West Palm Beach Foreclosure Alternatives Attorney
According to a 2018 report tracking foreclosure filings issued by county governments on single-family homes and condos, one in every 1,180 housing units in Florida was subjected to a “lis pendens,” which is a filing by a bank warning of pending foreclosure activity due to late payment. In the Miami-Fort Lauderdale-West Palm Beach metro area, there has been a nearly 30% jump in foreclosures year-over-year. This means that if you’re facing foreclosure in South Florida, you are not alone; however, you do not have to join these ranks. Foreclosure alternatives may be available to you, and with the right advice and smart legal guidance, you can take advantage of them. Contact our experienced West Palm Beach foreclosure alternative attorneys today for more information or assistance.
Options for Avoiding Foreclosure
When people facing foreclosure come to our office, it’s often because they feel like they’ve run out of options. But when it comes to foreclosure, this is hardly ever the case. There are many foreclosure alternatives that can save your home and/or save your credit, depending on your goals and your financial circumstances. Some options for avoiding foreclosure include:
- Loan modification – A successful loan modification can lower your monthly mortgage payment, extend the period of your home loan, offset your debt, and stop foreclosure.
- Chapter 13 bankruptcy – Chapter 13 bankruptcy allows you to make up mortgage arrears through your Chapter 13 repayment plan, and bankruptcy’s automatic stay stops the foreclosure process.
- Loan reinstatement– Reinstating a loan brings a delinquent loan current and stops a foreclosure because you can catch up on payments in default, as well as fees and expenses incurred as a result of the default.
- Short sale – Selling your home for less than you owe your lender—a “short” sale—prevents you from having to go through a foreclosure, and it’s much less harmful to your credit.
- Deed in lieu– With a deed in lieu of foreclosure, you voluntarily transfer the ownership of your home to your lender in exchange for a release from your mortgage loan and payments.
- Cash for keys – When foreclosure is imminent, your lender may be willing to offer you “cash for keys” if you vacate your home in a timely fashion. This enables you to avoid deficiency liability.
While one or more of these foreclosure alternatives are available to most struggling homeowners, they can be difficult to carry through smoothly and successfully. For example, you may wish to unburden yourself of a home you can’t afford through a short sale, but it may be difficult to convince your lender to accept losing money, as well as the property that secured it. At Kelley, Fulton & Kaplan, we have extensive experience evaluating foreclosure alternatives on behalf of our clients and then moving forward aggressively to reach a positive conclusion when all is said and done.
Learn More About West Palm Beach Foreclosure Alternatives
One caveat with foreclosure alternatives? Your options will decrease as the foreclosure date draws nearer. So, don’t hesitate to call Kelley, Fulton & Kaplan if you’re facing foreclosure in the West Palm Beach area. We can help you get through this difficult time with your finances and dignity intact.