How to Recover from Jacksonville Foreclosure Lawsuit?

February 21, 2012
By David Goldman on February 21, 2012 8:55 AM |

Thumbnail image for housing-recovery.jpgFacing and going through a Foreclosure lawsuit in Florida does affect the rest of your life. Try to think of a Florida Foreclosure lawsuit as a starting point for preparing for your future. Going through a Florida foreclosure can be stressful, worrisome, and, worst of all, emotionally tiresome. As soon as the foreclosure suit is filed in Florida, it is important to immediately create a plan for your future. It is never too late to begin but your options can be limited by waiting to long. The key issues to begin focusing on are:

- Resolving the Foreclosure - Does it make sense to modify the loan or resolve the complaint or is the home so far upside down that it does not make sense.

-Finding a new place to live: Once the foreclosure process ends, if you are unsuccessful, you will have to vacate the property, but where do go? Most likely you will have to find a place to rent. Begin putting money aside to pay for moving expenses and deposits.

-Repairing your credit score: Know what your credit score is. Once a year you can check your credit score with all 3 credit bureaus at annualcreditreport.com. Make sure all information reported is accurate. If there is erroneous information, request it be removed. Filing bankruptcy is another option that may increase your credit score. At the very least, it will allow you to begin repairing your credit sooner rather than later. A foreclosure will stay on your record for 7 years!

-Tax consequences: You may have to pay taxes on the deficiency between your loan balance and the foreclosure sale. However, the home mortgage exception (legislation passed by President Bush that will expire at the end of 2012) may help you, or you may be able to cancel the tax debt from your mortgage.

-Background checks: Foreclosure, as well as bankruptcy, can get in your way of obtaining a financial position or a job that requires a security clearance. Have an explanation ready and be prepared.

If you would like to speak with an attorney regarding your particular situation, since there is not just one way to deal with foreclosure, contact a a Jacksonville Foreclosure Defense Attorney. We are here to help you prepare for your future after foreclosure!