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As a bankruptcy lawyer in Florida, I know that you’re probably not thinking a lot about debt recovery if the bank is trying to foreclose on your house. The only thing on your mind is saving your home or getting out with as little damage as possible.
But that last part is exactly why you should be thinking about how the bank is going to get their money. You see, the way foreclosure works, and in a different way how short sales and strategic defaults work, is that the bank only gets some of the money back that they leant you for the property. Usually this is a fairly high percentage of the loan, but often it can be tens of thousands less than they are owed. And if you still owe the bank money after they foreclose on your house, it’s quite possible that the bank will persist in their debt recovery efforts, meaning they will come after you for the rest of it.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Protect Your Assets from Debt Recovery
In general, this is not a practice the lenders observe very often. After all, what is the point of going after people who can’t even pay their mortgage? Chances are, most of them simply do not have the money to pay.
But if you do have the money and you’re just trying to unload the property because it has lost so much value, be very careful. When banks know they can get back what they’re owed, very few will pass up the chance.
That is why it’s so important to know which kinds of assets are protected under Florida law and what you need to do to hang on to your money and the things that you own. By learning these laws and understanding them, you can make sure that your assets are as protected as they possibly can be.
An experienced bankruptcy lawyer can break down the various Florida statutes and protections for you and advise you where to put your money and how to keep it safe. That way, when the banks try to come after you for debt recovery, you can rest easy.
Get Help with Legal Issues Now! – Call 855-Kramer-Now (855-572-6376)
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