If you’re in need of a foreclosure defense, you’re probably looking for any possible way to keep your home from going into foreclosure. Especially in Florida, many homeowners owe more on their mortgage than their home is actually worth. According to Oppenheim Law if you can’t afford your mortgage, there are several options available to avoid a foreclosure.
- Refinancing: If you can no longer afford your mortgage but want to keep your home, refinancing is a great option. You can be underwater on your payments and still qualify for refinancing. You’ll have to prove you’ve undergone a hardship and, as such, have less income.
- Short Sales: A short sale is when you sell your property for less than you owe on your mortgage. It’s called a short sale because “the bank will come up short at the closing and will not fully be repaid for its loan.”
- Deed in Lieu: A deed in lieu is when you give your home back to the bank. Under this process, you’re basically giving the deed to the property back to the bank in lieu of foreclosure. A Deed in Lieu will not affect your credit history as much as a foreclosure.
- Bankruptcy: If nothing else works, bankruptcy might be your pest option. Bankruptcy wipes the slate clean and allows you to start again. After two years, your credit report will improve.
If you’d like to learn more about foreclosure defense services or alternatives to foreclosure, contact us. We can discuss your situation and find the best foreclosure alternatives for you.
