The Bankruptcy Law Clinic Blog

Saturday, May 26, 2018

The truth about Hurricane Irma and your mortgage

Hi its Memorial Day Weekend- the rest of the country is doing their barbeques and pool parties.  However in our main Kendall office I can see the baby ducks in the back paddling (not walking) in our parking lot.  At home, my wife is scared to go in the back yard because of all the frogs and the roads up to our Ft Lauderdale office are a mess. 

However, it’s important to remember, no matter how wet it may be, at least it’s not a hurricane.  Many of our fellow South Floridians received phone calls right after the hurricane from their mortgage companies asking if the home had sustained damage.  If so, the bank was offering to DEFER up to three months of the mortgage payments.  DEFER means that they would not charge you late fees for three months.  That does not mean forgive, or modify, or stick on the back end.  It’s not 2012, NACA and HAMP are no more and there is a new president. So if you had a $2000 mortgage and you missed Oct, Nov and Dec that meant that on Jan 1 the bank expected you to pay them $8,000.  Not so easy if your work was negatively affected.  After a few more months and a failed loan mod later (NOTE- if you already got a loan mod in 2013 for 2or 3% with NACA, you are almost assuredly not getting the same deal again) clients are in foreclosure and are 18 or 24 thousand dollars in debt... Not to mention credit card debt caused by the house repairs, late car payments, house damage and more.  Fortunately, we can help.  Using the tools available to us in bankruptcy we can wipe out the unsecured debt while resolving the mortgage issues through either an arrears cure or a loan modification inside the bankruptcy.

There might be other ways of resolving your issues that don’t involve bankruptcy, but the internet isn’t going to give you the answers.  Call us 305-663-3281 to set up an appointment in our Kendall, Doral, N Miami or Ft Lauderdale offices.  Miller and Funcia 17 years’ experience, 7 people, straight talk.  305-663-3281.



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