At risk of losing your home in the Tampa area?
We understand that you are likely facing many questions and concerns about your home and the future of you and your family. This is a terrifying and challenging experience, which you should not go through alone.
Fortunately, we are a Tampa bankruptcy attorney and foreclosure lawyer who are here to help you explore your foreclosure defense options! With more than 12 years of experience on our side and certification as a mortgage foreclosure mediator, you can trust in my Firm for high-quality legal support.
How to Avoid Foreclosure
There are many other approaches that can be used to prevent foreclosure. The key is to choose the method that is right for you! When you choose to work with my firm, I will help you determine which option is best suited for the specifics of your case, as well as for your financial goals.
A few common foreclosure defense options include:
Chapter 13 bankruptcy—If you file for Chapter 13 Bankruptcy, you will have the chance to stay in your home, avoid foreclosure, and get fully caught up on your mortgage in three to five years. Mortgage lenders are required to stop all foreclosure proceedings against you as soon as you file for bankruptcy, due to the “automatic stay” that is issued by the bankruptcy court.
Loan Modification—Mortgage lenders are sometimes willing to negotiate. Through loan modification, you may be able to get your lender to agree to new terms for you mortgage loan (such as a lower interest rate or lower monthly payments), which allows you to prevent a mortgage default.
Short sale —If you are dealing with an underwater mortgage (you owe more than your home is worth) and you are heading toward foreclosure, you may want to consider carrying out a short sale. This involves selling your home for a price that is less than what you owe (a price agreed upon by the lender) and then being released from the debt. Your lender may just be willing to take the loss in order to avoid having to go through the expensive and time-consuming process of foreclosure.
Deed in lieu— If you know that you cannot avoid the loss of your home, you can at least try to make this happen without a foreclosure ending up on your record. In a deed in lieu, you willingly give your property back to the lender (surrender the title) in exchange for no longer being held accountable for the mortgage debt.
If you are completing a short sale or a deed in lieu of foreclosure, it is crucial that you get the lender to agree in writing not to pursue any further payment from you. If you do not take this precaution, the lender could later seek a deficiency judgment against you, meaning you will be sued for the remainder of the home’s value. I can assist you with all aspects of your foreclosure defense plan, including these types of issues.
Competent Guidance Every Step of the Way
When your mortgage lender is threatening to foreclose on your property, you need to take immediate action before it’s too late. You also need to leave the legal details to a qualified legal professional so you do not end up worsening your situation. We can handle all your paperwork for you and skillfully work toward the best possible solution in your foreclosure case.