West Palm Beach Foreclosure Lawyer
Let The Port Law Firm in West Palm Beach and Port Saint Lucie Save Your Home from Foreclosure
The housing market has been on a roller coaster for more than a decade, and many communities in Florida, including West Palm Beach and Port Saint Lucie, have been among the hardest hit in the nation regarding property values and the mortgage crisis. If you are one of the many who find yourself falling behind on payments you cannot afford for a mortgage that costs more than your home is worth, The Port Law Firm can help you find the solution that best meets your needs. Contact our experienced West Palm Beach foreclosure lawyer today.
Bankruptcy can Help You Save Your Home
Whether filing Chapter 7 or Chapter 13, the “automatic stay” provision of a bankruptcy puts an immediate halt to foreclosure proceedings and gives you time to figure out a solution. The discharge of debt under Chapter 7 may provide you with the disposable income you need to meet your mortgage payments. In a Chapter 13, you can put a permanent end to the foreclosure process by catching up missed payments and getting current on your mortgage. Other options in Chapter 13 bankruptcy include removing second mortgages, or bringing a mortgage balance down to reflect the actual market value of the home.
If you are falling behind in your payments, we may be able to work out a loan modification with your lender before foreclosure proceedings are initiated, or stop them if they have begun. Banks are sometimes willing to modify a loan rather than foreclose on a property or watch you file for bankruptcy. Make sure you hire an experienced bankruptcy attorney to negotiate a loan modification on your behalf; otherwise you may think the bank has agreed to a modification when they are not actually bound to follow it, or they may start foreclosure proceedings against you while you think you are in the process of negotiating a workout.
Short Sales and Other Solutions
When you owe much more on the mortgage than your home is worth, it may simply not make financial sense to keep the home, whether by fighting for a loan modification or filing for bankruptcy. Being subject to a foreclosure, however, can impact your credit report, and you may even find yourself liable for any deficiency remaining on your mortgage after the bank sells your home. In this situation, The Port Law Firm can help by negotiating other solutions with the bank, such as a short sale. In a short sale, the bank agrees to accept a lesser amount as payment in full on your mortgage, without you being liable for any deficiency. Other similar workouts, such as a Deed in Lieu of Foreclosure or a Cash for Keys arrangement, can have similar positive results. It is crucial that you have an experienced attorney representing you to make sure you are not liable for any deficiency and that the action is reported correctly on your credit report.
Stop Foreclosure Now with The Port Law Firm in West Palm Beach and Port Saint Lucie
Foreclosures move fast. If you are in default, behind on payments, or if foreclosure proceedings have already begun, don’t hesitate to call The Port Law Firm for a no-cost, confidential consultation, and to put an immediate halt to the foreclosure of your home. Schedule your free consultation today.