Legal Question in Real Estate Law in Florida

foreclosure

what happens to my life/credit/finances if I foreclose on my house? Thanks, Joelle


Asked on 1/21/09, 9:54 am

1 Answer from Attorneys

Justin Schmidt Law Office of Justin B. Schmidt, P.A.

Re: foreclosure

It depends on MANY variables. The first thing you need to do is see what alternatives to foreclosure there are for you. You may be eligible for a loan modification program where the lender would lower your interest rates to monthly payments you can afford. You may be able to negotiate a deed-in-lieu which means you can turn over the home and be released from any additional claims.

There are many options available, but you need to take the first step and ask for help.

The first option I would suggest is to speak with a mortgage modification company.

www.bluefoxfinancial.com is one such company. There are many others. Give it a try. What do you have to lose?

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Answered on 1/21/09, 2:12 pm


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