Are Lenders Required to Foreclose on Properties After Bankruptcy in FL?

When filing for bankruptcy in Florida, it is important to know the process of foreclosure. Lenders are not required to foreclose on properties after a bankruptcy is filed. Actually, filing for bankruptcy before foreclosure gives you the option of keeping your home until the bankruptcy is discharged. When filing Chapter 7 or Chapter 13 in Florida, lenders are not required to foreclose on properties. A bankruptcy should not disturb your property rights if you are paying your mortgage promptly or have modified your loan.

Seeking the advice of an experienced attorney before filing bankruptcy is a must, because of the entwinement between the foreclosure process and bankruptcy laws in Florida. Keeping your home may be the most important thing to you, and a great lawyer can help you understand your rights and figure out the best way to help you do just that.

If you have decided to free yourself from your property obligations in conjunction with your bankruptcy, the property will be foreclosed on by the lender once the bankruptcy is discharged. Timing is everything, and an experienced attorney will know how to align your bankruptcy filing just right in order to keep you in your property for as long as possible. Florida foreclosure procedures follow moderately strict timeframes, so you do not want a foreclosure to sneak up on you unexpectedly. With a trusted real estate attorney, you will know the process and your rights beforehand.

Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 866-200-4646.

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.