FLORIDA KNOWLEDGE CENTER

Chapter 13, also called a “wager earners” plan, allows an individual with regular income to submit a plan to the courts for repayment of debts, usually over a period of three to five years.

Most importantly, Chapter 13 allows you the opportunity to keep your home, potentially saving it from foreclosure. In fact, in most cases, filing under Chap. 13 can stop a foreclosure already in process.

A chapter 13 bankruptcy is a reorganization proceeding. Your debts are not completely wiped out but you are put on a payment plan.

For a Chapter 13 to stop the foreclosure process, the bankruptcy petition has to be filed before the trustee sale and then come up with a payment plan for your mortgage that your lender must accept.

No mortgage lender is going to ignore the fact that you’ve filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of “just spending too much.”

Chapter 13 bankruptcy restructurings are surprisingly similar in form to so called "credit counseling" services. Many lenders continue to consider participation in credit counseling programs as equivalent to filing for Chapter 13 bankruptcy protection, however there are a few who no longer maintain this policy. For more information on refinancing or obtaining a home loan with a Chapter 13 bankruptcy or credit counseling within the past 7 years, please contact us at 954-475-8787

If you are in a Ch. 13 Bankruptcy repayment plan, it is very important to make your trustee and mortgage payments in a timely fashion. You may be able to qualify for an FHA refinance in as little as 1 year into your payment plan.

Before you file a chapter 13 consult a bankruptcy attorney about your ability to file a chapter 7 bankruptcy. In many instances you may be able to file a chapter 7 bankruptcy and still retain your home.

A few questions you'll want to ask your bankruptcy attorney are:

-How many bankruptcy cases they work each month? Last year?
As in any legal matter, experience counts.

-Do they handle both Chapter 7 and 13 cases?
Find an attorney who is well versed in both chapters to better determine which may be better for your situation.

-How many attorneys do they have practicing bankruptcy law?
The more lawyers the wider the array of legal opinion and experiences available to you.

-What kind of continued legal education are they getting?
This is especially relevant with the changing bankruptcy laws.

Florida Mortgage Rates

Getting the right Florida Mortgage Program and Rate is probably the most important part of choosing your Florida Mortgage Loan. Having the best Florida Mortgage Rates will save you thousands of dollars through out the course of the mortgage Loan.

At American Mortgage Rates, we strive on finding the best Florida Mortgage Program and Rate possible for you, the client! Our Licensed Florida mortgage brokers constantly educate them selves on the latest and best Florida mortgage programs to better serve you. There are many different loan programs to choose from which all have different Florida Mortgage Program and Rate, so by staying educated in this area allows us to find you the best Florida Mortgage Program and Rate possible.

Fortunately, due to our production in the mortgage industry we have been able to meet certain standards with our lenders and banks. These standards allow us to pass additional savings to you the client because of our preferred pricing on our Florida Mortgage Program and Rate. Your Florida mortgage broker should go over all the possible Florida Mortgage Program and Rate when choosing your Florida Mortgage.

When inquiring about a Florida Mortgage to your Florida Mortgage broker, be sure to ask about what kind of pre-payment penalty that is associated with that particular Florida Mortgage Program and Rate, some Florida Mortgage Program and Rate have no pre-payment penalty where some have very high penalties. This is something your Florida Mortgage broker should go over with you when choosing the best Florida Mortgage Program and Rate for you.

Feel free to call or inquire over the web about today's Florida Mortgage Program and Rate, we will be happy to quote today's best Florida Mortgage Program and Rate that we have available to us.

Since we work with many Lenders we get the best Florida Mortgage Program and Rate available where when dealing with one particular bank they are limited to there own loan products where they might not have the best available Florida Mortgage Program and Rate that day, when banks compete with each you the savvy mortgage shopper could take advantage of this by working with a real good Florida Mortgage Broker who is up on the Florida Mortgage Program and Rate.

A fixed rate mortgage is a mortgage that has a fixed interest rate for the term of the fixed rate mortgage term. This means your principal and interest payment will not change for the entire term of the loan until it is paid off. A 30 year fixed rate mortgage means that you mortgage is fixed for 30 years. A 15 year fixed means the same that your payment will not change for 15 years and then your mortgage will be paid off.

An Adjustable rate mortgage is a mortgage that has an adjustable interest rate for the term of the mortgage. This means your principal and interest payment will change for the entire term of the loan until it is paid off. Adjustable mortgages can adjust monthly, yearly, or sometimes mat be fixed for 2, 3, 5, 7 and 10 years and then start to adjust more often.

For more information about our many loan programs and Florida Mortgage Program and Rate please call us at 954-475-8787 or fill out our short mortgage form.

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