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What ‘to do’ to file for chapter 7 bankruptcy

Posted on May 11, 2012 by Blick Law

While there may be a stigma to filing chapter 7 bankruptcy, claiming bankruptcy may alleviate everyday stress and financial burdens. If you decide to file for chapter 7 bankruptcy, be mindful to completely and accurately gather and fill out all documents pertaining to your claim.

To seamlessly file your bankruptcy in an accurate and in a timely manner, follow the following key steps for filing chapter 7 bankruptcy with a Tampa bankruptcy attorney.

DO complete the bankruptcy intake packet that you receive on your initial visit at Blick Law Firm.

DO bring all requested documents to your second appointment. **A third appointment may result in an additional fee.

DO value your personal property at garage sale prices your Tampa bankruptcy lawyer can help you keep as much of your personal property as possible.

DO value your cars using the NADA. Also, check with Kelly Blue Book.

DO plan on having a low balance in your checking account the day you file your petition.

DO notify your creditor if you have retained a bankruptcy attorney to assist in your filing process.

DO stop making payments to your credit card accounts.

DO continue making payments on your mortgage and other secured debts.

DO let your Tampa bankruptcy attorney know of any abusive conduct by any debt collector.

DO inform your attorney of any lawsuits in which you might be involved, including personal injury.

DO take your first and second credit counseling classes. Classes in which to attend will be instructed to you by your law firm.

DO bring your driver license and social security card to your appointments and 341 hearing.

DO call Blick Law Firm if you have any questions.

If you are seeking to discharge your debt, contact a Tampa bankruptcy attorney that has the experience and knowledge to accurately file your information. Call Blick Law Firm today at 813-931-0840 to receive your chapter 7 bankruptcy.

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Bank of America test pilots ‘Mortgage to Lease Program’ letting those facing foreclosure rent their home

Posted on April 25, 2012 by Blick Law Firm

Bank of America launched a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

About 1000 homeowners facing foreclosure in Nevada, Arizona and New York are test piloting this “Mortgage to Lease” Program offered by the bank.

Underwater homeowners who are struggling to make hefty mortgage payments are giving their homes to the bank and turning around and renting for up to three years at a lower monthly cost.  If the program is successful, it may be rolled out in other states.

How to qualify for the program?

Participants must be at least 60 days behind on their mortgage, have a deficiency in the loan to value, no second mortgage, exhausted their mortgage-modification alternatives and make enough income to pay the rent.  *The loan must be owned by Bank of America.

The goal of this program by Bank of America?

The goal is to see potential benefits from helping to stabilize housing prices in the surrounding community as well as, curtail neighborhood blight by keeping a portion of distressed properties off the market.

Homeowners can’t apply for the program. If you qualify, Bank of America will contact you. Fannie Mae has a similar program, though it is not widely used.

Will this program work?

Depends on the homeowner’s individual circumstance. While some might want to stay in their home, others might be better off moving.

How will the bank benefit?

Bank of America will avoid costs of foreclosure and earn money when the home is eventually sold.

Although this program is not yet available in Florida, contact a Tampa real estate attorney today to discuss your housing options.  Attorney Michael Blickensderfer is experienced and able to assist you with your short sale transactions, loan modification or foreclosure defense. Call us today at 813-931-0840.

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