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Foreclosure Alternatives
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Foreclosure Alternatives

Short-Sales, Loan Modifications, Deed in Lieu of Foreclosure

South Florida Attorney Advising on Foreclosure Alternatives

All hope of avoiding foreclosure and/or bankruptcy may not be lost. Just as individual circumstances vary, there are also a variety of options for homeowners wishing to avoid foreclosure, including the following:

  • Short sales: With rapidly declining home values it may seem impossible to sell your property. In a short-sale the lender will allow you to sell your home at less than what you owed. Typically the mortgage company will assume all of the seller's closing costs including broker commissions, property taxes and homeowner's or condo association debt. In the best scenario, the Homeowner walks away from the closing free from the burdens associated with the property, including forgiveness of the debt. Recent Federal laws have made it easier for homeowners to short sale their properties by granting forgiveness of the tax consequences. At the Law Offices of Maite L. Diaz, P.A. we are experienced in negotiating short-sales with lenders and facilitating smooth real estate closings in this scenario. We work together with Realtors, Mortgage Brokers, and the Lenders to ensure that short-sale buyers and sellers get the best results from the short-sale process.
  • Loan modifications: Borrowers who have been faced with a hardship may be able to work something out with the Lender to avoid losing their properties. At the Law Offices of Maite L. Diaz, P.A. we are experienced at facilitating the often stressful and tedious loss mitigation process with the bank. As with short-sales, the Federal government is responding to the housing market meltdown with legislation funding programs to help people stay in their homes. The lender may agree to modify the terms, principal balances or interest rate of your mortgage, making monthly payments affordable again. An experienced attorney, who is bound by a code of ethics, will advise you as to what course is best for your situation and will assist you in properly documenting your hardship and financial information to improve your chances of a loan modification approval.
  • Deed in lieu of foreclosure: If a short-sale buyer has not been found, the Law Offices of Maite L. Diaz, P.A. may assist you in negotiating a Deed in Lieu of Foreclosure with the bank. The lender may agree to take possession of the property by transfer of deed with no additional money owed, thus avoiding the need for a subsequent Bankruptcy filing..

All of these foreclosure alternatives have the potential to rescue your desperate financial situation and set you moving forward in a positive direction. An experienced lawyer can help ensure that your credit score is not damaged in the process, and you can truly start over from a clean slate, with or without possession of your home.

Law Offices of Maite L. Diaz, P.A. is a Florida real estate law firm that focuses on clients and their needs. We take the time to listen, to explain the relevant laws pertaining to foreclosure and to advise our clients on foreclosure alternatives.

Know your legal rights as a mortgage holder of a property at risk of foreclosure. Call or e-mail a Florida real estate attorney at the Law Offices of Maite L. Diaz, P.A. to schedule a free initial consultation about any aspect or facet of mortgage foreclosure in Florida, including second mortgage ramifications. Se habla Español.