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As I mention in the video, it’s not easy to stop foreclosure when it’s in the bank’s interest to keep going down that path. Your best bet is to tackle the problem early and often—don’t just contact the bank and try to work with them; get a good lawyer so that you’ve got someone on your side who understands how this works and can put pressure on them.
How soon should you be doing this? As soon as you know you might have a problem, and certainly before the bank turns in a Notice of Default. Once that happens, foreclosure has already begun and your options become limited.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Stop Foreclosure: Limited Options Doesn’t Mean No Options
Even though it’s tough, there are still things that you can do to prevent the foreclosure from going through once the bank has started the process, and a good lawyer can help.
Put it up for sale. Just because the bank won’t agree to stop the foreclosure process doesn’t mean you have to just hand over the house. If you think you can get a decent price, try selling it. Seek out a few good realtors in your area and interview them to see what they think they can get and how long it would take. Selling the home will stop foreclosure for good.
Explore Orlando short sales. Do you owe more on your loan than the house is actually worth? If so, you can start a type of home sale that is becoming increasingly popular in Orlando. Short sales can be a great way to cut your losses in a home and get out with only minor damage to your credit—unlike with foreclosure, which can have lasting repercussions. The negative is that your bank has to agree to the short sale, which is why you want a good lawyer doing the talking for you.
Try to negotiate a deed-in-lieu. Earlier I mentioned that you don’t have to just hand over your house, but sometimes that might be the best option to avoid foreclosure. With a deed-in-lieu, you’re literally giving the deed to your home to the bank so that they own it instead of you. In return, they will forgive your loan and stop foreclosure so that you can walk away. With a deed-in-lieu your mortgage is considered paid in full, and they bank cannot seek a deficiency judgment against you. Using a deed in lieu should be carefully considered to stop foreclosure, and you must meet certain qualifications.
Before you make any decisions, be completely informed. An Orlando foreclosure attorney at TK Law can advise you and help arrange these and other ways to stop foreclosure that work best for your unique situation.
Get Help with Legal Issues Now! – Call 855-Kramer-Now (855-572-6376)
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