Foreclosure Defense in South Florida

The court system often rushes foreclosures through, so time is of the essence. Contact The Santos Law Offices today to go over your legal options.

Alternatives to Foreclosure

Many people aren’t aware that there are alternatives to foreclosure. Possible options include:

Loan repayment or modification
Bankruptcy
Short sale
Deed in lieu
Your South Florida foreclosure defense attorney will discuss each option with you, covering the benefits and drawbacks. Then, your attorney can move forward with your legal defense.

Mortgage Modification

You might be eligible for a mortgage modification, even if the lender has already initiated the foreclosure process. If approved, the lender will change the terms of the mortgage loan. This could include extending the duration, lowering the interest rate, and even forgiving some of the debt. These actions will result in lower monthly payments. Some lenders are willing to do this because it’s more affordable than foreclosing on the home and then selling it.

If the lender does not agree to a mortgage modification, you might be able to get one through Chapter 13 bankruptcy. You will attend a mandatory mediation with the lender to agree to the terms of the modification. It’s often easier to get approved for a modification through bankruptcy. Your South Florida foreclosure defense attorney can explore both options with you if you would like to get a loan modification.

Deed In Lieu Of Foreclosure

A deed in lieu of foreclosure is a possible option for you. If you do this, you’ll give the property’s title to the lender in exchange for avoiding foreclosure. Your lender might allow you to stay in the home as a renter after the transaction. If not, you could possibly receive money for relocation as part of the agreement.

Because this is a voluntary agreement, you can negotiate the terms. For instance, you can negotiate to ensure that the lender does not attempt collection actions for any past due amount after receiving the title.

While a deed in lieu is a good option in many circumstances, it’s not wise if you have a lot of equity built into the home. If that’s the case, you’ll walk away from your investment. Thus, you’ll want to explore other options.

Short Sale

If you owe more than your home is worth, a short sale might be your best path forward. First, you’ll need to consult with the lender. If the lender agrees, you can sell the house at fair market value, and the money will go to the lender. Often, lenders look at short sales as a win because they don’t have to foreclose and sell the property. It can be a win for you as well because it can get you out from under the debt, and it won’t damage your credit as much as bankruptcy or foreclosure. Before speaking to the lender, consult with a South Florida foreclosure defense attorney to make sure you understand the process. Then, your attorney can negotiate for you.

Unfair Trade Practices

Your South Florida foreclosure defense attorney will examine your loan to determine if the lender has engaged in unfair trade practices. These practices include loan flipping, packing, and other illegal activities. If the lender uses unfair practices, it’s close to impossible for you to repay the loan. The courts don’t look kindly on this practice, so the judge might rule in your favor. Your attorney will build your defense around these practices to help you stay in your home or get out from under the debt.

Short Sale

If you owe more than your home is worth, a short sale might be your best path forward. First, you’ll need to consult with the lender. If the lender agrees, you can sell the house at fair market value, and the money will go to the lender. Often, lenders look at short sales as a win because they don’t have to foreclose and sell the property. It can be a win for you as well because it can get you out from under the debt, and it won’t damage your credit as much as bankruptcy or foreclosure. Before speaking to the lender, consult with a South Florida foreclosure defense attorney to make sure you understand the process. Then, your attorney can negotiate for you.

Unfair Trade Practices

Your South Florida foreclosure defense attorney will examine your loan to determine if the lender has engaged in unfair trade practices. These practices include loan flipping, packing, and other illegal activities. If the lender uses unfair practices, it’s close to impossible for you to repay the loan. The courts don’t look kindly on this practice, so the judge might rule in your favor. Your attorney will build your defense around these practices to help you stay in your home or get out from under the debt.

Why Choose Santos Law Offices