Foreclosure is the means that a lender can use to repossess a home. When this occurs, you must move out of the home. If the property is worth less than the amount owed, a deficiency judgment is pursued. If this happens, you lose your home and can even continue to owe money for the balance of the home price financed to the lender. These things can seriously affect your ability to qualify for credit. With the help of a professional lawyer by your side, you can ensure your legal rights are protected during this time.
I’m receiving letters from a lender about missing mortgage payments. What do I do?
Never ignore these letters. If you’re having issues making payments, contact the lender and explain your situation. Most times the lender understands if you are in a situation of hardship. Many lenders will accept partial payments until you are able to get back on your feet. They may require financial information from to prove your hardship, but you can ask that this information be kept confidential (which they would do anyway).
Are there alternatives to foreclosure?
Yes, there are. You may qualify for a special forbearance where you arrange a new repayment plan based on your finances. This can lead to a suspension of payments or a temporary reduction. Mortgage modification or a deed-in-lieu of foreclosure are other options too that our lawyer can discuss with you.
A deed-in-lieu is when you turn over your home to a lender voluntarily to avoid foreclosure. This can help you to avoid paying the remaining loan balance.
Beware of scams
When your home is being foreclosed on, many people will try to take advantage of you. They will promise you great results that they cannot follow up with. Never fall for these scams. Contact our legal team to learn more about scams and see what your options are for saving your home in Florida.
Get Legal Support to Stop Your Home From Being Foreclosed On
When you’re behind on your mortgage and want to try to stop a foreclosure in Florida, Mancuso Law, P.A. can help you. We serve the Boca Raton, FL area. To learn more about foreclosure options and to schedule a consultation with our professional attorney, call 561-245-4705 our law office today.