Legal Question in Bankruptcy in Florida

Home Loan Reduction

I was told an attorney may be able to contact my lender and offer them a certain percent such as 80 cents on the dollar and renegotiate my loan to a 30 year fixed? Would I be better off just filing for general bankruptcy and including my home in that? My current loan is sub prime and is fixed only for a short period of time when it will adjust and I could no longer afford to pay it! Please give me some advice. Thank you.


Asked on 5/31/08, 9:58 pm

1 Answer from Attorneys
Brent Rose The Orsini & Rose Law Firm

Re: Home Loan Reduction

You haven't provided enough information here to answer your question. The biggest question I'd have for you is: do you want to keep the house? Once you'd made that decision, a lawyer would have to look at your income, other assets, and other debts to see which chapter of bankruptcy you'd qualify for. Then you'd have to decide whether a reduction in the mortgage was possible and whether it was better than an attempt at refinancing.

Read more
Answered on 6/01/08, 10:35 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Florida