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A number of foreclosure defenses may be available to you

On Behalf of | Feb 24, 2020 | Foreclosure, Residential Real Estate |

Hard financial times can fall on anyone in the blink of an eye. The onset of an unexpected medical condition, the loss of a job, or the tragic passing of a loved one can all leave an individual struggling to find a way to make ends meet. Unfortunately, all too often this means that Floridians fall behind on their mortgages. When this happens, it’s usually just a matter of time before the bank comes calling for its money. Those who are unable to make good on their owed mortgage payments may wind up facing a foreclosure action.

Facing the loss of your home can scary, but you should know that there are foreclosure defense options available. One option is to seek out a loan modification. Here, you essentially work with the bank to find a way to develop an affordable repayment plan that allows you to make good on your mortgage. Banks are usually receptive to this because it ensures that they will get paid.

Another option is to engage in a short sale where the house is sold and the bank agrees to accept the sale amount in satisfaction of the mortgage. Again, this allows the bank to avoid certain fees and recoup much of its losses while at the same time protecting your financial interests and your credit score.

If neither of those options are possible, then you might be able to provide the bank with the deed to the house in lieu of foreclosure. With this option, ownership of the property is reverted to the bank and the mortgage is written off without affecting your credit score.

If you’re facing the very real possibility of foreclosure, then you might feel hopeless. But you don’t have to. Instead, you can inform yourself and seek out assistance in securing a resolution that protects your finances and your future. Negotiating with banks and ensuring that these transactions are smooth and legally valid, though, can be tough, which is why many Floridians choose to seek guidance from a real estate attorney who is experienced in these matters.