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Do You Know Someone Facing Foreclosure?

By Dwayne Jotch
March 01, 2012
Foreclosure home

If you are delinquent in your mortgage loan payments, your lender may likely file a foreclosure against you. A foreclosure is a legal action filed in court whereby the lender seeks to take title to your property due to the nonpayment of the mortgage loan.

A foreclosure can be devastating financially, in terms of the loss of your property and the damage to your credit, and emotionally. The Florida real estate attorneys of the Stross Law Firm, P.A. can assist you with the following possible alternatives to foreclosure.


The modification alternative includes a refinance, reinstatement or modification. The alternative used can depend on factors such as the equity you have in your property and whether the reason for the nonpayment is temporary or permanent. A modification can result in reducing monthly mortgage payments to a more affordable amount. Federal programs may be available to assist in the modification. A Florida real estate attorney can assist with the requirements for, and negotiation of, a modification.

Sale/Short Sale

If the property is worth more than the loan, you may be able to sell the property and pay off the loan. If the property is worth less than the loan, a short sale may be possible. A short sale occurs when the lender (or lenders if more than one loan) agree to satisfy the mortgage for less than the amount owed. An important matter to address in a short sale is the “deficiency”. The deficiency is the amount by which the amount owed exceeds the net sale proceeds paid to the lender, and for which you may be personally liable. A Florida real estate attorney can assist with the deficiency, as well as all other aspects of a short sale (or sale).

Deed-in Lieu

If a sale or short sale is not possible, a deed-in-lieu of foreclosure may be. A deed-in-lieu of foreclosure is a lender’s agreement to take ownership of the property by means of a deed rather than a court foreclosure. There are conditions to the lender’s willingness to take a deed-in-lieu of foreclosure. A Florida real estate attorney can assist with these conditions.

A Florida real estate attorney can assist with each of the alternatives to foreclosure and their consequences.

Any of the above alternatives may be better than a foreclosure in terms of the impact on your credit and the ability for you to obtain a new loan, as well as peace of mind for you and your family. However, the alternatives do have considerations such as the credit impact, liability for a deficiency and liability for the payment of income tax.

The attorneys at Stross Law Firm, P.A. have assisted clients with each of these alternatives.

For additional information, please contact an attorney with a background in real estate at Stross Law Firm, P.A.; 813-852-6500 or 727-787-1088. Our firm provides Free Real Estate Initial Consultation with no obligation for all new clients.

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