Sarasota Foreclosure Defense Lawyer
What constitutes a good foreclosure defense?
Foreclosure is easily one of the more stressful experiences a person can face, especially in the recent economic downturn when many Sarasota residents are struggling financially. If you purchased a home or rental property during the real estate boom, you are now dealing with the consequences of an underwater mortgage and a property that you no longer consider to be a good investment. Many who face foreclosure get legal representation from The Edwards Law Firm, PL to find a solution that allows them to move forward with their lives, with their real estate and foreclosure problems brought to a close.
Have you been served a foreclosure notice? A dependable foreclosure defense will rely on a wide variety of factors, including a careful and detailed review of the loan documents to determine whether the lender has the right to sue for foreclosure. A knowledgeable foreclosure defense lawyer will be able to organize all available information that is relevant to the case, and formulate a targeted strategy to allow you to resolve your real estate problem and be free from the obligation of an underwater mortgage in a property that is no longer a worthy investment. Our lead attorney, Sheryl A. Edwards, is a
Board Certified Real Estate Specialist, and can advise you of your options, including the risks and benefits of a strategic default, review your loan documents and formulate a plan to defend you from foreclosure. She will also work to negotiate a deed in lieu or short sale and other potential resolution to an underwater mortgage or foreclosure problem.
For those unable to meet the monthly payment requirements demanded by a mortgage on a home, you may be in danger of having your house foreclosed upon, surrendering ownership back to the lender or bank. Click here to read more about foreclosure.
Ramifications of Foreclosure
A foreclosure will not always rid you of all financial obligations. It may leave you with a negative effect on your credit score, dealing with tax liabilities and facing deficiency judgments forcing you to pay the difference between the amount the house sold for and the loan owed to the bank. Click here to read more about ramifications of foreclosure.
Second Mortgage Foreclosure
A second mortgage is often taken out by home owners to make improvements or repairs to the home, as well as paying for some of the price the home cost. In the event of a foreclosure, your first mortgage may be covered leaving you responsible for the second mortgage. Click here to read more about second mortgage foreclosure.
In cases when the value of the house becomes less than the amount that is owed, some may choose to seek a short sale. Through this process the house will be sold below the amount owed on the mortgage. In general it is less damaging to long term credit, and can be used to protect against foreclosure. Click here to read more about short sale.
Deed in Lieu
Another alternative to foreclosure, a deed in lieu is when the property that is owed on is given to the lender by the owner to cover the amount that they owe. The lender can choose whether or not they want to accept and if they do, the foreclosure process is cancelled. Click here to read more about a deed in lieu.
Short Sale Negotiator Regulations
The Federal Trade Commission has enacted regulations to defend against companies seeking to take advantage of those looking for relief from foreclosure. They prohibit an upfront fee by those who are not lawyer but are providing services to avoid foreclosure. Click here to read more about short sale negotiator regulations.
Waiver of Deficiency
A waiver of deficiency frees the homeowner from needing to pay the deficient amount when a short sale does not cover the complete balance owed to the mortgage lender. Failing to do so can allow the lender to sue for the remaining balance. Click here to read more about a waiver of deficiency.
A deficiency judgment can be faced in both a foreclosure and a short sale when the selling of the property does not cover the complete amount owed to the bank or lender. This allows action to be taken against the homeowner to cover the remaining costs. Click here to read more about deficiency judgment.
Asset Protection Basics
There are certain types of income that can be exempt from being collected by lenders as well as defense measure that can be taken to protect your assets from the effects of short sales, foreclosure and deficiency judgments. Click here to read more about asset protection basics.
Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Under the Mortgage Forgiveness Debt Relief Act the amount of deficiency forgiven by lenders in a foreclosure or short sale may no longer taxed depending on if the owner was in significant debt or if it was a homestead property. After 2012 some aspects of the act will change. Click here to read more about Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
What is a Strategic Default?
Strategic default is when a homeowner chooses to leave their underwater property, a property that is significantly less than the amount of the mortgage that is owed on it. For some it no longer makes sense to be paying monthly on an investment that has gone wrong. Click here to read more about strategic default.
Reasons to Consider a Strategic Default
With the hard economic changes, many homeowners are left paying on properties that are worth a great amount less than what they bought them fore. Since the prices of homes are not expected to get back to what they were, many homeowners no longer see the benefit of their property. Click here to read more about reasons to consider a strategic default.
A common problem for many living in Sarasota is those who bought before the real estate market took a down turn. Now homeowners can owe up to 50% more than the actual current value of the property. Click here to read more about underwater mortgage.
Sarasota Foreclosure Defense Representation
The Edwards Law Firm, PL supports the right of all homeowners to seek out a workable resolution to a property, either a home or income property, that is financed far beyond its current market value. We will work closely with all clients in order to determine our approach to your specific case, and are very qualified to provide you with knowledgeable counsel and legal options to consider in any real estate situation involving an underwater mortgage. The real estate market crash was brought about through events beyond your control, but there are actions that can be taken to help you get your real estate problems resolved. Determining the best course of action in your case should be undertaken at once, and our firm has the commitment and knowledge to evaluate your case and offer you counsel that is based on years of experience and success. We urge you to contact our firm at once if you are facing foreclosure.
Contact a Sarasota foreclosure defense attorney
for knowledgeable legal advice about resolving an underwater mortgage or foreclosure problem.