You're under financial stress, perhaps you've fallen behind on your mortgage, and you hear the tell-tale signs of an impending foreclosure. It can be very stressful and disheartening if you're facing a foreclosure in Miami. However, many options are available to stop your foreclosure or delay it long enough that you can get back on your feet financially. Foreclosure defense attorneys in Miami use a variety of strategies to help homeowners facing foreclosure. These strategies may include:

Negotiating Loan Modifications

A loan modification involves working with the homeowner's lender to modify the loan terms. This can help the homeowner afford their monthly mortgage payments and avoid foreclosure. Some of the options include:

•    Reducing the interest rate on a loan or extending its term
•    Lowering the principal balance owed on the loan
•    Changing the due date of payments
•    Adding a temporary payment plan that can get the homeowner caught up on their mortgage payments
•    Challenging the Foreclosure Process

Foreclosure defense attorneys in Miami may challenge the foreclosure process by raising legal issues related to the mortgage, such as whether the lender has the right to foreclose or whether the homeowner has been provided with proper notice of the foreclosure. If these challenges are successful, the foreclosure can be stopped before it is finalized, which is significant because any challenges after a foreclosure has been finalized will be difficult and costly. Further, challenging a foreclosure through an attorney may help you to negotiate more favorable terms with your lender by showing that you are committed to saving your home.

Filing for Bankruptcy

Filing for bankruptcy can give a homeowner breathing room during which they can try to work with lenders to come to an agreement or receive a discharge. Some foreclosure defense attorneys in Miami may also advise homeowners to file for bankruptcy to delay or prevent foreclosure. This may be successful when the homeowner was not able to prevent their home from going into default in the first place and is trying to buy themselves more time in hopes that they will be able to come up with some solution before it's too late.

Short Sale

A short sale is a transaction where the lender agrees to accept less than the full amount owed on the mortgage to resolve the default. A short sale is similar to a foreclosure, except that the lender does not take possession of the property, and it is not listed as an asset on the homeowner's credit report. A foreclosure can be stopped if the lender agrees to a short sale. In this case, the lender agrees to allow the property to sell for less than what is owed on the loan. If this occurs, the homeowner must have foreclosure defense attorneys in Miami assist with negotiations. To read more Click Here