Have you been served with a foreclosure notice for your Orlando home? Even if the bank tells you otherwise, know that you may have options that can slow down and even halt the foreclosure process. Here are 4 alternatives to foreclosure in Florida, best acted upon with the guidance of an experienced Orlando foreclosure lawyer:
Loan Modification: If your home loan is upside down, you may have the option to ask for a loan modification from your lender. For this alternative to foreclosure, you must be able to prove a hardship and why this has contributed to your current financial situation. Some examples of hardships are incarceration, illness, loss of job, reduced income, death in family, etc.
Refinancing: If you’ve been served with a foreclosure (or fear you will be) because of a past financial problem, but have since then been able to recover and catch up financially, refinancing may be a viable option for you to keep your Orlando home. Refinancing your home is only possible if you have a job and have built up enough equity in your house.
Bankruptcy: There are two types of bankruptcy that you can file, Chapter 7 or Chapter 13, depending on which requirements are met and what you work out with your mortgage lender. One of the benefits of bankruptcy is that it entitles homeowners to an “automatic stay” of their Florida foreclosure case until the bankruptcy court rules that the state court can proceed.
Short Sale: This is where the bank agrees to release their lien on the property so the property can be sold for less then what is owed on it. A short sale does not remove the home owners requirement to pay what is owed unless previously agreed by both the bank and the home owner.
If you have already been served with a foreclosure notice, it is imperative that you contact an Orlando foreclosure defense attorney as soon as possible. Call 407-883-2618 to get in touch with one of our Orlando foreclosure defense lawyers at The Freedom Law Firm today. We offer free consultations to discuss you specific situation! Call anytime!