Krasker Law Student Loans

Paul A. Krasker, Esq. founded the Law Office of Paul A. Krasker, P.A. on July 1, 2009 and previously was a name sharehold within the commercial department of the law firm of Moyle, Flanigan, Katz, Breton, White & Krasker, P.A. in West Palm Beach. Mr. Krasker practices in the areas of real property, business and general corporate law. His corporate practice centers on counseling businesses on entity...

Bankruptcy: A Surprisingly Effective Alternative to Foreclosure

Foreclosure Defense is a blanket term often used to describe a situation in which a borrower has enlisted the help of a foreclosure attorney to “defend” his or her foreclosure.Don’t let the term scare you considering there are great alternatives to foreclosure defense. In other words, the real estate attorney will represent the borrower as a defendant in the foreclosure. This involves a number of alternative solutions for the borrower. Many borrowers are interested in attempting to remain in the home, even though they are unable to afford the mortgage payment in its existing terms. Many homeowners who are holding distressed mortgage loans do not have time on their side once their home is in default. Banks and courts are moving ever more quickly through the foreclosure process, which can be problematic for homeowners who are trying to negotiate a workout solution to remain in the home.
bankruptcy is a great alternative to foreclosure defense
For this reason, filing bankruptcy is emerging as a popular strategy of foreclosure defense. When an individual files either Chapter 11 or Chapter 13 bankruptcy, the foreclosure proceedings against them are immediately halted. This is significant because it gives the borrower precious time with which to pursue a loan modification or other suitable workout solution. The foreclosure attorney can work simultaneously with the borrower to not only reduce their debt through bankruptcy, but also negotiate a loan modification to create a much-improved financial situation. For those homeowners who find themselves in a large amount of debt due to medical and credit card collections, and they are also carrying an overwhelming mortgage payment, bankruptcy is the best foreclosure defense alternative available.

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