Tough economic times have left many borrowers in Coral Gables, Florida reeling with their mortgages. Lenders are feeling the grunt too as homeowners start to fall behind on their payments. The national mortgage foreclosure crisis continues, and numerous residents from Coral Gables are experiencing it this very moment.
As of October 2013, almost fourteen thousand foreclosures have been filed, leaving Florida State Courts with much to do and a lot of backlog. As a result, the judicial court is continually working to speed-up the process while ensuring that the rights of all parties in Coral Gables are protected.
Needless to say, the Florida State Courts are doing what they can when it comes to mortgage foreclosure cases. But it cannot stop there. The homeowner should do his part too by taking appropriate action once he lapses on his payments. It is his responsibility to secure the legal counsel of an experienced Coral Gables lawyer in order to protect his best interest.
People begin to fail on their mortgage payments due to many reasons such as illness, loss of jobs, business failure, divorce, and an array of bad decisions made. And when they lapse on their payments, the lender begins the process of recouping the amount they loaned by filing a case for foreclosure. Foreclosure is a legal process whereby a lender tries to secure the court’s approval to sell a delinquent borrower’s property.
When a foreclosure is filed, it is important to know that there are options that allow you to retain your Coral Gables home. You can also opt to let go of the property, clear the debt, and protect your credit rating. These mitigation tools should be considered and evaluated with a lawyer who is experienced in the foreclosure process in the Coral Gables area and knowledgeable in foreclosure defense.
Forbearance plan
A forbearance plan will help you keep your payments current by paying a full amount each month, plus a partial payment for any unpaid or delinquent amount on your Coral Gables home mortgage. Should you experience a loss or reduction in income, contact your lender right away and sign-up for forbearance.
Loan modification
A loan modification changes your loan terms to make it more feasible and affordable. The lender will usually consider loan modification if you have documented proof of financial loss through illness, death, or permanent or temporary hardship. Your Coral Gables attorney will surely assist you in negotiating for a loan modification.
Reverse mortgages
If you have equity on your home, this will allow you to convert some of the equity into cash while retaining ownership. It is best to consult your legal counsel for the best course of action regarding reverse mortgages on your Coral Gables property.
ESQ.title is a law firm dedicated to the aggressive defense of clients in foreclosure cases in Coral Gables, Miami, Palm Beach, Broward, and other areas of Florida. The team is comprised of known and respected real estate attorneys who have vast experience in home retention and litigation.
You deserve to know your options and you need to act soon. Contact our team of legal experts for a free consultation today.