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When you can't pay your mortgage, you breach the contract and put yourself in a position wherein the bank can foreclose on your home. You may feel that everything is out of your hands and that you may as well start packing up now and looking for somewhere else to live. This doesn't have to happen to you if you act fast. When you reach Foreclosure in Lake Worth, it is not necessarily the end. You may be able to still keep your home by filing for a Chapter 13 bankruptcy, but you can't wait. Banks don't like to lose money, and they don't like to wait around to take action when they have foreclosure homes on their books. To that end, they start the process through the courts to take back your home. Because the action has to go through the court, you have the legal right to respond to the notice. Yes, even though you are in breach of contract, you are not without the ability to defend yourself. It may very well be that the best response is to file for bankruptcy, but you have to do it right or the bank can request relief from the petition and the court may very well grant it. When you file for bankruptcy, an automatic stay of collection activity goes into place. Creditors can not make payment demands of you while the petition is open. However, a bank can make a request of the court to be relieved from the stay in order to take back your home. This is why it's important to act quickly when you know you're going to go into Foreclosure in Lake Worth. The sooner you act, the better your chances of renegotiating your mortgage is. Filing for Chapter 13 bankruptcy can potentially get the bank to work with you and modify the loan in such a way that you get lower payments. Don't try to do this on your own, however. Talk to a lawyer about what they can do to help you keep your home, how the process works, and any negotiating tactics that may need to be used. A lawyer can help you determine what the best course of action to take, whether it's negotiation or bankruptcy. Sean I. Koplow, P.A. is an experienced Chapter 13 & Chapter 7 Bankruptcy Attorney offering services in Lake Worth, Royal Palm Beach & Wellington, FL.
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