Rescuing Your Home in Fort Lauderdale

Ft. Lauderdale Bankruptcy Lawyer: Strategies for Keeping Your Home

A variety of factors can influence what course of action should be taken when your home is threatened with foreclosure. Your objectives are of utmost importance. Do you want to keep the home? Does it no longer make sense to hang onto a property that has plummeted in value? Walking away from a property can lead to years or even decades of financial stress as the bank tries to recover the difference between the final sale price and the mortgage you held with them. This could be hundreds of thousands of dollars.

Protecting Your Rights: The Truth in Lending Act

Much has come to light over the past several years concerning the conduct of all of those involved in the mortgage lending process. "Predatory lending" refers to promises being made about a loan that were not factual and contributed to your decision to take the loan. There are many cases that can be successfully resolved by addressing the lender with evidence of unethical practices. There are countless mortgages in the state that were later found to be missing proper documentation and other legal problems that can make a lender more inclined to make arrangements regarding your mortgage.

Many families who have been victimized by violations of federal and state law have already been evicted from their foreclosed homes. It is important that we take action before a foreclosure progresses further. Our early intervention in your case could save your home or identify the option you have to avoid foreclosure.

If you are having difficulty keeping up with your mortgage, there are options that could be implemented to help you get back on track and keep your home. If you are not interested in keeping the property, other arrangements could be pursued Lenders, mortgage brokers, builders and appraisers, all had a duty to be honest and forthright to homeowners during the lending process. Proper examination of the documents and facts often reveal some irregularity in the lending process, if not outright fraud. These instances of wrongdoing are the facts that could assist our firm in assisting you.

Options for Rescuing Your Home in Fort Lauderdale

Depending on your particular circumstances and objectives, here are some of the tools available to achieve a favorable solution to your mortgage and home ownership difficulties:

Deed in Lieu of Foreclosure: Your lender agrees to take your property without putting you through the foreclosure process and without filing a deficiency judgment against you. You would also seek to avoid derogatory credit report remarks. Waiver of a deficiency by the lender may have tax ramifications.

Short Sale: Your lender agrees to permit a buyer to pay less than what you owe as a settlement of your debt.

Loan Modification: Your lender agrees to change the terms of your mortgage to that which you can afford.

Foreclosure Defense: Filing a formal answer to the foreclosure action can permit you to remain in the home for several months. This is a method of pulling equity out of your home as charges will accrue by the lender and its lawyers. However, filing an answer to the foreclosure complaint will often cause a lender to be more willing to consider working with you to modify the loan or to agree to waive a deficiency judgment. Additionally, if examination of the loan documents and facts concerning the lending process reveal irregularities or illegal conduct by the lender, your foreclosure defense may become a foreclosure offense. Successful foreclosure offenses can even lead to a rescission of the loan whereby you keep your home and all interest payments are applied to principal.

Bankruptcy: Both Chapter 7 and Chapter 13 have specific advantages, depending on your particular situation. Chapter 13 has the advantage of allowing arrangements to be made to pay off back mortgage payments and keep your property. Of particular note is that bankruptcy combined with foreclosure defense, can be a very powerful tool in affording you the time to renegotiate the terms of your mortgage or other advantages.

Contact a Fort Lauderdale bankruptcy attorney from our firm to evaluate your situation and find the solution that could best work to rescue your home.