Coral Springs, Florida
In the face of a rising number of foreclosures, residents of Coral Springs are advised to be financially literate in order to make informed decisions that will allow them to protect their homes. Coral Springs has an active foreclosure prevention awareness campaign that aims to remove any person and family from the harrowing experience of a foreclosure.
Due to the economic downturn, the national foreclosure rate is high and is threatening the homes of thousands of people across Florida. It happens all too often that borrowers, including residents of Coral Springs, begin falling back on their mortgage payments due to situations that decrease their income and emergency events that increase their expenditure. When the payments stop, the lender (most usually the bank or a financial institution) will attempt to regain its investment by selling the property of the homeowner.Things to Know About Foreclosures
A foreclosure is a legal process whereby the lender files a case asking the court permission to sell the homeowners property. We have all heard our share of horror stories about people losing their homes in a blink of an eye in Coral Springs. While the tales of house repossession are true, it is false that it happens in the blink of an eye. Here are three important things you need to know about a foreclosure.
- There is a process involved. The earlier you are aware of it, and the earlier you contact an experienced Coral Springs lawyer, the better off you will be. Once you start lapsing on payments, the greater the chance you lose your house. Contact your lender and let your attorney know of any correspondence sent to you.
- Understand that the lender does not want your house. Being stuck with a house to sell in Coral Springs does not translate to profit. They actually want to help you with a range of options to get you past your financial crisis.
- There are many foreclosure alternatives for you to consider that can save your Coral Springs home. Listen to the city’s call and be financially accurate. You and your lawyer can come up with an effective way to solve your mortgage dilemma.
Here are some strategies you can consider in the face of foreclosure:
- Short sale: In a short sale, the lender will allow you to sell the Coral Springs property to someone else. And then it will accept the amount even if it is less than what you owe the mortgage.
- Deed in Lieu of foreclosure: You can ask the lender to release the deed of the Coral Springs property in exchange of foregoing foreclosure proceedings. Lenders find this favorable because the possession of the property goes to them.
- Loan modification: The lender agrees to modify the terms of your loan to make it more feasible and current.
ESQ.title promises the residents of Coral Springs and the surrounding areas of Florida top legal counsel for foreclosure cases and mortgage dilemmas. Their roster of experienced real estate lawyers has helped many clients consider options for home retention and foreclosure defense with positive results and successful outcomes.