When faced with a foreclosure in Florida, you should be aware of the different alternatives that are available before you lose your home. Due to the complex nature of foreclosure proceedings, it is advisable to first contact a Jacksonville Foreclosure Lawyer to discuss which option is right for you. Below are several alternatives to foreclosure that can be discussed with your attorney:
• Forbearance-If you have recently experienced an involuntary interruption of income or been burdened with extraordinary expenses, a lender may be able to adjust your repayment plan based on the status of your current financial situation.
• Modification of the Mortgage-A lender may allow you to refinance your debt and extend your mortgage loan, which could reduce monthly payments to an affordable level.
• Short Sale-Once in default, you can sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit.
• Deed-in-lieu of Foreclosure-As a last resort, you may be able to "give back" your property to the lender. Although this will likely not save your home, it may help your chances of receiving another mortgage loan in the future.
Of course, this is not an exhaustive list of foreclosure alternatives and the availability of the above alternatives will vary on a case by case basis. To discuss these options and other available foreclosure alternative options, contact a or a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.
