Legal Question in Real Estate Law in Florida

One year ago I stopped paying my mortgage after the bank denied a mortgage modification after paying a reduced rate for one year, and they demanded $25000, which I could not afford. It has been one year since I have paid my mortgage. Foreclosure is for sure coming in the future. I have other debt and cannot afford this house, and have lost my initial $100,000. down payment, as the house is worth about 125000-150000, less then what I paid for it. I intend to file for bankruptcy. My question is, should I wait for the bank to foreclose (which seems to be taking forever) or should I file bankruptcy first?


Asked on 7/04/11, 7:22 am

1 Answer from Attorneys
Latangie Williams Law Office of Latangie Williams, P.A.

That depends on if you are trying to keep your home or not. If you want to give up the home, you will file a Chapter 7 and you can do that now. If you plan to keep the home, you will file Chapter 13. For assistance, contact my office at 904-576-2581 or email me at [email protected].

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Answered on 7/04/11, 11:45 am


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