Saving Your Property from Foreclosure with Chapter 13 Bankruptcy

Atty. Jordan E. Bublick - 1221 Brickell Ave., 9th Fl., Miami, Florida

The filing of a chapter 13 bankruptcy case puts a stop to most foreclosure action and gives a homeowner the opportunity to pursue a mortgage modification. In addition, often second mortgages are avoidable in a chapter 13 plan

Mortgage Modification - Mediation 

Within the chapter 13 case, a property owners may make use of the Bankruptcy Court's new "Loss Mitigation Mediation" (LMM).
This program is innovative in certain respects. Under this program, a Bankruptcy Court appoints a meditor to help the parties reach an agreement to modify the mortgage. A mediator is able to help the homeowner and mortgage company communicate and reach an agreement for modification.

This program also involves the use of an internet "portal" which allows the homeowner to upload all the documents needed for the mortgage company to consider for a modification. Through this portal the homeowner and mortgage company are also able to communicate.

Avoiding of Under Water Mortgages and Association Liens

If a second mortgage is "under water," the involved lien may be avoidable. To be avoidable as to residential property, there must not be any equity in the property to support the mortgage lien. That is, more is owed on the first mortgage than the value of the property. Association liens, including condominium association liens, may also be avoidable in whole or in part, to the extent that they are "under water."Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankruptcy Cases and Mortgage Modifications (305) 891-4055