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An Overview of Fighting Foreclosure in Florida

Don’t Let a Bank Take Your Home

A home is much more than just a house; it's a place where memories are made, a space to keep your loved ones safe. People move into a home with the intention of staying there for the foreseeable future. They take the time to place roots in the community and build relationships with their neighbors. Many of these neighbors will become lifelong friends. As such, the prospect of foreclosure can be terrifying for someone to consider.

Many people decide not to combat foreclosure because they believe they have already lost. However, fighting foreclosure in Florida is possible with the right strategy and there are plenty of options available to do so. If your family is being threatened with the prospect of foreclosure, it is critical to seek knowledgeable advice from someone who has fought foreclosures before. With the right foreclosure defense, you can maximize your chances of staying in your home.

Your Options for Foreclosure Defense in Florida

If you are facing the prospect of foreclosure, it is important to know the various options that are available to you. There are a few strategies that foreclosure lawyers may recommend, although the best option for you and your family will depend on your individual situation. Two of the most common options for foreclosure defense in Florida are the short sale and deed in lieu.

Short Sale

In a short sale, a foreclosure lawyer will negotiate with your mortgage lender. In this situation, your home can be sold to a third-party for less than the value of your mortgage. Then, the lender will forgive the rest of the debt and remove the lien on the property.

The advantage of this strategy is that you are able to sell your home without owing any money. This also allows you to keep a foreclosure from going on your credit report. Lenders will often agree to this tactic because they will receive more money than they would make back if they had to foreclose on the home.

Deeds in Lieu

Another option you may want to consider is a deed in lieu of foreclosure. This is similar to the short sale, but instead of selling the home, the property is given back to the lender. This is another way to avoid foreclosure. The property belongs to the lender and you will no longer owe any money on your mortgage.

When you make the decision to fight foreclosure, you are defending your rights and your interests. Just because you’ve been given the threat of foreclosure doesn’t mean you have to give in. It is important for people to defend their rights because the ramifications of foreclosure can be significant.

How Long Does a Foreclosure Stay on Your Credit Report?

The good news is that a foreclosure will not stay on your credit report forever. If you experience a foreclosure, it will be reported to the three major credit bureaus: Experian, Equifax, and TransUnion. If the foreclosure is legitimate, then it cannot be removed until the full credit reporting lifecycle has been completed. This means the foreclosure is going to stay on your credit report for seven years.

When the seven years are up, the foreclosure will be removed automatically. There is no need to contact the bureau and ask for it to be removed. Until this time, people might find that they will have trouble getting a loan for another mortgage because of what happened.

Creating Your Foreclosure Defense Strategy

If you decide to fight foreclosure in Florida, it’s in your best interest to work with trained foreclosure lawyers. First, the lawyers will want to take a look at your loan documents. In some cases, the lender may have failed to produce the required documents regarding your mortgage. In other cases, lenders might be working with fraudulent documents in the foreclosure process. Foreclosure lawyers have the necessary training and experience to spot these issues and defend their clients appropriately. Then, your foreclosure lawyer will discuss the various options that are available to you, including the benefits and risks of each.

The Foreclosure Rate in Florida is High

It is important to remember that you are not alone as you go through this process. There are actually a lot of foreclosures that take place in Florida every year. Lenders recently issued a high rate of subprime mortgages to homeowners, and many mortgages were packaged and given to investment companies. This led to the inflation of real estate prices and many people ended up getting priced out of their homes.

Mortgages often far exceed the current market value of the building. This means that it is nearly impossible for someone to refinance their home and the lenders are often hesitant to do so for them. For this reason and others, many people think they are forced to continue to pay high prices for their homes because they fear foreclosure if they don’t. But nobody should have to face this situation alone.

Vasilaros Wagner Can Help

If you are looking for a reliable foreclosure lawyer in Florida, we are here to help. At Vasilaros Wager, we have a formidable legal team with a tremendous amount of experience when it comes to real estate and foreclosure law. We also provide every client with our lawyer guarantee.

We know that your home is a major part of your life. We will take the time to get to know you personally so that we can come up with the best strategy for your specific case. We will fight for your rights and make sure that you receive the strongest defense possible. We would be honored to work on your behalf, so please call us today at 386-777-7777 if you would like to learn more about how we can help you.

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