Foreclousure Attorney And Loan Modification
Banks and Florida Foreclosure Assistance
Many South Florida residents in foreclosure are dealt cases that are missing the proper paperwork to foreclose. Unfortunately, Florida foreclosure courts are so overburdened that the judges in many cases are not always reviewing the bank's documents to see if they have properly prepared their case.
Alternatives to Foreclosure
If you find that you owe more than your property is worth, (i.e. your property is "underwater") you still have options. In fact, in situations of underwater real estate, there are numerous alternatives to foreclosure. These options include:
Thanks to the new credit rules from the Obama Administration, homeowners can be underwater on their payments and still qualify to refinance your mortgage.
Options During South Florida Foreclosure
Although banks are not required to modify loans, many tri-county homeowners will qualify for loan modification. Thus, if your home is underwater or you are facing a true hardship and have found yourself with less income than you previously had, you may well qualify for mortgage modification. While it's possible to complete a loan modification without a foreclosure defense attorney, an experienced attorney can be a great help in guiding your through the application process.
Another alternative to foreclosure if you are not able to meet your mortgage obligations is to try to sell your property for less than the amount you owing on the mortgage. This alternative foreclosure option is called a short sale because the bank will come up short at the closing and will not fully be repaid for its loan. Although the Short Sale process can complicated, the critical issue is to secure a written agreement from the lender that they will waive, i.e. forgive the difference between what you owe and the selling price.
Read on for more information about Florida Short Sales
In the event that an attempted short sale is unsuccessful, the best thing to do is consider giving the property back to the bank, which is legally called a "Deed in Lieu" of foreclosure. The benefits to a Deed in Lieu of foreclosure are that it averts a Florida foreclosure and the information placed on your credit report is less damaging than a foreclosure.
Read on for more information about Deed-in-Lieu of Foreclosures
Finally, depending upon your personal situation, sometimes filing for bankruptcy in Florida is your best answer. Bankruptcy gives you a new start, a new beginning, and allows you to start over. In two years your credit report can be in fairly decent shape. While this firm does not currently engage in the bankruptcy practice, we do work with other lawyers who do.
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