Many New York and Tri-State-area residents are still struggling with the aftermath of 2012’s Superstorm Sandy.
The storm made landfall in October 2012 and caused an estimated $65 billion in damages. While many neighborhoods and homes have been rebuilt, others are virtually untouched. Residents cite such things as property value disputes in these cases.
Floridians are no stranger to storm-damaged property and can certainly sympathize with those people who have lost valuable property and treasured personal possessions. A storm-damaged house can see its value decline by up to 60%, with water damage being the primary culprit. Even if the damage is repaired, your home’s value may never return to where it once was, especially if other houses in the area remain damaged.
If your house value is less than your mortgage debt, Bankruptcy may be a good option:
• Lien-stripping may be available if you have more than one mortgage on your home, and your home’s value is too low to secure both loans, even if it is your homestead
• A cram-down may allow you to effectively refinance your investment property at its present market value, saving you thousands of dollars
Contact us to learn more about how bankruptcy can save your home from foreclosure.