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What Is One of the Best Ways to Prevent a Foreclosure?

What Is One of the Best Ways to Prevent a Foreclosure?

Unfortunately, foreclosure is something that happens to people throughout the state of Florida throughout the year. If you are facing this situation, you may wonder – what is one of the best ways to prevent foreclosure?

While this is a good question, before diving into the specifics of stopping a foreclosure, it’s a good idea to learn more about it and what Florida law has to say.

Florida Law and Foreclosure

The state of Florida is considered a judicial foreclosure state. This means that if an HOA or bank wants to start the foreclosure process, it must receive approval from a judge. This type of case must be filed with the circuit court in the area where the property is located.

If the case is a mortgage foreclosure, then it must be handled in the court of equity. This is a court that can apply standards of fairness rather than just legal defenses. What this means is that the judge can consider the actions of the bank that may make the foreclosure unfair.

How to Stop a Foreclosure?

Are you wondering, “how do I stop a bank from taking my home?” If so, you are likely stressed and overwhelmed. Attorney Carlos M. Amor is here to help.

In fact, hiring an experienced attorney is one of the best ways to stop — or at least stall — a foreclosure to provide you time to come up with other legal options.

Of course, the best method to stop a foreclosure is to hire an attorney, but there are other things that may help with this, too.

Forbearance

Have you missed several mortgage payments to the bank? If so, it’s possible to contact your bank to stop the foreclosure and to request “forbearance.” With this, you can extend your mortgage length to make up for the missed payments.

In this situation, the missed payments are forgiven and added to the end of your mortgage. If your home has already entered foreclosure in Florida, hiring attorney Carlos M. Armor for assistance is highly recommended.

Refinancing

Does your home have equity, and have you not missed any of your mortgage payments in the past 12 months? If so, it may be possible to refinance your mortgage. While this is an option, it’s not one if you owe more on your home than what it is worth.

If refinancing is an option for you, it’s a good idea to get in touch with your bank immediately. If there is equity in your home, then you will find this process is much easier, and you will be in a position to stop the foreclosure.

Deed in Lieu

Another option to prevent foreclosure in Florida is to request a deed in lieu of foreclosure. If you don’t want to keep your home anymore and want to move on with minimal damage to your credit score, then you have the option to return your property to the bank and stop the foreclosure.

The deed in lieu is a complex process. Usually, a bank will grant this only if you have a foreclosure attorney handling the situation.

Short Sale

Do you currently owe more than what your property is worth? If so, the bank may be willing to do a pre-foreclosure sale or a short sale. Put simply, you may be able to halt the foreclosure process if you sell your property. It’s also worth noting that the bank keeps what the final sale price is.

Modification of Loan

This is a common way that Florida homeowners work to stop foreclosures. With a loan modification, you will include the mortgage payment owed monthly, reduce your interest rates, and minimize the principal amount.

While this is an effective option, it is difficult to secure a loan modification if you don’t have help from an experienced attorney. The bank is going to request several different documents during the process of loan modification. Also, only a professional will be able to tell you what should be included and how to secure this option.

Why You Need an Attorney to Help with a Foreclosure in Florida

Foreclosure can be an extremely complicated process. If you are trying to prevent it or even stall it, there are options; however, because they are so complex, having attorney Carlos M. Armor is highly recommended.

These are some of the specific reasons to hire an attorney for help preventing or stalling foreclosure in Florida:

They Understand the Law

There are more than a few laws that govern foreclosures, contracts, mortgages, and the rights of borrowers. Having an experienced foreclosure attorney like Carlos M. Armor on your side provides you with information about the law and what options you have.

Foreclosure law is always changing, so you need an attorney who knows what these laws are and stays abreast of the updates and revisions that have been made.

Defenses for Foreclosure are Complicated

The defense options for foreclosure aren’t simple. Many homeowners believe they have a viable defense for the foreclosure, but they don’t have the knowledge or tools to prove their case. Attorney Carlos M. Armor can help prove that the lender did not follow the proper procedures when the lawsuit for foreclosure was filed or show other mistakes that may have occurred.

Hiring an Attorney Is the Best Way to Protect Against Foreclosure in Florida

If you are dealing with the possibility of foreclosure in Florida, hiring attorney Carlos M. Armor is the best option possible. With his legal services, you can feel confident that you will have the best defense for the situation. This is going to help you avoid this situation and minimize the possibility of the foreclosure being successful. Get in touch right away by calling (954) 453-7200 to work out a plan of action to handle the foreclosure situation you are in.

ATTORNEY CARLOS M. AMOR

Carlos M. Amor is a skilled and experienced attorney and real estate broker. His legal practice in South Florida focuses on real estate litigation, real estate investments, tax deed and foreclosure auction purchases, traditional real estate transactions, short sales, foreclosure defense, and civil litigation. Carlos thinks “outside the box” and takes a practical approach to finding solutions that benefit his clients. [ Attorney Bio ]