Is it possible to walk away from my mortgage?

Being under water in your mortgage can be overwhelming and stressful. Oftentimes, homeowners feel trapped and do not see the possibility of relief. With experience, we can say that there are times when continuing to pay on your mortgage is not in your best interest.

There are ways to walk away from your mortgage where you will not be liable for money to the lender. This process is called strategic default, but you need legal guidance from a foreclosure defense lawyer who has experience with this process.

What is a deed in lieu?

A deed in lieu of foreclosure is one method of relief when facing foreclosure. This is an agreement that you can negotiate with your lender that involves turning over the title of the property back to the lender. In doing so, the lender is agreeing to release you from responsibility to the property and you can avoid foreclosure.

Should I file for bankruptcy if I was threatened with foreclosure?

Bankruptcy is one option when you are facing foreclosure; however, it is definitely not the only option. It is advised that you speak with an experienced attorney who is well- versed will all types of foreclosure relief. There are some cases where bankruptcy is the best option, but others may play out better if a loan modification or short sale is sought after.

How much time do I have to answer a foreclosure lawsuit?

In Florida, you only have 20 days to file your answer to a foreclosure lawsuit. If you wait past this deadline, your relief options start to dwindle. Since time is of the essence in these cases, you need to seek legal guidance as soon as possible after receiving your summons/ complaint.

Do I need an attorney?

If you are at risk of foreclosure, it is highly advised that you team up with a foreclosure defense lawyer in Florida. This can increase your chances of success in avoiding foreclosure and also allow you to rest assured that your rights are protected. Vanstone Law may be able to help you save your home.