How to Avoid Foreclosure
Don’t Let Foreclosure Happen to You
The most important thing you can do to prevent losing your home to foreclosure is to contact The Law Offices of Justin McMurray, P.A. as early as possible for help from an Ocala foreclosure defense lawyer. There are many strategies that can be used to defend your home against the bank’s attempts to foreclose, but the key to success is to take action now, before it is too late. Florida’s foreclosure laws have many aspects that favor you, the homeowner, and by hiring legal representation you may be able to turn the situation around no matter how serious the case may be.
Making Your Mortgage Affordable
One thing you need to know is that it is actually in the best interests of the bank to avoid foreclosure. A 2007 report to the U.S. Senate included the fact that foreclosures cost banks an average of $50,000. For this reason, it is often possible to persuade the lender to approve a loan modification which allows the borrower to keep the home by reducing the mortgage payment. Mortgage modifications usually involve a reduction of the interest payment or the loan principal, or an extension of the term of the loan.
Legal Solutions for Getting Out of a Bad Mortgage
Even if you would rather let go of the house and put this experience behind you, you should still do whatever you can to avoid the serious credit consequences of foreclosure. In some cases, the bank may accept a deed in lieu, which simply consists of surrendering the deed in exchange for forgiveness of the remainder of the debt. If the mortgage is underwater and you owe more money to the bank than the property is worth on the market, you may benefit from carrying out a short sale. An attorney from our firm can represent you in negotiations to get the bank’s agreement to permit the sale without holding you liable to pay for the deficiency.