Bankruptcy Lanigan Logo

Bankruptcy Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789



mortgage workouts

Foreclosure Defense of Your Orlando Florida Home

The holidays are over. Your bills from the season of giving have arrived. Now you have to decide whether you will defend your Orlando Florida home from foreclosure.
You received a notice the week after Christmas so you have days to act on the foreclosure defense. You have 20 days and time is slipping away.
First, don’t panic. Call Eric Lanigan and Roddy Lanigan of Lanigan and Lanigan PL in Winter Park, Florida. You don’t know the foreclosure options if you don’t consult with an attorney.
So you can’t really decide right now. Answer the foreclosure notice after speaking with a very experienced attorney.
The Lanigans have a background in finance and the economics of foreclosure. They have multiple options for you and whether you want a lowered mortgage note, a decreased principle balance, a lower APR, an elimination of the second mortgage, consult with the Lanigans.
You will be able to better decide if you can afford your home after meeting with Eric Lanigan and Roddy Lanigan. The day that you were served with a foreclosure notice you put it away and decided to wait until the holidays were over. That time is now. So don’t waste time and you can’t pretend nothing is wrong. Deal with the problem immediately.

The first thing you should do when you get a foreclosure notice  is call a lawyer say Orlando foreclosure attorneys Eric Lanigan and Roddy Lanigan. This is a legal situation that cannot be managed alone without legal direction.

Foreclosures are all over the country and happen as the housing market struggles. January was the 11th straight month that more than 300,000 properties nationwide received a foreclosure filing. That’s a lot of people who find themselves unable to make their monthly mortgage payment.

What are your options, if you are a homeowner who can’t make your mortgage payment? There aren’t many, but you do have some choices.

Contact Your Lender

The first thing to do is consult with Eric Lanigan and Roddy Lanigan Orlando and Central Florida foreclosure attorneys with 35 years and four years of experience respectively of working with property owners.

If know you can’t make your mortgage payment contact your lender. That can be a scary thing to do, but it’s necessary. The longer you wait and the more behind you get, the fewer options you will have. By contacting your lender as soon as there’s a problem, you will preserve your ability to make choices, rather than be left with foreclosure as your only option.

Mortgage Workout

Many people are upside-down in their mortgages, and since so many mortgage companies behaved unethically in approving loans that shouldn’t have been approved, the government stepped in to provide an option for homeowners who cant afford their mortgages.

If you meet certain requirements, you may be eligible for the Making Home Affordable Program, a voluntary program, in which banks either refinance or modify your loan, to help you better afford your mortgage.

It’s voluntary for the bank. They do not have to do anything. Second, from the bank’s perspective, if it comes down to modifying your loan or having to sell a foreclosed home, the bank is often money ahead to modify your loan or offer you a refinance with better terms. This could mean increasing the term of the loan, cutting the interest rate, or even cutting the principal amount owed.

You can be persistent and try it on your own if you want to pursue this option. But if you go to an attorney you will be assured that the issue will be handled responsibly.

Banks are inundated with requests for loan refinances and modifications, so you’ll have to be a good advocate for yourself. You should also be prepared for a long wait. This isn’t something that will get approved in a week. It will take months from the point of first contact.  But if you’re behind on your mortgage, this is the best option for keeping your house and preserving your credit.

Let Your Home Go

Sometimes the best thing to do is get out from under your mortgage. If you opt to sell your home, selling it the traditional way is obviously the best way to go. However, because of falling real estate values, a lot of people don’t have that option. They owe more on the property than it’s worth. You may still be able to sell your home, though, if you can get the bank to cooperate.

Short Sale. A short sale is when the bank agrees to let you sell your home for less than what you owe on your mortgage. A bank does not have to agree to a short sale, but if it does, it’s a good option. A short sale is less damaging to your credit than a foreclosure, and it will get you out from under a mortgage you can’t afford.

Deed in Lieu of Foreclosure. Instead of foreclosing on a home, sometimes a bank will accept a transfer of the deed in lieu of foreclosure proceedings. You sign the deed over, and the bank owns your house. The bank is then free to sell the house to recoup the cost of your loan.
Keep in mind that with both a short sale and a deed in lieu of foreclosure, there are tax implications. Before pursuing either of these options, make sure you consult a tax professional to find out what the tax ramifications will be.

Declare Bankruptcy

I’m not a personal fan of bankruptcy, but sometimes it’s the best option. In a Chapter 13 bankruptcy, you are allowed to keep your house, but you will have to submit a plan to repay your debts.

Before deciding on a Chapter 13 bankruptcy, you need to be sure you can actually repay your debts. If your mortgage was too big for your income, chances are a bankruptcy will not help you. But if you had a temporary issue that caused you to get behind in your payments, and that issue is resolved, a Chapter 13 bankruptcy might benefit you.

Walk Away from Your Home

This should be the option of last resort. If you can’t refinance or modify your loan, if your bank won’t agree to a short sale or deed in lieu of foreclosure, and if bankruptcy isn’t an option for you, foreclosure may be your only choice.

People make mistakes, economies tank, illnesses with big medical bills occur. If you’ve tried to work with your bank, and you don’t have any other option it’s time to consult with an attorney.

It may be too late to save the home but you will need an attorney to handle the foreclosure and or a bankruptcy.

Consult with Eric and Roddy Lanigan to find out what you can do with the amount of time and money you have remaining.

Previous post: Do’s and Don’ts While Preparing to File Bankruptcy

Next post: