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Todays Date: August 17, 2017

Foreclosure Defense Attorney – Helping Families Avoid Bankruptcy

The last few of years have been quite lousy for the home market. Families are facing foreclosure and losing their dwellings. According to stats, in Broward 4% of all the mortgages are entering foreclosure proceedings. It is obvious that the situation is really rotten; however, a homeowner can seek the aid. They are not knowledgeable of the fact that there are options available to homeowners that can help them stop foreclosure proceedings.

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to owners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, property owners facing foreclosure can go for loan modification. Assistance of a foreclosure defense lawyer can help a property owners negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the mortgage lender. Before the sale, the short sale lawyer will work with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the home is sold the remaining balance is discounted.

Deed In Lieu

Another way that a property owner can avoid foreclosure is by opting for deed in lieu. The home-owner’s real estate council will negotiate with the lender. The property 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 property owner to repay some of the debt and retain the house.

Refinancing

A Florida council can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the owner 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 deal that a foreclosure defense lawyer might suggest is that of reverse mortgage. This is simply a loan against the house. A homeowner does not need to repay the loan as long as he/she lives 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 homeowners can successfully contest foreclosure proceeding. A foreclosure defense fort Lauderdale attorney can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive property owners with the help of a foreclosure defense South Florida attorney will be able to figure out what is illegal about the proceedings.

The bottom line is that there are many options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure.

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