The Orlando Sentinel recently reported that until last month, the Metro Orlando area was No. 1 in the country for its rate of mortgage foreclosures. This could explain why so many people have been calling my law firm with questions about mortgage foreclosure and bankruptcy. The intersection of bankruptcy and foreclosure is a place of confusion for many homeowners who are looking for options and answers. This week, a couple came to my practice with lots of questions about their mortgage foreclosure, even though they had completed a Chapter 7 bankruptcy with another lawyer several years ago!
Orlando home foreclosures and Orlando bankruptcies have been the subject of a lot of news. As with many topics of widespread interest, misinformation and myths have sprouted regarding what a bankruptcy can do for homeowners going through a mortgage foreclosure. Today, a very distressed couple consulted with me regarding their foreclosure. Their home was scheduled for a foreclosure sale in Lake county for the following day. They believed that filing for bankruptcy would help them save their home from foreclosure, even though they could not afford to make a monthly mortgage payment.