Jacksonville Bankruptcy Lawyer
Information on Foreclosure Alternatives
When faced with financial hardships that have made you fall behind in your mortgage payments on your home, it's important to know what possible alternatives to foreclosure are available to homeowners. Having skilled legal counsel to assist you in determining what your best course of action should be can make the decision making process much easier. Contact a Jacksonville bankruptcy attorney today to discuss viable alternatives to foreclosure.
There are a number of foreclosure alternatives that you should explore before making a decision on what will work best for you and your unique set of circumstances including:
- Loss Mitigation-The lender may work with you to attach your delinquent payments on the end of the loan, allow you to make up arrearages by paying a little extra each month or let you take a "holiday" on your payment to help you get caught up.
- Loan Modification-The lender may change the terms of your contract to make payments more affordable such as extending the term of the loan or lowering the interest rate.
- Forbearance-The lender may temporarily suspend or reduce payments due to your financial hardship.
- Refinance-If you still have equity in your home and a good credit score you may qualify to refinance to get better terms and a lower interest rate.
- Repayment Plan-Your lender may agree to work out terms for a repayment plan if they feel you will be able to afford the new payments.
- Rate Freeze-The lender may agree to temporarily freeze a low introductory rate until you are able to get caught up.
- Deed in Lieu of Foreclosure (DIL)-You may convey all interest you have in the home over to the lender as a method of satisfying the loan and avoiding foreclosure.
- Short Sale-The lender agrees to take the proceeds from the sale of the home to satisfy the loan even if it is less than the amount of loan.
It can be challenging to attempt to handle the complexities of a possible foreclosure on your own. Sound legal guidance can be your best option during this difficult time.
Bankruptcy Attorney Serving Jacksonville
Since 1993 at The Law Offices of Robert Peters P.A. we have been helping clients just like you to a positive outcome. Our firm specializes in all types of consumer bankruptcy and foreclosure defense including deed in lieu, short sale and discharging your debt. We understand what a confusing and difficult time this can be and take pride in responsive and caring servicing of your legal needs.
Contact a Jacksonville bankruptcy attorney form our firm today to begin a legal strategy that fits your needs.