiSantis.

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Does the foreclosure moratorium suspend payments?

By Florida Law Advisers, P.A. |

No, the foreclosure moratoriums enacted in Florida did not suspend payments. Homeowners were required to continue to pay their mortgage during the Florida COVID foreclosure suspension.

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Is there a COVID foreclosure suspension in Florida?

By Florida Law Advisers, P.A. |

On April 2, 2020, Governor Rick DeSantis issued Executive Order 20-94 in an effort to alleviate the COVID crisis. The Order suspended foreclosure actions and evictions for 45 days. The Governor continued to extend the Order each month for 30 days until recently. Governor DeSantis announced he would allow the moratorium to expire on… Read More »

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Does the CARES ACT prevent foreclosure?

By Florida Law Advisers, P.A. |

The CARES ACT prevents foreclosure of government-backed mortgages until December 31, 2020. If a foreclosure case was already filed, the CARES ACT will prevent the auction from occurring prior to December 31, 2020. However, this only applies to government-backed mortgages.

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What is mortgage forbearance?

By Florida Law Advisers, P.A. |

A forbearance is when your lender suspends payments for a limited amount of time. Forbearance does not forgive or eliminate payments, it only delays them. Any missed payments during the forbearance period will need to be addressed when the forbearance ends.

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How do you modify a mortgage because of COVID?

By Florida Law Advisers, P.A. |

In a Chapter 13 case, you can apply for a loan modification. You can also contact the bank directly to apply for a loan modification. It is not required to hire an attorney to modify your mortgage, but it may help to make the process easier and increase your chances of approval.

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How do you stop foreclosure?

By Florida Law Advisers, P.A. |

Chapter 13 is a reorganization bankruptcy; it gives homeowners the opportunity to reorganize debt into a more manageable payment. In addition, it may provide up to five years to catch up on missed mortgage payments without being charged any additional interest.

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When does Florida foreclosure suspension end?

By Florida Law Advisers, P.A. |

On September 30, 2020, Florida Governor, DeSantis announced he would not be extending the foreclosure moratorium and would allow it to expire on October 1, 2020.

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