Mortgage Defense Attorney - Assisting Homeowners|Households|Families Avoid Bankruptcy
The last few of years have been quite sickly for the real estate market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are entering foreclosure proceedings. It is pretty clear that the situation is really lousy; however, a homeowner can seek the assistance of a foreclosure defense attorney to know their options.
The fact is that for a vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure system. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense council can lay out the options available to owners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, owners looking at foreclosure can go for loan modification. Help of a foreclosure defense attorney can help a homeowners negotiate the mortgage modification with the lenders.
Short Sale
Still another option that owners have is that of short sale. Under this option the property owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The property owner's real estate council will negotiate with the lender. The owner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a council can suggest to a owner is that of filing bankruptcy in the event they already have gotten a sheriff's sale date. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the dwelling.
Refinancing
An attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A very good solution that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A property owner does not need to repay the loan as long as they live there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that property owners can successfully contest foreclosure proceeding. A foreclosure defense fort Lauderdale attorney can help property owners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage lenders has filed the foreclosure proceedings illegally. A cautious attentive property owners with the help of a foreclosure defense Ft. Lauderdale attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the property owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure.
The last few of years have been quite sickly for the real estate market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are entering foreclosure proceedings. It is pretty clear that the situation is really lousy; however, a homeowner can seek the assistance of a foreclosure defense attorney to know their options.
The fact is that for a vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure system. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense council can lay out the options available to owners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, owners looking at foreclosure can go for loan modification. Help of a foreclosure defense attorney can help a homeowners negotiate the mortgage modification with the lenders.
Short Sale
Still another option that owners have is that of short sale. Under this option the property owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The property owner's real estate council will negotiate with the lender. The owner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a council can suggest to a owner is that of filing bankruptcy in the event they already have gotten a sheriff's sale date. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the dwelling.
Refinancing
An attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A very good solution that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A property owner does not need to repay the loan as long as they live there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that property owners can successfully contest foreclosure proceeding. A foreclosure defense fort Lauderdale attorney can help property owners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage lenders has filed the foreclosure proceedings illegally. A cautious attentive property owners with the help of a foreclosure defense Ft. Lauderdale attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the property owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure.
About the Author:
Adam Whazzer has been a mortgage mitigation expert for 20 years" he has offered Fort Lauderdale foreclosure defense and fort Lauderdale Broward Broward Mortgage relief to foreclosure victims for nearly 18 years. If you are facing foreclosure, visit DvorakPa.com More Info On this Subject
