There are no mechanisms in bankruptcy that would force a mortgage company to modify the terms of their note. They have a contract, you signed on the line, you agreed to pay, they agreed to give you the money. There’s no mechanism in the bankruptcy code that forces a creditor to do that. However, what we found in this climate, in this economy, that mortgage companies are coming forward and they’re offering clients deals, whether it be a 7 or 13, to modify and to try to keep that debtor in that home.
Florida Homestead Exemption: Protecting Your Primary Residence
Owning a home is one of the most significant investments many of us will make in our lifetimes. In Florida, the homestead exemption plays a crucial role in safeguarding this investment, offering both protection from creditors and valuable tax benefits. In this Klein...