Bankruptcy Lawyer | Save Your Home with Chapter 13
Bankruptcy Lawyer . The filing of a chapter 13 bankruptcy case puts a stop to most foreclosure actions and gives a homeowner the opportunity to pursue a mortgage modification under the Bankruptcy Court’s Mortgage Modification Mediation program (“MMM”) . In addition, often second mortgages are avoidable in a chapter 13 plan
Mortgage Modification Mediation
Within the chapter 13 case, a property owners may make use of the Bankruptcy Court’s new Mortgage Modification Mediation (MMM).
This program is innovative in certain respects. Under this program, a Bankruptcy Court appoints a meditor to help the parties reach an agreement to modify the mortgage. A mediator is able to help the homeowner and mortgage company communicate and reach an agreement for modification.
This program also involves the use of an internet “portal” which allows the homeowner to upload all the documents needed for the mortgage company to consider for a modification. Through this portal the homeowner and mortgage company are also able to communicate.
Avoiding of Under Water Mortgages and Association Liens
If a second mortgage is “under water,” the involved lien may be avoidable. To be avoidable as to residential property, there must not be any equity in the property to support the mortgage lien. That is, more is owed on the first mortgage than the value of the property. Association liens, including condominium association liens, may also be avoidable in whole or in part, to the extent that they are “under water.”
If you are in need of saving your property, contact a qualified bankruptcy lawyer to learn more about foreclosure with Chapter 13.
Call attorney David Pinkston, bankruptcy lawyer, for a free consultation today: (904) 389-5880. If you are thinking about #bankruptcy, #chapter13bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880