If you are facing Florida Foreclosure Lawsuit, you may be unsure of what options you may have. Talking to an attorney can help wade through all the potential options and help you make an informed decision. Here are 5 foreclosure options and potential ways a talking to a Foreclosure Defense Attorney can help you.
1. Extensions and Forgiveness: A Foreclosure Defense Attorney may be able to help you gain additional time in your home and/or obtain forgiveness on some of your past due payments, late fees, and charges.
2. Lower your Monthly Payments and Interest Rate: A Foreclosure Defense Attorney may be able to help you negotiate a new, lower interest rate, which will lower your monthly payment.
3. Forbearance: A Foreclosure Defense Attorney may be able to help you negotiate a period of lower monthly payments; after which you would resume your normal monthly mortgage payment.
4. Short Sale: A Foreclosure Defense Attorney may be able to help you negotiate a Short Sale. A Short Sale is where you and the bank agree to sell the property for an amount less than what you owe on the property. The lender then agrees to release you from the loan and accept a lower amount than what they are owed. The amount not repaid is called a deficiency. In some, but not all cases, the lender will agree to not hold the borrower responsible for the deficiency.
5. Deed-in-Lieu of Foreclosure: A Foreclosure Defense Attorney may be able to help you negotiate a Deed-in-Lieu. A Deed-in-Lieu is where the borrower conveys the property to the lender in order to satisfy the loan that is in default and avoid foreclosure. There are several advantages to both the borrower and lender. One advantage to the borrower is they are immediately released from most or all personal indebtedness associated with the loan in default. A Deed-in-Lieu also hurts your credit less than a foreclosure. The benefits to the lender include less time and cost spent repossessing the property, and a lower risk of vandalism to the property by the borrower.
If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a JFlorida Foreclosure Defense Lawyer today for a complimentary case review to see if any of these options could be available to you.
