Foreclosure

Definitions

  • Foreclosure  defense — defending the lawsuit
  • Loan modifications — applying for a loan modification that would lower the payment on your mortgage
  • Repayment — working out a plan in conjunction with keeping the current loan terms
  • Reinstatement — paying the amount that is due
  • Stripping second mortgages — by filing bankruptcy you may be able to cancel out a second mortgage for your property

 

Are there any alternatives to foreclosure?  

In a liquidation, there are several options.  You may choose a deed-in-lieu of foreclosure, a short sale or consent to judgment.  If you decide not to retain your property, you may wish to try and liquidate your property either through short sale, deed-in-lieu of foreclosure or a consent to judgment.  Liquidating your property may avoid a hit on your credit, but the deficiency may not be waived unless you negotiate it.  You should fully understand the alternatives to foreclosure and what each of your opinions are.  When you come into your office, we will sit down and have a detailed conversation with you about your individual circumstances and desired outcome. 

 

Do I have to file bankruptcy? 

Filing bankruptcy is not your only option. We craft legal solutions that fit your needs.  Most of our clients want to keep their home, which means we pursue retention options while aggressively defending the foreclosure lawsuit.  However, if bankruptcy is right for your situation, we can help you file either Chapter 7 or Chapter 13 bankruptcy.

Have questions or would like to make an appointment? Call us at (407) 672-1252 or use our contact form.