Big Firm Quality, Small Firm Dedication Guidance From a Highly Rated & Respected Attorney

The Ramifications of Foreclosure

Individuals who are facing foreclosure should be aware of the possible ramifications associated with it. A common misconception surrounding foreclosure is that once your house has been auctioned off you are free of all debt to the bank or lender. In Florida, this is not true, as there can be other financial liabilities that you will still be held to, especially if your home is sold at a deficiency. If you are threatened with foreclosure, you must contact a Sarasota foreclosure defense attorney to discuss the ramifications and how to avoid future serious financial damage.

The three most common ramifications of a mortgage foreclosure are deficiency judgments, tax liabilities and a drastic drop in credit score. Deficiency judgments consist of the amount of your mortgage sale of your house. If you owed the bank $10,500 and your house sold for only nine thousand dollars, then you can be held responsible for a deficiency judgment for $9,500. The bank could take legal action to sue you for this difference. Tax liabilities are tied to debt forgiveness. If a bank decides to forgive any portion of the unpaid debt, then you will be free from paying it back - however, the amount of debt forgiven can still be taxed as income by the federal government. Lastly, your credit score will be significantly affected if a mortgage foreclosure is completed. How these matters are resolved is of great concern to many homeowners who are dealing with an underwater mortgage, and are now obligated to paying for a property that has plummeted in value.

Get Legal Protection

You need to do everything you can to defend yourself during this turbulent time. A threat of foreclosure can throw you into a spin of confusion, trying to determine whether you should just walk away, or whether other alternatives should be sought. Protecting your future financial health and credit rating are issues that should be addressed with the help of a qualified legal professional that has a depth of knowledge in the area that will best serve your interests. Sheryl A. Edwards, a Board Certified Real Estate Expert, has been in practice for over 23 years, and has helped many clients resolve a threat of foreclosure successfully. We have educated countless clients on the ramifications of foreclosure and the legal options to fight back. We will do everything possible to assist you in resolving a foreclosure, and to help you avoid filing bankruptcy. We consider this a last resort, and there are likely other extremely workable options that could be undertaken, allowing you to move on with your life without long-term consequences.

Contact a Sarasota foreclosure defense lawyer from The Edwards Law Firm, PL discuss the possible ramifications for your situation as well as any options you may have available.

Our Clients Are Talking

See What They Have to Say!
  • “THE BEST! Superior in every aspect.”

    Kim B.
  • “Mike was a very skillful negotiator with an extremely uncooperative lender.”

  • “So, I hired Sheryl Edwards and within just One (1) week she took control of the Whole Situation”

  • “Very professional, and knowledgeable with all my Real Estate needs.”

    Avvo User
  • “They provided me with a sense of confidence that the process would be successful, and that they were committed to a positive outcome.”

  • “Sherry Edwards was instrumental in causing our unfortunate financial problems regarding our primary residence to be mitigated in a successful manner with our bank.”

  • “Sherry and Mike Edwards worked through all the challenges with our short sale and foreclosure proceedings as promised.”

    Avvo User
  • “Her representation was professional and outstanding.”

  • “Her expertise and knowledge of the eviction process proved invaluable.”

  • “Sherry was able to get our case dismissed as well as win back all of our legal fees.”

  • “Awesome attorney!”

    Aron Kulle
  • “Best Team on the Planet, saved our Future.”

  • “One of Sarasota's best attorneys for all things real estate.”

    Jody G.
  • “Sherry was very knowledgeable, professional, responsive and patient!”

    John Grande

Turn to Us for Advice

We're Prepared to Answers Any of Your Questions About the Legal Process
  1. Sheryl A. Edwards is a Board Certified Specialist in Real Estate Law
  2. Over 23 Years of Experience
  3. Selected for Super Lawyers 6 Times
  4. Achieve Client Objectives in a Timely Manner
  5. Personalized Attention & Case Strategy
  6. Your Goals Always Come First
Request a Consultation
  • Please enter your name.
  • This isn't a valid email address.
    Please enter your email address.
  • This isn't a valid phone number.
    Please enter your phone number.
    You entered an invalid number.
  • Please select an option.
  • Please enter a message.