Your alternatives depend on a thoughtful examination of your financial situation. Your attorney can guide you in the labyrinth of decisions to be made, such as whether your inability to make mortgage payments is short- or long-term and what relief programs apply to each situation, whether you qualify for a wide array of mortgage modification programs, or whether you should file for Chapter 7 or Chapter 13 bankruptcy protection. We can help demystify the process and let you know what to expect. Most of all, you are not alone in this stressful time.
Make sure you learn the specific options in your case. Such problems as “underwater” mortgages–those in which the home’s value has decreased–have their own set of alternatives and relief programs. You may have also heard about the “show me the note” defense, which many people have used to defend against foreclosures by showing the court that the loan was made pursuant to fraudulent practices. It’s a tricky defense, and whether it applies to you will have to be investigated by your attorney. Mortgage modifications are often fought tooth-and-nail by lenders, so it is in your best interests to have a knowledgeable advocate getting you the best modification possible.
According to Bankrate, Florida is one of the top-ten foreclosure states in the country, in which one of every 596 housing units has a foreclosure filing, so you are very much not alone. However, even if you’re in good company, the more quickly you take action to protect your assets, the easier fight and better chances you have of a positive outcome.
If you are facing foreclosure and would like to examine your options, or if you have other debts that seem to be overwhelming you, don’t hesitate to contact us. We offer free initial phone consultations with our attorneys, the first step in regaining your peace of mind.
Updated: