Sarasota Florida Foreclosure Defense Attorney
Florida Foreclosure Alternatives
In recent years, Sarasota and Florida property values decreased so dramatically that many Florida homeowners were left owning underwater mortgages. This has lead to a foreclosure crisis in Sarasota County, along with the entire state of Florida.
If you are facing foreclosure in Florida, we will work closely with you to design the best solution for your situation. At the Gregg Horowitz Law Firm, we have the experience and expertise to guide you through your alternatives to foreclosure.
Florida Foreclosure Defense: Strategic Default
What is a Strategic Default? Strategic default is when you decide to leave an underwater property because its value is substantially less than what you owe on the mortgage debt. Before choosing strategic default, make sure you understand all the potential risks and benefits.
Florida Foreclosure Defense: Short Sale
What is a short sale? In a short sale, you agree to sell your home and your lender agrees to accept a sale price that is less than what is owed on the property. An essential part of a short sale negotiation is the lender’s agreement to forgive the rest of the loan. Before choosing a short sale, make sure you understand all the potential risks and benefits.
Florida Foreclosure Defense: Loan Modification
What is loan modification? With a loan modification, your lender may change your interest rate, loan terms, loan balances, or other parts of the loan agreement in order to make your mortgage more affordable in the short term. However, it is very important to make sure that you can live with modified loan for the long term. Before choosing loan modification, make sure you understand all the potential risks and benefits.
Florida Foreclosure Defense: Bankruptcy
What is bankruptcy? Chapter 7 Bankruptcy is designed to help individuals and businesses eliminate debts under the protection of the bankruptcy court. Once you file bankruptcy, an “automatic stay” goes into effect, prohibiting most creditors from taking action to collect your debts. However, it is important to know that certain debts cannot be discharged in bankruptcy. Before choosing bankruptcy, make sure you understand all the potential risks and benefits.
Florida Foreclosure Defense: Deed in Lieu of Foreclosure
What is a deed in lieu? A deed in lieu of foreclosure is, in essence, a “voluntary foreclosure” in which you sign over your property to your lender in order to avoid legal foreclosure proceedings. However, even though your lender may take back the property, it may not cancel your debt. Before choosing deed in lieu of foreclosure, make sure you understand all the potential risks and benefits.
If you may be facing foreclosure in Sarasota County, Florida, please contact us today to discover your options and determine the best solution for your situation.