Alternatives to Foreclosure
If you find yourself and your Florida real estate underwater, Oppenheim Law is here to assist. Many Florida homeowners owe more money on their mortgage than the current value of their home. With skyrocketing interest rates, homeowners cannot afford their mortgage and some families are losing their incomes all together. In fact, in situations of underwater real estate, there are numerous alternatives to foreclosure.
The team at Oppenheim Law can help you discover the foreclosure alternatives below and find the best escape route for you.
- Refinancing: Options During Florida Foreclosure
Thanks to the new credit rules from the Obama Administration, homeowners can be underwater on their payments and still qualify to refinance your mortgage. In order to determine if you are eligible to refinance your loan, please feel free to contact the foreclosure defense attorneys at Oppenheim Law.
- Loan Modifications: Options During South Florida Foreclosure
Estimates indicate that during the next 36 months there will be between 3,000,000 and 9,000,000 loan modifications in the United States. Although the number of South Florida loan modifications will be much less, many tri-county homeowners qualify for Florida loan modification. Thus, if your home is underwater or you are facing a true hardship and have found yourself with less income than you previously had, you may well qualify for mortgage modification. While it’s possible to complete a loan modification without a foreclosure defense attorney, most people are finding the loan modification process too time consuming and complex to endure themselves.
Because the lawyers at Oppenheim Law are routinely engaging in submitting Florida loan modifications on behalf of our clients, our expertise often guides homeowners in connection with a modification submission. In fact, some homeowners may not qualify for modification; in this case, the foreclosure defense experts at Oppenheim Law will help you determine what you need to qualify or if your economic picture needs to change before you apply for your modification.Read on to learn more about Florida Loan Modifications.
- Florida Short Sale: Options During Foreclosure:
Another alternative to foreclosure if you are not able to meet your mortgage obligations is to try to sell your property for less than the amount you owing on the mortgage. This alternative foreclosure option is called a short sale because the bank will come up short at the closing and will not fully be repaid for its loan. Florida short sales are complex, extremely time consuming and require legal professionals, such as the lawyers at Oppenheim Law.
Read on for more information about Florida Short Sales
- Deed in Lieu: Options During Florida Foreclosure
In the event that an attempted short sale is unsuccessful, the best thing to do is consider giving the property back to the bank, which is legally called a “Deed in Lieu” of foreclosure. The benefits to a Deed in Lieu of foreclosure are that it averts a Florida foreclosure and the information placed on your credit report is less damaging than a foreclosure.
Read on for more information about Deed-in-Lieu of Foreclosures
- Florida Bankruptcy: Options During Florida Foreclosure
Finally, depending upon your personal situation, sometimes filing for bankruptcy in Florida is your best answer. Bankruptcy gives you a new start, a new beginning, and allows you to start over. In two years your credit report can be in fairly decent shape. While the lawyers at Oppenheim Law currently do not engage in the bankruptcy practice, we do work with other lawyers who do. We also assist people who are trying to determine whether or not they are a candidate for bankruptcy. In doing so, we provide financial planning in order to determine your best course of action based on your current family and economic circumstances.
Read on for more information about filing for Florida Bankruptcy.
Sometimes our foreclosure defense attorneys will decide that the best course of action for you may be a combination of the options listed above. Because each individual or family situation is unique, there is never a one size fits all approach.
One of the benefits you have when working with the attorneys at Oppenheim Law is knowing that we routinely work with individuals and families, such as yourself, and thus can counsel you and the best options. The attorneys in our foreclosure defense law firm leave assumptions aside and provide you the necessary time that you need in order to make the appropriate decisions that are best for you and your family. In the end, we try to help ease your mind by providing you with peace of mind during these turbulent economic times.