Facing foreclosure can be a difficult prospect, especially if you want
to stay in your home. In addition to the threat of losing a house you
love, foreclosure can have serious financial repercussions that can affect
your credit for years. If you are concerned that you may no longer be
able to afford your home, consider one of the following alternatives to
foreclosure available to Floridians.
One of the best options for homeowners facing foreclosure is refinancing
or a loan modification. Homeowners can take advantage of multiple types
of refinancing options either from their lender directly or through various
state and federal homeowner relief programs. These programs help borrowers
stay in their homes by either reducing the loan principal, reducing the
monthly payments, or both.
Short sales help homeowners avoid some of the negative consequences of
foreclosure by selling the property for less than the full value of the
loans. Since the banks come up “short” on these types of sales,
they are often complicated to negotiate and usually require the help of
an experienced real estate or foreclosure attorney.
Deed in Lieu
In some cases, a lender may agree to take over the property rather than
pursue a foreclosure sale. This type of deal is also known as “Cash
for Keys,” where the homeowner agrees to simply leave the house
in exchange for a smaller cash payment. This type of arrangement gives
the homeowner the cash he or she needs to move out of the home, and avoids
some of the negative consequences of a full foreclosure judgment and/or eviction.
Homeowners who want to keep their property may be able to file a Chapter
13 bankruptcy case, which allows the homeowner to catch up on missed payments
while making the regular monthly payments. This option is usually best
for people who fell behind on their mortgage due to a temporary loss of
income, but are now able to catch up on the back payments. Not all homeowners
will qualify for a Chapter 13 bankruptcy, so it is important to speak
with an experienced attorney about your options.
At Loan Lawyers, we help struggling homeowners fight to keep their homes.
If you are facing foreclosure, you need to consult with an attorney as
soon as possible. The earlier you begin to fix the problems with your
mortgage, the more options you will have.
Our attorneys can help you with all types of foreclosure alternatives,
from loan modifications to bankruptcies. To schedule your free consultation,
contact our office today by calling (888) FIGHT-13 (344-4813).