Law Office of Ryan S. Shipp, PLLC

Options for Florida homeowners facing foreclosure

After a homeowner misses a few months of mortgage payments, the lender will likely issue a foreclosure notice. Although the problem might seem overwhelming, options for preventing foreclosure and the subsequent drop in credit rating exist. A distressed homeowner should contact the lender as soon as possible and ask for more time to catch up on payments. In some cases, lenders restructure loans to allow people a chance to keep paying and halt the foreclosure. Selling the home also presents a viable solution in many cases.

If the proceeds of a sale could pay off the mortgage balance and late fees, then the owner should inform the lender that the home will be listed. The lender might agree to delay foreclosure in the hopes of getting money. A real estate agent could perform a market analysis and inform the owner of the expected value of the property. An agent might also aid the owner in finding a buyer within the necessary timeline.

An opportunity to achieve a short sale might arise as well. A real estate agent might convince a lender to accept an amount lower than the mortgage balance if a buyer can be found. A successful short sale will clear the debtor of the mortgage obligation.

During the process of selling a home, people could consult an attorney. A legal review of issues such as a short sale agreement could inform them about the steps necessary to complete a sale. An attorney familiar with residential real estate transactions might aid in negotiations with a lender to obtain more time before a foreclosure.

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Law Office of Ryan S. Shipp, PLLC | 814 W. Lantana Rd., Suite 1 | Lantana, Florida 33462 | Phone: (561) 699-0399 | Map & Directions