January 25, 2013 /24-7PressRelease/
-- For many couples, buying a home is one of the first things that they do after getting married. While this can be a major purchase, it is an important step if they want to start a family. Finding the right place at the right price can take time, and they may feel a sense of relief once the process is over.
With home values continuing to remain below peak levels, some families have experienced trouble making their monthly mortgage payments. When one of the spouses unexpectedly passes away, it can be even more difficult to make ends meet. If the surviving homeowner goes to the lender to try to make a modification to the loan in order to prevent foreclosure
, he or she may be unable to negotiate with the lender.
In Florida, when a couple purchases a home, usually both parties will be listed on the title. And in most cases, both parties will sign the loan agreement. However, when some widows contact their financial institutions, they learn that they are not included on the loan. This prevents them from being able to modify the repayment amounts if they have fallen behind. Banks may refuse to negotiate with them until payments are made current, which can be impossible for those who have recently lost their spouse.
The widows may then find themselves subject to continuing harassment by collection agencies. If the lending agency refuses to change the name on the loan, letting the home go into foreclosure or filing for bankruptcy may be the only available options.
Homeowners in underwater mortgages may find that Chapter 13 bankruptcy will allow them to remain in their homes while the bankruptcy process is ongoing. This will let the homeowner decide whether or not staying in the home is the best option, and may allow them to work out more favorable terms with their lenders.
Many seniors have been hit especially hard during the foreclosure crisis. When they lost the equity that they had in their homes, they lost one of the nest-eggs that they often counted on during retirement.
If you are experiencing financial problems, speak to an experienced bankruptcy attorney about what you can do to resolve the issues you are facing. Each situation will be different, and it is important to find a solution that is best for you. Once you know the path that you want to take, you can begin to rebuild your financial future.
Article provided by B&B Law Group
Visit us at www.tampadebtsolutions.com