Chapter 13 Bankruptcy Mortgage Modification 813-222-8210



The Tampa Bankruptcy Court is now allowing a Chapter 13 Bankruptcy Candidates to file a plan proposing to pay a homestead mortgage at 31% of the household income. The Mortgage Modification is still subject to a mediation or agreement with the mortgage holder or bank but this opens a new world of power in Chapter 13 Bankruptcy and can go a long way to have your Tampa Bankruptcy Attorney help stop foreclosure and save your home.


This is a Chapter 13 Bankruptcy and is bound by the same rules of Liquidation Analysis and the Means Test or Test of Average Income, but we add one extra element. From the start of the Chapter 13 Plan, the plan requires you to start paying 31% of your net income to the mortgage lender. This amount should pay your principal amortized over 360 months, an escrow for your taxes and insurance and a meaningful interest payment (typically more than 1.25%). We would petition the Court to order the mortgage lender into a mediation. At mediation we would re-evaluate the proposed payment and modification with the lender and attempt to reach a permanent modification. This modification may include a principal reduction. Starting 30 days from filing the mortgage you will need to start paying the bankruptcy trustee your proposed modification payment as a good faith payment. Often we will negotiate with the bank to make the payment directly to the bank as part of the modification to reduce the bankruptcy payment and to assure that payments are made timely to the bank to so the mortgage modification is successful. Tampa Chapter 13 Bankruptcy Attorneys, Call us today for a free consultation at (813) 222-8210 Mortgage Lenders seem far more likely to allow a permanent mortgage modification in bankruptcy. Outside of bankruptcy there is only 4% success rate on mortgage modifications. Inside Chapter 13, mortgage modifications have a 90% success rate.

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PRESS RELEASE: Previously the FHA had held off on principal reduction modifications claiming that it was not their position to take money from the many (tax payers) and to give it to the few (holders of modified mortgages.) with the recent settlements with large mortgage servicers and banks, the FHA may be open to principal reductions. The settlement has created a fund for allowing the principal reductions as well as short sales. Since the FHA does not have to use federal money to allow the modification it is justified in reducing the principal on your mortgage and saving your home.

Bankruptcy Lawyer Tampa Did you know: Tampa Bankruptcy Attorney Tampa Bankruptcy Lawyers at the Galewski Law Group have been involved in over 1,000 cases this last decade, but we take a personal approach to each case. When we work to help someone get out of debt or a family save their home or save themselves from the deficiency in a mortgage, we put our heart into making sure that your interest, your family, and your future are protected. We start with a discussion of your immediate needs, short and long term goals, which may include: avoiding a judgment or garnishment, fighting a foreclosure or a lien foreclosure from a Home Owners Association, of simply stopping creditors from calling. We move from there to a series of avenues to reach your goals, including: filing bankruptcy, filing an exemption to garnishment, assisting with all avenues of foreclosure defense, negotiating with the bank or their attorney to obtain a modification, short refinance or a short sale with deficiency forgiveness. To help obtain your goals, achieve a fresh start, rebuild your life and move your recovery, we reach beyond a typical law firm and have relationships with industry leaders,credit repair specialists, mortgage lenders, realtors, and investors, and simply good hearted people that are there for you and your family. At the end of the day, your home is more than your castle, your family needs to focus on recovery, and not on legal details. We can handle the details while you move your recovery along. There is no substitution for competent legal counsel. The decisions that you make now can have a long lasting impact on you and your family. I often say that everyone gets their day in court. There is rarely a second chance to come back and change things with the judge or in a settlement agreement. The same is true in cases where you cannot always anticipate future needs and where legal documents are drawn in the best interest of the bank and not you. You need someone familiar with these documents to help assure that your interest is protected and you are free from any future claim. This means that you should do things correct the first time. Just because a friend went through a similar situation, does not mean that they have had the same case or that they know your situation. There is just no substitute for hiring the right law firm the first time. Call the Galewski Law Group at 855-Stan-the-Man or 813-222-8210 now and get a free consultation.

The Galewski Law Group provides Accident, Insurance Claim, Injury, Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense, mortgage modification, Divorce, and Personal Injury representation to clients throughout the Tampa Bay Area including Hillsborough, Pinellas, Manatee, Pasco, Polk, Sarasota and Hardee County and in cities that include Tampa, Clearwater, Dover, Seffner, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Safety Harbor, Lutz, Holiday,, Oldsmar, Sarasota, Crystal Beach, Bradenton, Lakeland, Brandon, Plant City, New Port Richey, Trinity, Spring Hill, Port Richey, Largo, Seminole, Pinellas Park, and Bartow. 412 E. Madison Street * Suite 1106 * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211