Tag Archives: foreclosures in florida

Florida Real Estate Foreclosure Alternatives

According to a report released last week by the California-based real estate data company, RealtyTrac., Florida leads the nation in home foreclosure rate for the second month in a row in October, with one filing for every 312 housing units. Florida’s rate is more than double the national rate of one in every 706 housing units, and this report confirms that Florida continues to struggle to recover from the recent housing crisis. Though indicators suggest that the housing market is improving, foreclosure still appears to be a significant problem.

If your property becomes subject to foreclosure, here are some potential remedies:

  • Reinstatement – To avoid the completion of the foreclosure process, you may be able to reinstate the loan by making payments on the past due amount. Generally, the lender will be cooperative if you bring your account up to date, or demonstrate that you now have the means to catch up on the past due payments.
  • Mortgage Modification – The lender may be willing to modify the terms of the mortgage. Modification of the agreement may involve adding payments to the end of the mortgage and simply extend the term of the loan. Modification of the mortgage agreement may also be made by reducing the interest rate of the original Mortgage Agreement, and it could include partial forgiveness of the amount of money you owe.
  • Forbearance Plan – As a borrower you may be able to file a forbearance plan with your mortgage provider. Under this arrangement, the lender will agree not to pursue the foreclosure action; but, the lender will likely require proof of adequate means to satisfy the repayment on the loan. This is generally a viable option if you have encountered a temporary setback such as poor health or loss of employment.
  • Deed in Lieu of Foreclosure – You may also deed the home back to the mortgage provider if the lender agrees to accept a Deed in Lieu of Foreclosure. The lender will take back the property and cancel the remaining debt. You will be unable to keep your home, but avoid foreclosure and minimize the detriment to your credit score.
  • Short Sale To avoid foreclosure, you may also be able to sell your home for less money than owed. A short sale can be completed by finding a buyer to purchase the home and is willing to pay current market value, and having the mortgage provider agree to the sale. Any shortage after the sale will then either be written off by the lender and a IRS 1099 be issued to the seller, or a deficiency remains which the lender may pursue to collect against the seller.

Foreclosure continues to be a growing problem in Florida, and if it happens to you, the worst thing to do is ignore it.

Call Blick Law Firm today @ 813-931-0840. Schedule an appointment for a free 15 minute consultation with Attorney Michael Blickensderfer to see what your legal rights are in defending a foreclosure action.

Posted in Blog, Foreclosure Defense, Real Estate | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

3 alternatives to stop foreclosure on your home

Did you know that approximately 24,783 Florida property owners received some type of foreclosure filing in January?

This is the equivalent of 1 in every 363 housing units.

Although, Americans find themselves facing foreclosure on their home for reasons they could not avoid, you may be able to prevent it! There is hope.

There are a few options you, as the home owner can attempt on your own:

o Repayment Plan – Find out if you can make a repayment plan. The borrower makes regular installment each month plus part of the missed installments.

o Special Forbearance – The servicer agrees not to initiate foreclosure to allow time for borrowers to repay the missed installments. An example of when this would be likely is when a borrower is waiting for a tax refund.

If you surpass the options above and become delinquent you should speak with Florida foreclosure defense attorney for assistance.  You can try a few more options with the assistance of a Tampa real estate attorney:

o Loan Modification – Provides the borrower a fresh start by adding the delinquency to the loan balance and establishing a new payment schedule.

o Foreclosure Defense – Additional time to arrange a private sale – The servicer agrees to delay foreclosure to allow a sale to close if the loan will be paid off.

o Short Sale – When the servicer agrees to allow a borrower to sell his/her home for a lesser amount than what is currently required to pay off the loan.

For more information regarding foreclosures in Florida or how to stop foreclosure in Florida call Blick Law Firm today for your free consultation. 813-931-0840. Think quick, call Blick.


Posted in Blog, Foreclosure Defense | Tagged , , , , , , , , , , , , , , , | Leave a comment