“Foreclosure” refers to a mandatory re-possession of your home by the bank when you can no longer afford the mortgage payments. This is a nightmare situation for homeowners, and best to avoid it at all costs. Fortunately, a lawyer specializing in foreclosure defense can help you do what it takes to keep your Coral Springs home. At Handin Law, we understand the financial and social repercussions that foreclosure can bring and will help you avoid those consequences at all costs.
Here are just a few options that a defense attorney in Coral Springs will recommend to keep your home or avoid the long-term consequences of foreclosure:
The willingness of a lender to renegotiate the terms of a mortgage depends on the extent of the debt that is owed. However, a foreclosure defense lawyer may be able to modify the terms of the original loan in what is called a “loan modification agreement.” This will allow you to change the mortgage terms, making the monthly payments more manageable. This is a workable option for homeowners who may have defaulted on loan repayments in the past. These repayment plans should always be negotiated by a lawyer who understands the ins and outs of real estate law, so the new agreement protects your interests as much as possible.
Reinstatement of your loan involves paying the amount that is needed to cure the default. This is done in a single payment instead of smaller payments over several years. In the state of Florida, homeowners have the ability to reinstate a loan if their lender moves to apply for a foreclosure of the property. However, this must be done within a specific amount of time and can be complicated. This is where a foreclosure lawyer can help. Complying with the necessary requirements of the law will help you be able to keep your home.
Deeds-In-Lieu Of Foreclosure
“Deeds-in-lieu” refers to conveying the home’s title to a mortgage servicer. This servicer will then discharge the debt, making the lender responsible for any liens or judgments on the home. A foreclosure defense lawyer can draw up this contract to ensure the title is correctly conveyed, with all legal details taken care of.
If you defaulted on your mortgage payments one too many times and have no other payment options, a short sale may be your next best move. Yes, it does mean losing your home, but without the long-term damage to your credit, that can prevent you from buying another home in the future. The money gained from the sale will be used to settle the loan you couldn’t pay. You may be able to accept a partial payment since the home will be sold at the current market value.
Foreclosure Defense Lawyers In Coral Springs
Handin Law is a firm you can count on when life presents unexpected, legally complex circumstances. Our team of legal experts is well versed in Florida law. We will represent your best interests and help you exercise your best options so you can keep your Coral Springs home or sell it without financial consequence. With over 50 years of experience, we have helped many Florida residents do just that.
If you’re a homeowner facing the possibility of foreclosure or have questions about our other legal services, please call us today at 954-796-9600.