In the state of Florida you must respond within 20 days following notification. Therefore it is of great importance to meet with a lawyer.
Yes, the foreclosure attorney in his defense gives you time to fix your financial situation or achieve alternatives that benefit both you and your family.
It is the embargo that occurs against the debtor since the sale of the property was not enough to pay the mortgage, it is considered a debt.
All those individuals and companies with large financial debts that cannot be solved by themselves and need to rely on one of the types of bankruptcy to resolve the economic situation. The bankruptcy works best for borrowers who may have some type of income that helps them cover their costs after downloading the corresponding chapter in the case.
When a homeowner decides to stop making mortgage payments, this is called a strategic default. Strategic defaults are used usually when the persons home is worth less than the mortgage balance, or when the person is no longer able to pay their monthly mortgage payments.
A letter of demand or acceleration is sent by a lender to a homeowner when the homeowner stops paying the mortgage. The lender must send this letter before they can proceed with a foreclosure lawsuit by the total loan amount.
There are a number of foreclosure alternatives available to homeowners, including short sales, deed in lieu of foreclosure and loan modifications. A qualified attorney can assist you in implementing these options and give great chances of a successful outcome.
Bankruptcy should never be the first alternative for individuals with a foreclosure; there are other options that can be adopted to prevent the implications of a foreclosure sale. If the mortgage borrower has other debts, then bankruptcy could be a way to use to relieve the homeowner, but still it should be the last resort.
No, the debtors are not going to prison for having accounts payable with creditors, unless they have committed a federal crime or fraud. Creditors may only collect debts through the court and ask the judge for a claim against the debtor for a money judgment. Even if the demand is achieved, creditors can seize some of your properties or cancel your checking account, but they cannot get an arrest warrant for debtors.