If you are under water on your mortgage (i.e. you owe more than the house is actually worth) and you are having difficulty making monthly mortgage payments, you may want to consider a short sale. This type of sale may benefit you in the long-run by avoiding a hit to your credit from a foreclosure.Read More
Foreclosure – Do You Need a Lawyer?
If you are behind on your mortgage payments, or already in foreclosure, you may still be deciding whether it makes sense to retain a Florida foreclosure defense attorney. Many people, especially those struggling financially, may be hesitant to speak to a lawyer out of fear of having to pay a big retainer fee or high hourly rates.
If you try to fight a foreclosure, it can be risky since the wrong decision could result in the loss of your home. Nevertheless, there are some steps you could take before speaking to a foreclosure lawyer. In some cases, someone facing foreclosure may not behind on mortgage payments, but the payment may be so high that the individual struggles each month to cobble enough funds together to cover the payment. In this scenario, you could contact your lender to see if you qualify to refinance your existing mortgage at a lower interest rate or even a mortgage modification. However, many mortgage companies will not consider a mortgage modification for an applicant who is current on their payments (creating a perverse incentive for people to get behind on their mortgage so they can qualify for a modification).
Foreclosure Defenses in Florida
Considering the current state of the economy, many Florida residents are experiencing financial hardship and corresponding problems. At times, these problems may lead to mortgage foreclosure. The good news is that an experienced attorney can assist you with foreclosure defense and give you the best chance of retaining your home. The following are some of the more common types of defenses that can be raised in an action for foreclosure.