If you are facing foreclosure, you may be feeling overwhelmed. These foreclosure mistakes are going to lose you money, get you into trouble, and have you operating without any control of your fate. Our Florida foreclosure defense lawyers would be more than happy to help you. Please give us a call today to set up a free consultation to get started.
Ignoring the Problem
It is never a good idea to turn a blind eye to possible foreclosure. You are likely going to receive calls and letters from your bank. Perhaps you want to avoid getting talked down to or reminded of your financial problems. Unfortunately, this is not a problem that goes away on its own.
Now is the time to get informed and get prepared. You do not want to miss your opportunity to save your home from foreclosure. You likely have options other than throwing your hands in the air and letting the bank have your home.
Take the phone calls, read the letters, and set up a free consultation with our lawyers. We can help you face this problem head-on and get ahead of foreclosure to help you save your home. Among the foreclosure mistakes, pretending like there is not a problem is one of the worst.
Not Exploring Your Options
One of the biggest foreclosure mistakes is not looking into your possible options. There are several options that you can explore when you are faced with foreclosure. Our Florida lawyers can meet with you for a free consultation to go over your options.
You may be able to receive:
- A loan modification
- A loan forbearance
- A short sale
- A deed in lieu
A loan modification may be appropriate for someone who is struggling financially due to something that is going to make a lasting impact on their financial situation. These situations could include something like the loss of an income in the household either because of a death in the family or divorce. These may warrant a permanent change in your loan agreements.
Loan forbearance is a better solution for more temporary financial issues such as losing a job, getting hurt in an accident, etc. A forbearance puts a temporary pause on your payments to give you a chance to get back on your feet.
Short selling your house is a way to sell your home before it reaches foreclosure. You will sell your house for less than what you owe on it and your lender will agree to forgive that balance.
If you are opting for a deed in lieu, you will be deciding to avoid foreclosure by giving the title of your home over to your lender. In exchange for the bank owning your home, you will not have to go through the challenging experience that is foreclosure.
Taking it Out on the Bank
One of the most harmful foreclosure mistakes that you could make is damaging your home as a way to punish or get back at the bank for trying to take your home from you.
This is a very emotional time. However, it is not right to destroy your home. It is also not legal to cause damage to your home.
Some homeowners have gone as far as pouring cement mix down the drains. This is not going to go unpunished. You will be responsible for that damage. You can also face legal repercussions if the bank decides to call the cops on you and report your acts of vandalism.
We understand your anger and frustration, but it would be best not to misdirect that energy at the home. Instead, you should take that energy towards finding a solution that can benefit you and potentially even benefit the bank as well. Banks do not typically want to go through foreclosure because they tend to lose money.
Call Our Florida Foreclosure Defense Lawyers Today
If you are looking to avoid these foreclosure mistakes, we can help you. Please get in touch with our Florida foreclosure defense lawyers today to get set up with a free consultation. We would be more than happy to explore your options together.