Insights on Why You Should Fight Foreclosure
Sarasota Foreclosure Lawyer
Many homeowners choose to not fight their foreclosure because they feel defeated and believe the battle is already lost. This could not be farther from the truth. There are many options available to homeowners if their property is being threatened with foreclosure. It is important to stay positive and seek knowledgeable legal counsel.
At The Edwards Law Firm, PL, a Sarasota foreclosure lawyer from our firm can review your personal financial situation and help you determine the best strategy to resolve the issue of an underwater mortgage. The lead attorney at The Edwards Law Firm, PL, Sheryl A. Edwards, is a Board Certified Real Estate Specialist and can walk you through the options you could have to pursue a result that protects your interests and future. There are many ways to deal with your real estate problems and our legal team can help identify them for you.
Your solution may include a combination of strategies including, but not limited to:
- Short sale
- Deed in lieu
- Strategic default
Fighting Your Foreclosure in Florida
When you choose to fight foreclosure, you choose to defend your property and your interests, which includes protecting your credit score from the ramifications of foreclosure. Should your lender successfully foreclose on your home, your credit will be seriously and negatively affected. Seeking an alternative to foreclosure can protect your financial situation and ensure that you still have options in the future.
- Short Sales - One way to fight foreclosure is by going through with a short sale. In this case, your lawyer would negotiate with your lender so that you can sell your home to a third party for less than what you owe on the mortgage, but your lender will forgive the outstanding debt and remove the lien. You will not be able to keep your home, but you will be free from the burden of an upside-down mortgage.
- Deeds in Lieu - Another option that may be available to you is a deed in lieu of foreclosure. This is similar to a short sale, but instead of selling your home, you surrender the deed to your property back to your lender instead of having to suffer foreclosure. Your property then belongs to your lender again and you no longer have an underwater mortgage to pay.
Contact a Sarasota foreclosure lawyer if you require dedicated legal representation to address the issue of foreclosure or an underwater mortgage.