Florida Foreclosure Defense
Attorney Nickolas C. Ekonomides can HELP YOU STOP Foreclosure in Florida. His office assists home owners in protecting their legal rights with Florida Foreclosure Defense services.
After Attorney Nickolas Ekonomides has personally discussed your situation fully and truly understands YOUR Florida foreclosure matter, he will present and recommend potential legal solutions for your best interest. This may include a HAMP loan modification or acting as your Short Sale Attorney as well as your Foreclosure Defense Attorney.
Foreclosure is upsetting and you need to know your rights and exercise them through your Mortgage Foreclosure Lawyer. It is also complex and daunting and can easily seem overwhelming if you are not familiar with legal process and procedure. If you first want to familiarize yourself with the many complex legal issues that may be involved in your own mortgage foreclosure, click HERE to review a Foreclosure Attorney Motion to Dismiss. Please Note: if your property is already in foreclosure and a lis pendens has been recorded, it is critical that you act IMMEDIATELY to start your LOAN FORECLOSURE DEFENSE.
Short Sale of Homes, Deficiency Judgments, and Walking Away
Many borrowers feel it makes no difference if they can’t get a Loan Modification and that they will just walk away from the house. Keep in mind, states allow deficiency judgments and Florida is one of them. Deficiency Judgment Definition: to put it in simple terms, you are looking at the difference between what your property is worth and how much is owed on your loan plus the interest and fees owed since default. That amount becomes a personal money judgment against you.
So after being served foreclosure, and if a HAMP Loan Modification is not available, the goal is to have the lender agree to a short sale or to voluntarily take back the home (through stipulated foreclosure or deed in lieu of foreclosure). It is better to start the short sale or deed in lieu of foreclosure talks well in advance however.
Many borrowers don’t realize don’t realize: i) lenders typically require the home be listed for sale first and in the case of a short sale, require a written offer from a buyer, ii) lenders typically want to review the financial statements of the borrower to determine the amount of short payoff they are willing to accept, and iii) it is difficult to get the lender to agree to release the borrower from the note which can result in a deficiency judgment.
Walking away guarantees that you may face the risk of the maximum deficiency judgment against you.
Call Mortgage Attorney Nickolas at 813-200-4743 for a free Foreclosure Defense consultation.
