Loan Modification Now Available Through Chapter 7 Bankruptcy
Orlando has one of the highest rates of “under water” mortgages in the nation. This means that many central Florida families owe far more on their homes than the actual fair market value. Instead of having an investment, these folks are saddled with a liability that they cannot even sell to escape the payments. Individuals in this unfortunate situation often turn to bankruptcy to save their homes and regain some financial stability. However, the process is not easy. Bankruptcy comes in two varieties: Chapter 7 or Chapter 13. Bankruptcy lawyers typically advise people who have significant assets to opt for Chapter 13, because this form of bankruptcy allows the debtor to restructure his or her debt and spread payments over a longer period. For low-income…
