Stop Foreclosure Through Bankruptcy

Tampa Bankruptcy Attorney

There may be nothing more frightening than the prospect of losing your home to foreclosure. Once your lender initiates foreclosure proceedings, there are very few things that can stop it. One possible option is to file for bankruptcy. As soon as your bankruptcy petition is filed, the foreclosure action must stop under the automatic stay.

There are foreclosure defenses available within bankruptcy that are not available outside of it. At the law firm of Buddy D. Ford, P.A., our Tampa foreclosure defense lawyers will help you with the entire process. After filing your bankruptcy petition, we will get to work immediately and find the best approach to help you keep your home.

How Bankruptcy Can Help

Through filing for bankruptcy, a foreclosure can be put on hold and if the situation is handled in the right way, the debtor may be able to keep the home.

Lien stripping: If you have a second, third or fourth mortgage on your home, and the value of the home is less than the balance of the primary mortgage, you may be able to have the liens for the subsequent mortgages stripped and have the loans reclassified as unsecured debt.

Short sales: Forgiveness of a debt is ordinary income. In a short sale, you would owe tax on the difference between the amount of the short sale and the amount you owe on the house. If the short sale occurs within a bankruptcy, the income and the tax obligation are exempted.

Arrange to repay arrearages: In a Chapter 13 bankruptcy, you can roll your arrearages into your payment plan and continue to make your regular mortgage payments going forward, effectively eliminating the threat of losing your home.

Emergency bankruptcy filings: If last-minute negotiations with your lender have fallen through and foreclosure is imminent, we can attempt to make an emergency filing to stop the proceeding.

Call For A Consultation

Contact our office today to learn more about our bankruptcy services and how we can help you save your home. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 813-302-1258, toll free at 866-596-9247 or via email.