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If I walk away can the bank sue me?

By Florida Law Advisers, P.A. |

Often, after a foreclosure auction, there will not be enough funds from the sale to pay the loan in full. In cases such as these, the bank may sue the borrower for the remaining balance (deficiency). Additionally, the bank will usually add interest, late penalties, and legal fees onto the balance. However, a Chapter… Read More »

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How long does bankruptcy stay on my credit?

By Florida Law Advisers, P.A. |

A borrower can become eligible for a mortgage with Fannie Mae after only two years have passed since a bankruptcy discharge. Moreover, if a debtor makes 12 consecutive Chapter 13 payments they may be given permission to increase their debt. The increase in debt may even include obtaining a new mortgage.

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How do you modify a mortgage?

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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Will bankruptcy stop a foreclosure sale?

By Florida Law Advisers, P.A. |

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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Is there a Jury in Florida foreclosure cases?

By Florida Law Advisers, P.A. |

Foreclosure cases in Florida are conducted without a jury. Instead of a jury, the judge will decide the fate of the case. Homeowners will have to persuade the judge to rule in their favor.

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What is the Unclean Hands defense?

By Florida Law Advisers, P.A. |

An example of unclean hands is tortuous interference by the bank. If there is evidence that establishes the bank tortuously interfered with enforcing the loan, the foreclosure should be denied.

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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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Can I keep my home if I file bankruptcy?

By Florida Law Advisers, P.A. |

Yes, homestead (primary residence) is a protected asset in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to forfeit your home as a condition of the bankruptcy.

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