The foreclosure process in Florida can be lengthy if properly defended. While it is important that your case is being defended by an experienced foreclosure defense attorney, it is also imperative that you have an end game prior to the foreclosure sale taking place. There are three main options that a homeowner has to prevent their property from being sold at a foreclosure auction. The first one is a short sale. A short sale allows a homeowner to sell their property at a price that is less than the amount they owe on the mortgage. If the Bank accepts this offer, the foreclosure against the homeowner is dismissed. In most cases, the Bank will waive the deficiency amount against the homeowner. The deficiency is the amount that a homeowner will owe if the property goes to a foreclosure sale and sells for less than the amount that the homeowner owes to the Bank.
The second option a homeowner has to prevent their property from being sold at a foreclosure sale is a loan modification. The loan modification process can be frustrating because the Banks will often claim that they cannot locate or have misplaced the documents that you sent to them in your efforts to apply. Many homeowners choose to have their attorneys apply for them as it can be such a timely process, and a Coral Springs Foreclosure Defense Attorney works with Banks on a daily basis.
The third option is a deed in lieu of foreclosure. Many times, the Banks will simply accept the deed to the property and decide not to continue with the foreclosure process. Sometimes, they will even offer you cash for your keys. While all three options can potentially help you avoid having your property being sold at the foreclosure auction, the Short Sale option is usually the most effective and beneficial for the homeowner.
If you are a homeowner in foreclosure and are concerned about your property being sold at a foreclosure sale, contact 954 Foreclosure Attorneys, PLLC today at 954.237.7740.