Miami Foreclosure Avoidance Attorney
At Charlip Law Group, LC, we provide strong, aggressive foreclosure defense, utilizing all applicable state and federal laws to prevent a wrongful foreclosure. Sometimes, the bank is not in violation of the law, and the best option is to negotiate with the lender to avoid foreclosure. At Charlip Law Group, LC, we employ all our knowledge and skills based on over 30 years of helping homeowners in Miami and throughout Florida avoid foreclosure. Before you simply give up and let the bank take your house, talk to Charlip Law Group, our experienced Miami foreclosure avoidance attorneys can help you.
Short Sales, Deeds in Lieu and Cash for Keys
If you are in default on your mortgage and you cannot catch up on your payments, and particularly if you owe more on the home than it is worth on the market, the smart thing to do might seem to be just to walk away and let the bank take the house. But there are repercussions to this approach that you may not be aware of. For one thing, if the value of the home is less than what you owe on it, the bank may sell the house for what it can get and then still come after you for the difference. This is known as getting a deficiency judgment and can be completed as part of the foreclosure action, leaving you open to having your wages garnisheed or your other possessions repossessed to satisfy the judgment.
If walking away from the home seems like your best option, at least consider negotiating a deal with the bank such as a short sale or a deed in lieu of foreclosure. In a short sale, you sell your home for what you can get for it, and the bank agrees to take the proceeds as satisfaction of the mortgage, even though you may owe more. With a deed in lieu, you hand over the deed to the bank and save them the trouble and expense of foreclosing. You may even be able to receive a cash settlement in exchange for your agreement to turn over the house. In either case, the bank agrees to take the house or sale proceeds as payment in full and not pursue you for any deficiency. An experienced foreclosure avoidance attorney can negotiate directly with the lender and make sure you are not liable for any deficiency and that your credit report is not harmed in the process.
Another option for avoiding foreclosure while keeping the home is to pursue a loan modification with the bank. In fact, there are several government programs designed to help homeowners get a loan modification. Under the umbrella of Making Home Affordable, federal programs such as HAMP, HARP and HAFA can help you negotiate a loan workout that results in lower monthly payments, a lower interest rate, a principal reduction, modification of a second mortgage or lien, a short refi, or even relocation assistance. Contact our Miami foreclosure avoidance attorneys for more information.
If you are considering entering into a loan modification, there are a couple of important things to keep in mind. First of all, these programs only apply to certain homes, certain mortgages and homeowners with a certain debt-to-income ratio. Many people simply do not qualify for participation in HAMP or other programs. The other thing to know is that even banks participating in these government programs are not required to modify the loan. Some people negotiate for months and never get a modification, while others find that their modification is not permanent. Meanwhile, the arrears are never satisfied, and the bank’s foreclosure department may proceed with a foreclosure, even while the loan modification department is telling you they will work something out. Make sure you are represented by a knowledgeable, aggressive, and experienced loan modification attorney before attempting to work out a modification with your bank.
Call Today for a Free Consultation with an Experienced Miami Foreclosure Avoidance Attorney
If you have received a notice of default and believe the bank may soon act to foreclose on your property, contact Charlip Law Group, LC in Miami to speak with an experienced Florida foreclosure avoidance attorney. We operate throughout the state of Florida and offer a free initial consultation. Se Habla Español.