The processes surrounding bankruptcy, loan modification and foreclosure in South Florida are often complicated, resulting in several misunderstandings about how these processes work and which one you should pursue if you are facing distressing financial situations. These common myths make it difficult to make the right decision for your financial future, so dispelling them and learning the truth about which process would work in your favor if you are considering bankruptcy in Florida is an important step to getting back on track with your life and financial goals.
Myth #1 – Loan modification is encouraged by the federal government and therefore anyone can easily get it to reduce the principal amount that’s owed on their home.
Wrong.
Less than 30% of the homeowners who apply for loan modifications are granted them.
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