The year 2010 saw the worst mortgage and foreclosure crisis in the United States. And unfortunately, Hialeah and many areas in Florida was felt the grunt of the foreclosure nightmare. Three years later, real estate experts are seeing signs of recovery. But that does not discount the fact that many Hialeah residents continue to lose their homes due to foreclosure.
A foreclosure is a legal process whereby the lender asks the court’s permission to dispose of your house through a judicial sale. It is usually a harrowing experience for the homeowner involved because at present the processing of foreclosure cases are fast. Many Hialeah residents have actually lost their homes with a disastrous experience in tow. In Florida, you only have twenty days to respond to a lawsuit filed by your lender. Failure to do so within the twenty-day period brings you to a default in the favor of the lender. The latter can now sell your home through a foreclosure sale.
Foreclosure defense strategies include a variety of tactics designed to prevent or defend against an impeding foreclosure. The strategy you choose to take depends on your current financial situation. But basically, there are two end goals in sight: first, home retention that allows you to stay in your Hialeah property; second, debt settlement that will require you to sell your Hialeah home or turn it over to the lender as payment for the loan. No matter which path you take, obtaining the services of a lawyer skilled in Hialeah foreclosure cases would be your first line of defense.
Your real estate attorney can help you negotiate with your lender to adjust the original terms of the loan. This translates to an interest rate, mortgage repayment time, principal reduction, among others, that is more suited to your current financial capability. Consider this as one of your first options if you are set on keeping your Hialeah home.
This is a strategy to get your mortgage current, especially useful if you have fallen behind on your payments for your Hialeah home. You can make monthly payments, and schedule payments for the deficiency. Forbearance gives you flexibility if your present financial problems are only temporary.
If you want to settle your financial obligation and walk away from your debt, a short sale is a good option. This strategy allows you to sell your Hialeah home for under the current market value and give the proceeds to the lender as final payment for the home.
ESQ.title is one of the well-kept secrets of residents of Hialeah, Miami, Broward, and Palm Beach areas when it comes to real estate law and foreclosure defense. Our team of legal experts is comprised of case managers, investigators, and legal assistants who have only your best interest in mind. We understand what it means to fight for your Hialeah home, and foreclosure is not an experience you should face alone.
For an in-depth evaluation of your foreclosure situation, contact us today for a free assessment.