TAMPA FORECLOSURE DEFENSE ATTORNEY 813-222-8210
At the Galewski Law Group, P.A. we have extensive experience in helping people stop foreclosure, file for bankruptcy and otherwise workout and restructure their debt. If you are facing foreclosure, do not take a risk with your investment, call and ask how we can stop the foreclosure or help you file bankruptcy. We are a debt relief agency, our foreclosure attorneys and bankruptcy lawyers help people file for relief under the Bankruptcy Code.
In foreclosure defense we take a goal oriented approach to helping your defend your home. If you want to save your home, short sell your home or expunge your mortgage, we need to create a strategy with your goal in mind.
Although we have been successful at getting banks to agree to principal reduction mortgages, and in getting second mortgages removed, the Federal Housing Finance Agency has stated that Fannie Mae and Freddie Mac
will not allow write downs on the balances of borrowers who owe more than their homes are worth, said Ed DeMarco, acting director for the agency. UPDATE
– There is a new director of the FHA and he may be more open to principal reduction modifications. Although no official position has been set out, the history and discussions on mortgage modifications and short sale indicate that a principal reduction program may be in the works. We will continue to fight for principal reductions because we never can know when they will start new trial programs and it is better to be one of the few in the trial program and to get a principal reduction than to miss out on saving your home.
Bank of America, chase, Wells Fargo and several other large mortgage lenders reached a new settlement with part of the FHA over mortgage fraud and bad foreclosure practices. The terms of the settlement are still not fully
known and although there is still much work to do to iron out the settlement and to determine how the funds will be reinvested into correcting the mortgage crises, many news sources and bottom feeders are already using the settlement to scare or excite people into working with them. Alway remember that if something seems to good to be true it probably is. Before you rely on your friend, neighbor or even your Realtor, consult with a foreclosure or real estate attorney and have them show you where in the settlement that it states how it will benefit you. If they do not have it or have not read it they do not know. As the real details and practical implications of the settlement are released and approved by the Court we will add updates. Until the updates are available we invite you to call or stop in to discuss how we can help you to save your home or to save you from the negative financial impacts that an upsidedown mortgage may have on you.
Galewski Law Group, P.A. Bankruptcy Lawyers are following a recent change in politics in DC, the one thing that both sides of the isle may agree on is helping people save their home. Currently only a chapter 11 can change a mortgage value, but it is expected that Congress will find a way to modify Chapter 13 to allow people to reduce principal due on
their mortgage. Congress has not passed any laws that allow the reduction of principal on a homestead mortgage, but will allow an investor to reduce what is owed on a mortgaged rental property to the value of the property.
Question of the week:
Can Chapter 13 bankruptcy reduce the amount due on my mortgage to the value of the home
as told on NBC Action News and Bay News 9?
Chapter 13 bankruptcy may be able to remove a second mortgage or reduce a the value of a mortgage
on investment property the value of the property, but Congress has specifically excluded the ability to
reduce the value of a mortgage on homestead property. Regardless, Orlando Courts have started a
mediation program that is now moving to Tampa, where banks are being forced to mediate, negotiate
and possibly modify mortgages in Chapter 13. A part of this mediation and modification may involve
principal reduction or debt forgiveness.
I am surrendering a home to a mortgage lender to help consolidate my debt, may I still collect rent on the home, and does this change after filing a chapter 7?
If you have rental income from property but are planning on surrendering the property to the mortgage lender, either in bankruptcy or foreclosure, the rental income may belong to the mortgage lender. Please refer to your mortgage and note for details, but often rental income is assigned as part of the mortgage. If you were to file a chapter 7 or 13 bankruptcy, you may still not be able to keep the rental income. In a chapter 7 bankruptcy, the bankruptcy estate would own the rental property and they would be the proper party to collect the rent. Even if the rent is paid to you, you may be required to turn over the rent to the bankruptcy trustee. If you file a chapter 13 or reorganization, the rental income may be used in calculating your income for purpose of determining your discretionary income and ultimately your chapter 13 plan payments.
I am up-side-down or have negative equity in my home, can bankruptcy help me?
If you owe more than your house is worth, you typically have three options: pay for the house the home value increases, return the home to the bank or sell the home. If you sell the home, a Tampa bankruptcy attorney may help you to negotiate a short sale with the bank, so you do not need to bring money to sell. If you decide to give the house to the bank, this may be done, with or with out a bankruptcy. If you do not file a bankruptcy the Court may grant the bank a deficiency judgment against you for the difference between the sale price and the amount owed. The bank may attempt to collect the difference from your personally or may file a 1098/1099 with the IRS, and treat the deficiency amount as earned income. You would then be personally liable for the difference as if it were earned income from that tax year. A bankruptcy or reorganization may save you from the deficiency judgment and the 1099 taxable gain. Call your Tampa bankruptcy lawyer for more information.
Under the New Bankruptcy Rules,a Chapter 13 Bankruptcy may help compel the bank to entertain a
Chapter 13 Bankruptcy Mortgage Modification overview