Florida Mortgage Modification Lawyer Blog

My short answer is: Absolutely Not. There is an endless list of factors and circumstances which have caused homeowners to no longer be able to afford their homes. When people find themselves in this situation, they expect and fear foreclosure. They feel helpless and uneasy when they realize they can no longer meet their financial obligations. However, some don’t accept foreclosure as inevitable and begin searching for assistance and other options. The alternatives to foreclosure are the following loss mitigation options: Loan Modification, Short Sale, Deed-In-Lieu of Foreclosure and Foreclosure Settlement.

Continue reading " Is A Short Sale A Bad Idea? " »

If you are a homeowner who has been trying to modify your home mortgage, you know that the only way to get a modification is to stop making your payments. After making your trial period payments, you will be sent modification papers for your permanent modification, then that final paperwork never comes or has different terms than were set forth on the phone.

"We didn’t receive your paperwork in time to finish the paperwork" or "parts of the paperwork were missing so we can no longer consider you for modification." These statements or statements with only slight variations are all too familiar to the thousands of Southwest Floridians currently experiencing the frustration of dealing with their lender or servicing company while trying to obtain a loan modification.

Continue reading " Are Banks And Servicing Companies Trying To Insulate Themselves Again For More Problems? " »

If a Short Sale transaction is properly negotiated, the formal approval shall contain provisions that upon receipt of the proceeds from the closing of the short sale transaction, the Mortgage shall be satisfied and the Promissory Note cancelled/satisfied. If the Promissory Note or remaining indebtedness is addressed in the approval letter as being canceled or satisfied, the Short Sale Lender should issue a 1099C in the amount of the remaining outstanding indebtedness. If the remaining outstanding indebtedness is cancelled, there is no further obligation upon which a deficiency money judgment can be pursued.

Continue reading " What Should Happen During My Short Sale? Part II " »

What is the “Best Result” of a Short Sale?

Mitigating the Borrower(s)’ damages is the ultimate objective of a Short Sale.

Each individual that signed the Promissory Note is responsible for the entire financial obligation. Actively pursuing and successfully closing a Short Sale does not mean the financial obligation has been canceled or the Borrower(s) is released from the obligation. An improperly facilitated Short Sale has the potential to create additional and continuing financial obligations for the Borrower(s) which is contrary to the intentions of participating and pursuing the loss mitigation option.

Continue reading " What Should Happen During My Short Sale? Part I " »

Attorneys Annette Haber and Carmen Dellutri discuss the Deed In Lieu process.

Continue reading " What Is A Deed In Lieu Of Foreclosure In Florida? " »