West Palm Beach and Palm Beach County Foreclosure
Foreclosure Assistance & Prevention
The number of borrowers seeking assistance to prevent foreclosure on a home or other property has increased greatly. Foreclosure allows the mortgage holder or lien holder to take ownership of a property and sell it, using the proceeds to pay off the debt, if the mortgage or lien is in default. However, foreclosure is not a desirable outcome for the borrower or lender. The proceedings consume time and money for both parties, can damage the borrower's credit rating and may decrease the value of neighboring properties for other owners.
Foreclosure is a process and there are stages along the way at which the property owner can prevent or mitigate the loss. Numerous state laws have been created to protect both the borrower and the lender from unfair and fraudulent mortgage practices. When confronted with the possibility of foreclosure, seek assistance from qualified financial and legal advisers to understand all your options. Remember that communication among all parties generally produces the best outcome.
Steps to Prevent Foreclosure
Contact Lender
The most important thing an owner can do after missing a few payments or receiving a notice of default is to contact the lender to negotiate—the earlier, the better. Provide your lender with evidence of financial difficulties, where appropriate. Most banks and third-party lien holders are willing to work with borrowers and may offer several options to prevent foreclosure.
The Right Help Can Avoid Foreclosure
Depending on the individual circumstances, lenders may be able to provide the following alternatives to foreclosure:
- Special forbearance
- Loan modification
- Short sale of the property
- Deed-in-lieu of foreclosure
- Personal bankruptcy
Your Mortgage Rights Can Help Protect Foreclosure
An experienced foreclosure litigation attorney like Christian N. Scholin will go over the terms of your mortgage with you and explain the Florida laws that apply to your case.
When a borrower demonstrates to a lender a willingness to work in good faith to meet the terms of the loans, foreclosure can be prevented. A strong foreclosure litigation attorney can explore all of the options and determine the right course of action for your particular case.
Contact the law firm of Christian N. Scholin today by completing our contact form or calling 561-459-2587.
