Foreclosures in Miami are about to begin again. There will be a massive amount of foreclosure filings once the forbearance period ends. Banks have allowed homeowners to stop paying their mortgages due to loss of work due to Covid-19. However, foreclosure will begin again very soon.
The problem with the forbearances that the banks have offered homeowners is that if you have an escrowing loan, the banks will immediately want to be reimbursed for real estate taxes and insurance that the financial institutions have advanced. If you have failed to keep up with your homeowners, flood and windstorm insurance which is required by your mortgage to be paid, the financial institution is allowed to advance those payments. The problem with the insurance is that the bank doesn’t just pay for the insurance that you purchased with your escrow. They buy insurance from their own companies (forced placed insurance) which can cost up to three times as much as you were originally paying when you were current. Also, it only covers the mortgage. You get no other benefit from that coverage. So, if you haven’t paid your mortgage payment by agreement with your lender in a year or two, you are still going to have to come up with a huge chunk of money to catch up on your property taxes and insurance. You are also going to have to pay for a years’ worth of new insurance to get rid of the forced placed insurance. It’s not fair, but these financial institutions don’t really care. It’s all about profit for them.
This is the time to get a free consultation form a Bankruptcy Attorney in Miami to get advice on what to do about your delinquent mortgage payments, real estate taxes and insurance. It may not be time to file for Chapter 13 bankruptcy, but it’s always a good time to get free advice from a Bankruptcy Attorney in Miami to know all of your options. When you see a Bankruptcy Attorney in Miami at your free consultation, you will discuss your options regarding your delinquent mortgage. You may want to see if the lender can put your mortgage payments on the back end of your loan. The benefit of that is that you will only have to catch up with your real estate taxes and property insurance. Once you purchase new insurance, your regular monthly payment will be reduced because the escrow payment will be much lower. You will not have to pay 1/12 of the forced placed insurance, but 1/12 of the new insurance which will be much less expensive than the insurance they purchased for you.
When you get a free consultation from a Bankruptcy Attorney in Miami to discuss a Chapter 13 bankruptcy in Miami, you will get an idea what it will cost to catch up on your delinquent mortgage payments. It may be hard to calculate what those payments will be if you haven’t purchased new insurance, but a Bankruptcy Attorney in Miami can come up with a good guess. During your consultation you will be given a list of documents you will need to provide the Chapter 13 trustee if you decide that Chapter 13 bankruptcy in Miami is best for you. Once you bring in the documentation, the Chapter 13 bankruptcy in Miami can be filed. Your first payment will be due 30 days after the bankruptcy has been filed and every 30 days after that until your Chapter 13 plan payments are complete. Usually, the payments will last for five years. That is the maximum period a Chapter 13 bankruptcy in Miami can last. The longer you have to pay the bankruptcy off, the less costly it will be. You will have to go to one hearing. It is a very informal hearing which will take between 1-2 minutes once you get called. Your Bankruptcy Attorney in Miami will be with you at that hearing, and the Miami Bankruptcy will attend all other hearings without you. If anything unusual comes up, your Bankruptcy Attorney in Miami will contact you for either an explanation or additional documentation. Chapter 13 bankruptcy hearings take place before the court once every month. The Chapter 13 bankruptcy trustee does not give us a lot of time to get documents to them, so you may be asked to produce an explanation or additional documents quickly to prevent the case from getting dismissed. The Chapter 13 bankruptcy in Miami trustee does not give us a lot of time because the Chapter 13 calendars are very long, and they want your case to be confirmed and off the docket. The paperwork that the Chapter 13 trustee could request should be readily available to you, so it usually doesn’t take a long time to get it. It may be the front and back of a check or a valuation of a house or a car.
Foreclosures are going to happen in huge numbers. The courts are sending out newsletters telling Miami Bankruptcy Attorney’s to get prepared for the onslaught. You need to be prepared as well. If you have a situation where you are behind on your mortgage, even if the financial institution that holds your loan says you won’t have to pay until you are working again, that may not be the complete story. Be prepared. See a Miami Bankruptcy Attorney as soon as you can. The more you know, the better off you will be. Remember, the consultation to see a Bankruptcy Attorney in Miami is always free. If you are behind on your mortgage, the only ways to cure that mortgage is to file a Chapter 13 bankruptcy in Miami or pay the arrearages in full. Seeing a qualified Bankruptcy Attorney in Miami will put you in a position to know what you can do.
