Foreclosure Help and Options- Series Of Articles To Help Homeowners- Part 5

Foreclosure Help and Options- Series Of Articles To Help Homeowners- Part 5

Please first read: Foreclosure Help and Options Part 1
     Foreclosure Help and Options Part 2
     Foreclosure Help and Options Part 3
     Foreclosure Help and Options Part 4


There are several options available to you if you are in foreclosure and in danger of losing your home and having your credit ruined with a foreclosure on your record. Foreclosure should be most people's last option. There are many other work out possibilities that you can try first.

We strongly suggest that you contact an attorney that understands and knows foreclosure defense when you get served your summons and complaint and make sure you answer your summons and complaint also known as a lis pendens filing. Please contact us by phone or email and we will give you 3 attorneys names and numbers so you can find the one that is a fit for you.

Please be careful who you hire even when if it is an attorney. There are entire law firms under investigation here in Florida by the attorney general and FBI. Check their references. We know one attorney who did not even show up to court for his clients on a foreclosure. We can not stress enough to make sure you hire reputable attorneys. 

The following options are ones that you should be checking into:

1. Loan Modification
2. Refinance
3. Forbearance
4. Deferment
5. Short Sale
6. Deed in Lieu
7. Bankruptcy

Many banks are suggesting Deed in lieus before trying all the other options. That is not a great idea; it is an easy way out for the bank and less work for them. While they may paint you a prettier picture by offering a deed in lieu option to you  please note that a deed in lieu most often carries with it;

• a deficiency will be placed against you
• a foreclosure will be reported to the credit agencies.

If you choose to go with a deed in lieu you need to hire an attorney to review your paperwork that the bank is going to want you to sign and he must be able to get them to remove their deficiency.

A deed in lieu is the same thing as a foreclosure without the court hearing so you are really waiving your rights to your day in court. We are not too fond of deed in lieus as we have seen so many homeowners get strung along for months only to get denied or taken advantage of.

 Each state is different and has different laws so this series is regarding Florida short sales and foreclosures. We go into great depth about each step of this process on our Florida short sales webpage.

We will cover more on this subject further into this series.

For information about short sales please click here.

For information about what to watch out for when seeking options click here.

Stay tuned for part 6 of this Foreclosure Help and Options- Series of Articles To Help Homeowners.

If you know of someone close to you or a neighbor who is in this situation, please forward this article to them. Call Nestor Gasset or Katerina Gasset at 561-753-0135 for more information. Your call is confidential.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

 

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Foreclosure Help and Options- Series Of Articles to Help Homeowners-Part 5 was first published on South- Florida-Luxury-Living.com.