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What Are Your Alternatives to Foreclosure in Florida?

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.

Refinancing

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

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.

Bankruptcy

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).

  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo
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