If you are a homeowner, your home is likely one of your most valued possessions. Whether it has been in your family for many years or it is a newly purchased home, your home likely means a lot to you. Thus, even the prospect of losing your beloved home is likely frightening and stressful. Unfortunately, many people are in this difficult situation, especially as a result of the recent economic downturn and housing market crash.
Though having your home foreclosed upon can be scary, there are several ways to pursue foreclosure defense in Tampa. Through these options for foreclosure defense in Tampa, many homeowners who have lost hope of keeping their home are able to not only avoid foreclosure, but also are able to restructure their debt over time and avoid facing this prospect again in the future.
Egan Law, P.A.
Options for Foreclosure Defense in Tampa
When it comes to options for foreclosure defense in Tampa, there are two main avenues that people can pursue, which are as follows:
- Mortgage modification: This is a legal process in which the terms of the original mortgage agreement signed by both the lender and the borrower are revised. Typically, with the help of an experienced attorney, a homeowner can successfully modify their mortgage in a way that allows them to better make their payments and, thus, avoid foreclosure.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy provides foreclosure defense in two critical ways. The first is putting a stay of foreclosure in place, meaning that the lender cannot foreclosure on the home while the homeowner is waiting for their Chapter 13 bankruptcy petition to be approved or is properly completing the terms of their Chapter 13 bankruptcy plan. The second is by restructuring debt payments into a 3-5 year repayment plan that better meets the homeowner’s needs.
- Short Sale: A homeowner may opt to list their home for sale and take any offer made to the lender for approval if it is less than what is owed on the mortgage, the lender must approve the sale for the amount which can take some time to obtain. If the short sale is approved by the lender, any deficiency should also be waived.
- Deed in Lieu: Many Florida residents have opted for a deed in lieu of foreclosure instead of modifying their loan or doing a short sale of their property. A deed in lieu of foreclosure is a deed instrument in which a barrower conveys all interest in their property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings. The lender will provide the borrower with documentation that the mortgage debt is canceled and waive the right to seek a deficiency balance of the difference between the original balance then due on the note and the amount the lender receives when the property is eventually sold.
By utilizing these techniques for foreclosure defense in Tampa and enlisting the help of a qualified lawyer, you may be able to keep your home.
Discuss Foreclosure Defense in Tampa with an Attorney
At Egan Law, P.A., our legal team knows how devastating it is to face the possible loss of your home. However, with our help, you may be able to avoid this terrible prospect and keep your home. Get in touch with us today to discuss your options for foreclosure defense and find out how we can help you.