Of all the things you own, your home is most likely your biggest asset. Whether it is a multimillion-dollar beachfront property, or a smaller home in a quiet neighborhood, your home is your refuge from the world. The last thing you want to do is to lose it.
Because the banking industry has been in such turmoil over the last decade, many areas such as construction, real estate and development have become more unstable with the passing years. In turn, this has negatively impacted countless homeowners, many of whom reside right here in FWB.
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If you believe, due to faulty lending practices, that your mortgage is now worth more than the value of your home, you need help in deciding what to do next. It may not be what you want but letting your home go into foreclosure could be an alternative. If this is happening to you, you need a foreclosure attorney.
There are many and diverse reasons for a foreclosure, including:
- Illness and medical bills
- Loss of equity in your home or business
- Credit card debt
- Adjustable rate loans
- Sudden relocation
If you find yourself suddenly underwater with your mortgage payment every month, there is a light in the darkness. A business foreclosure attorney or a residential foreclosure lawyer is someone to talk with right now. At ASG Legal, we understand how disturbing foreclosure can be. We have the experience in defending and resolving all types of foreclosure cases; everything from single family homes to large commercial and business developments.
We have a dedicated team of foreclosure attorneys, who can offer you options and defense and that is for both residential and commercial properties throughout the FWB area. You will want to consult with one of our foreclosure lawyers as soon as possible. If you have a company that is in dire straits, one of our business foreclosure lawyers can help lay out exactly what you next steps should be and advise you along the way.
Other Options than Foreclosure
There are alternative options that a qualified foreclosure attorney will advise you about. Every foreclosure is different; the circumstances leading up to them are wide and varied. You may be stressed out, worrying about tomorrow, but you still must live your life, go to work every day, raise your kids, pay what bills you can, deal with co-workers and family. ASG Legal can help.
If you are thinking of merely letting the mortgage company dictate terms to you, you could not be making a bigger mistake. Whether it is your cherished home or your business, you need a commercial foreclosure lawyer or a residential foreclosure lawyer to help you sort through all of your options.
Our team of experienced attorneys can advise you as to what your best options are for your unique situation. It is important to remember that what happened for a friend or neighbor is not what can happen for you. All cases are different, because all circumstances are different. Let our commercial foreclosure lawyers sort out your company’s misfortunes, or our residential foreclosure attorneys help get you back on track.
Options to avoiding foreclosure run all the way from getting you a plan to catch up on missed mortgage payments to defending your rights when a situation turns out not to be temporary. Options available to you are:
- Loan Modification– this negotiated agreement will modify terms of your current mortgage contract, and may include a lower interest rate, an extended term or even forgiveness of missed payments. A loan modification is a permanent restructuring of your mortgage agreement and certain terms are changed to help you reduce your monthly payment. Terms often changed include: reducing the interest rate, converting the interest rate from a variable to a fixed interest rate, and extending out the life of the loan.To qualify for a loan modification, you must show financial hardship. There is usually a trial period where you must make your mortgage payments on time to prove to the lender that you are sincere. You will need to provide required documentation to your lender for the loan modification.
- Forbearance. A mortgage forbearance is an agreement made between a mortgage lender and a delinquent borrower in which the lender agrees not to foreclose on a mortgage and the borrower agrees to a mortgage plan which, in the course of time, will bring their mortgage payments up to date once again. Mortgage payments are reduced or even suspended for a set period of time.When regular monthly mortgage payments resume, they will be increased to bring your account current.
- Short Sale. Your lender agrees to sell your home for less than what it is worth. For example, if your home is worth $200,000 and your lender agrees to sell it for $139,000, there may be a shortfall of money owed to the lender. They will forgive this amount in order for you to sell your home at the reduced price. This means that all lien holders agree to accept less than the amount owed on the debt for the sale of your home or business to be completed.
- Repayment Plan.This option allows you to take all of your unpaid mortgage payments, add them to what you pay now, and then negotiate with your lender an approved and adjusted timeframe for paying back your late payments.
- Reinstatement.This is where you pay your lender all overdue debts and fees by a negotiated date.
Keep in mind that foreclosure happens for many reasons. It does not make you a bad person because you are no longer able to make monthly payments on your bills, no matter what anyone tells you. Losing a job, going through a divorce, having a life-threatening illness, or any number of other things can turn your life into turmoil.
Do not be caught by yourself trying to negotiate any deal with a bank or other lender. ASG Legal has a dedicated team of Fort Walton Beach foreclosure attorneys to do that for you. Call us today.