Leavengood, Dauval & Boyle, P.A. Offers Insight into Short Sales & Chapter 7

Jan. 10, 2013 - PRLog -- Leavengood, Dauval & Boyle, P.A. is a St. Petersburg bankruptcy law firm that had been representing the residents of St. Petersburg, Tampa and Clearwater in their Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases for three generations. The firm has developed an informative online newsletter which is rich with informative legal articles, news updates, resources and information on the firm’s involvement in community outreach activities.

On December 22, 2012, attorneys Richard M. Dauval and Ian R. Leavengood, two of the firm’s partners authored an article on short sales and Chapter 7 bankruptcy cases. This article shed light on how today’s mortgage lenders should be happy to hear that a borrower filed a Chapter 7 bankruptcy versus the alternative where lenders go at lengths to pursue an arduous and expensive foreclosure proceeding.

It’s a viable solution where lenders would actually benefit dramatically from a Chapter 7 filing, as opposed to following through with a foreclosure proceeding that could take longer than 3 years to complete, and the authors focus how with foreclosures, homeowners are often upset with their mortgage lender and sometimes blame their situation on their mortgage lender. When this happens, the borrower often has no sympathy for the lender and draws out the process for as long as possible living rent free, or on the other hand, when the lender is successful at getting the homeowners out, the home might sit empty for years while there are problems with the chain of custody with the note and/or while the foreclosure lawsuit is being zealously defended.

In the meantime the vacant home succumbs to Florida’s heat, humidity, indigenous Palmetto bugs and other such things that tear away at the property, thereby decreasing the home’s value even further. The message is clear, Florida’s vacant homes don’t stand a chance and no matter where the home is located in Florida, homes need to be actively occupied and attended to in order to preserve their value. To view the entire article, click on the following link: http://www.counselforlife.com/index.php/landing-page-mobile/71-short-sales-and-chapter-7-bankruptcy.

The article goes on to explain how and why Chapter 7 bankruptcies create a win-win situation for both the primary mortgage lender and the homeowner, including how when the debtor files for Chapter 7 bankruptcy, the deficiency debt is fully discharged. For the mortgage lender, the Chapter 7 trustee functions as a non-biased, savvy seller who works with the lender to ensure the home is secured and sold and quickly as possible, and for as much money as possible.

The law firm of Leavengood, Nash, Dauval & Boyle, P.A. is Florida’s premier bankruptcy and creditor harassment law firm. The firm offers priceless insight into various aspects of bankruptcy law including: the state and federal bankruptcy exemptions, the Chapter 7 means test, Chapter 7 and Chapter 13 bankruptcies, creditor harassment, Chapter 11 bankruptcy, lawsuit defense, short sales, loan modifications and more. If you are struggling with an underwater mortgage and are facing foreclosure, or if you need further assistance filing a Florida bankruptcy, you are urged to contact an attorney from the firm without delay. The firm is proud to serve clients all throughout St. Petersburg, Bradenton, Brandon, Clearwater, Lutz, New Port Richey, Palm Harbor, Sarasota, Spring Hill, Tampa, Tarpon Springs & Wesley Chapel. To schedule a free consultation with an attorney at the firm, please call (800) 526-1949 or visit them online at www.leavenlaw.com.