If you live in Jacksonville and are under water on your mortgage -- i.e., your home is worth less than you owe on your mortgage -- you may be considering the option of stopping payments and allowing the bank to foreclose on your home (often called a strategic default). But not everyone wants a foreclosure; homes are a lifelong investment and often are attached to great memories and heavy sentiment. If you are behind on your payments, you have several options, all of which a qualified Jacksonville Foreclosure Attorney may be able to help you determine your options. Your options may include
Reinstatement. This means paying back everything you owe to the bank in order to become "current" on your payment. Unless you come into a large amount of cash relatively quickly, this option is likely not available to most people.
Workout. Some banks and mortgage companies know that foreclosing on a home means another empty house on their books. That is why they may be willing to negotiate a lower payment. There are several types of workouts: forbearance, loan modification, and partial claims.
Refinance.
Sell the home. Some buyers may wish to purchase a home as a short sale, and your mortgage company may be willing to accept the final funds from the sale in order to satisfy the mortgage.
Deed-in-lieu of foreclosure. This is where you give your home back to the mortgage company and simply walk away.
Bankruptcy. While this is not your first option, it can allow you to remain in your home in certain situations. Contact a Jacksonville Bankruptcy Attorney or Jacksonville Foreclosure Attorney to discuss how this option can benefit you.
Each option has its own benefits and disadvantages. One may be more beneficial to some people than others. Contact a Jacksonville Foreclosure Defense Attorney to talk about the options available to you.
