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Foreclosure Help – Alternatives to a Foreclosure Lawsuit


Foreclosure Help When You Need it Most

Receiving foreclosure help from an attorney isn’t just about defending a lawsuit. Understanding your alternatives to a foreclosure is an important part of providing you piece of mind as to a practical resolution to your foreclosure case. An attorney with Christopher M. Sprysenski, P.A. can provide you with an overview of different solutions to your case.

Alternatives to Foreclosure

When seeking foreclosure help, several options outside of losing your home in a foreclosure lawsuit exist. Each one requires a careful analysis of the facts of your case to determine if you qualify for these different types of foreclosure help.

 

  • Loan Modifications. Your lender may be able to provide you with foreclosure help by modifying your loan payments. These plans typically fall into two categories. First, federal loan modifications under the Making Homes Affordable Act might be an option for you. If you qualify for a loan modification through this program, after a series of trial payments, your loan will be reinstated, and you will be taken out of foreclosure. Private modifications are also available from several lenders. However, private loan modifications are at the sole discretion of the lender.

 

  • Short Sales. A short sale may also provide you with foreclosure help. A short sale involves you listing your home for less than what you owe on your loan. Your lender must approve the sales contract that you receive on the home. If your lender approves the contract, your lender will satisfy your loan in full for less than what you owe.

 

  • Deed in Lieu and Consent to Judgment. One final area of foreclosure help is either a deed in lieu of foreclosure or a consent judgment. In a deed in lieu of foreclosure, you deed your home back to the bank in exchange for a forgiveness of your mortgage debt. In a consent to judgment, you agree to the entry of a foreclosure judgment so that your lender can sell the property. In exchange, your lender agrees to not pursue you personally for any amount that might be owed on your loan after the foreclosure sale of your property.

 

All of these areas of foreclosure help provide you with different benefits, but also potential consequences. Some of the options have tax impacts that you will need to account for with a tax attorney or accountant These foreclosure help options also have different impacts on your credit score. Consulting with a foreclosure defense attorney is a must to understanding what foreclosure help above might mean for your goals.

Foreclosure Attorneys Providing Help to Central Florida

The lawyers of Christopher M. Sprysenski, P.A. have helped families throughout Orlando understand what foreclosure help looks like in their individual cases. Our attorneys work with you to determine whether a loan modification, short sale, deed in lieu or a consent judgment is available to you as an alternative to a foreclosure judgment. Additionally, our staff will assist you fill out documents necessary for your lender to determine whether these alternatives are an option for you.

 

Ready to understand the full array of foreclosure help possibilities available to you. Contact a foreclosure defense attorney with Christopher M. Sprysenski, P.A. today at 407-630-8485. We offer affordable monthly representation plans in your foreclosure case.