FLORIDA HOME RETENTION
The law office of Harry G. Reid, III, P.L. is here to assist you with the many options which may or may not be available to you and your family depending on your unique situation, the type of loan you have, and the lender which is servicing your loan. Whether you have been served with foreclosure papers, or you are in danger of becoming in default, there are loss mitigation options which differ with the various lenders. There are options which allow you to remain in the home such as a modification, repayment plan, or partial claim. Other options which would help you avoid foreclosure are a short sale or a deed in lieu of foreclosure. We can advise you which plan is available to your situation. We will advise you regarding the government’s plan “Making Homes Affordable”. Our law office will provide you with valuable information about the government’s HAFA program for short selling your home with deficiency forgiveness and seller incentives. We will discuss all your options with you in detail, and help you decide which option is the best plan for you. Call today to schedule your consult with our firm.
This type of plan varies between the various lenders but generally distributes your delinquent payments over a period of time. This amount is added to your monthly mortgage payment. This is designed to bring your account up to date, and allow you to keep your mortgage loan secure.
This plan allows for a permanent change in one or more of the terms of the mortgage loan allowing for a “fresh start” on the management of your loan.
This process varies depending on your lender and the type of lien you have. Generally, the lender will allow you to sell your home for less than you owe on the property at a price which is at current market value. In order to qualify for a short sale, a home seller must provide a hardship, and the lender must approve the lower payoff amount. As part of the Making Home Affordable Plan, and specifically the Home Affordable Foreclosure Alternatives (HAFA) initiative allows for home sellers who qualify forgiveness of any deficiency they might owe the lender after the short sale takes place. HAFA has several other incentives such as allowing for the payment of up to 6% commission to Realtors and $3,000 paid to the home sellers for relocation expenses.
We negotiate short sales on behalf of our clients for a small fee of $250. This allows us to run a preliminary title search in a proactive manner handling any issues with the title to the property prior to obtaining our lender approval. Lenders are overwhelmed with foreclosures, and short sales are more and more common. The process to obtain approval from a lender from a short sale depends on many factors, and each lender has their own unique process with their own requirements and documents.
Call our office and schedule a consult to review short sale options. Find out who your investor is… Fannie Mae, Freddie Mac, FHA? Each investor has their own protocol, and if you visit their websites you can easily find out if they are your investor by simply by typing in your loan number.
Deed in Lieu of Foreclosure
This process allows for home sellers to transfer legal ownership of the property to the investor, allowing the avoidance of the lengthy legal process involved in foreclosure. Some lenders have various incentives for this option such as “cash for keys” or deficiency forgiveness.
Our goal is to educate you on the options that are available for each of our clients specific needs. We are set up to assist a home seller with the short sale negotiations with the lender. We understand that this is a very stressful time for home sellers which is why we work closely with the home seller to gather all the necessary paperwork for the lender, and allow the Realtor to focus on getting a buyer and keeping one for the home. Never sign a modification or contract without consulting an experience attorney.