Consult a Coral Springs Lawyer About Real Estate and Foreclosure Questions
Prevent Florida Home Foreclosures: You Have Options
Owning Florida real estate can be a dangerous occupation these days. People all over the state are falling behind on their mortgage payments and discovering that the value of their real estate is less than their home loans.
In our experience, people who fall behind on their real estate mortgage payments experience real confusion and fear. If you have fallen behind in your mortgage payments or are suffering financially due to upside down real estate investments, understand that you have options. You are not alone if your house or real estate investments have transformed from a joy into a crushing responsibility.
Options to Dispose of Florida Real Estate
If you want to sell your house or investment real estate, either to prevent foreclosure or to escape unmanageable mortgage payments, you have several options. At the law offices of Michelle Armstrong, P.A., in Coral Springs, we can help you make intelligent decisions about how to proceed.
Can the bank still sue you after a short sale, foreclosure or deed in lieu of foreclosure? The answer might be "yes," unless you get legal help with the transaction. Contact the law offices of Michelle Armstrong, P.A. today at 954-282-6090 to begin putting an end to your real estate nightmares.
Since 1995, attorney Michelle Armstrong has offered compassionate legal assistance to Floridians who need help with debt relief related to residential real estate. We have spent 15 years observing the real estate market and working in the area of bankruptcy law. Because of that experience, we can offer knowledgeable advice to clients about how to dispose of burdensome real estate.
Depending on your circumstances, your options may include:
- Chapter 13 bankruptcy: Chapter 13 bankruptcy is a legal tool that can help you get current on your past-due mortgage. Under Chapter 13, you submit a debt repayment plan for the court's approval, showing what monthly debt payments are reasonable given your income. The repayment plan will most likely lower monthly credit card payments, freeing up more cash to pay mortgage arrearages and prevent foreclosure. We will walk you step-by-step through the process so you understand your rights and options.
- Real estate short sales: A short sale is the term used when a homeowner sells the home for an amount "short" of what's owed on the mortgage. Sometimes mortgage lenders or banks agree to accept short sales as full repayment of home loans, especially if the transaction will result in a smaller financial loss than foreclosure. Short sales carry potential tax consequences that every homeowner should understand. We can help you understand if a short sale is in your best interests when considering your options to prevent foreclosure.
- Deed in lieu of foreclosure: Sometimes your best option is to give the house back to the bank that owns your loan, but the bank must agree to accept the title to the house instead of initiating a foreclosure action. It is crucial that you ask an experienced attorney to review the documents the bank asks you to sign, in order to make sure the agreement protects your financial interests.
Contact Us for an Individualized Analysis
To learn more about how to handle financial issues and real estate foreclosure in today's residential real estate market, turn to bankruptcy lawyer Michelle Armstrong. Michelle has more than 15 years of experience in bankruptcy law. She can help you decide whether bankruptcy or a real estate transaction best fits your financial situation.
Contact us at our Coral Springs, Florida, office to schedule your free initial consultation. For your convenience, we work with an associated bankruptcy attorney in Plantation.
