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Q: Are there alternatives to foreclosure I should look into?
- Special forbearance. Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you recently lost your job or your source of income, or if you had an unexpected increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan
- Mortgage modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay)
- Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily “give back” your property to the lender. This won’t save your house, but it can help your chances of getting another mortgage loan in the future.
- You’re in default and don’t qualify for any of the other options
- Your attempts at selling the house before foreclosure were unsuccessful; and
- You don’t have another FHA mortgage in default
At Nuñez Law we launch a comprehensive plan to thoroughly investigate your foreclosure case and establish a thorough foreclosure defense plan. During our research we evaluate and expose the weaknesses in the Lender’s case and defend the homeowner who was not been fairly represented.
Alina F. Nuñez has spent over six years successfully defending foreclosure actions in Miami and Broward. Our law office empowers homeowners with the knowledge, tools and experience necessary to fight and win their foreclosure defense case. We are ready to go to court for you and fight to stop your foreclosure.