Homeowners who are unaware of applicable laws should consult a Foreclosure Attorney in Wellington FL. Foreclosure laws protect the interests of home buyers and prevent predatory lending practices. These laws require lenders to place clauses in the mortgage loan contract to assist the buyers when default is probable. They present leverage that could help the buyer avoid foreclosure and remain in their home. Bankruptcy and quick sale transactions are additional methods of foreclosure prevention.
Avoiding Foreclosure Legally
Some mortgage lenders include clauses into the loan contract. These clauses state options for the home buyer, if he or she defaults on the loan. For instance, the home buyer could refinance the property by utilizing generated equity as a down payment and refinance. By refinancing, the lender eliminates late payments and places them at the end of the mortgage. The home buyer can achieve a lower interest rate and smaller payments. An attorney helps buyers navigate through the legalese and understand their rights based on these clauses.
Filing Bankruptcy to Avoid Foreclosure
Bankruptcy allows homeowners to include their primary residence into the claim. The lender is unable to take any legal action against the homeowners to initiate a foreclosure or seizure after inclusion. Bankruptcy affords them with smaller payments and eliminates late charges and additional finance fees. This option allows the consumer to include most if not all debts into the claim. The case spans up to five years and allows the homeowners to eliminate the included debts completely.
Initiating a Quick Sale
A quick sale is an expedited method of settling a mortgage-related debt. Homeowners may sell the property through a real estate firm or on their own. Either option requires an attorney to officiate the closing. This process involves an in-depth review of the sales and mortgage contracts for the new buyer. It is a strict requirement utilized to prevent predatory lender practices and to verify that the seller as the legal right to transfer ownership to the buyer.
The assistance of a Foreclosure Attorney in Wellington FL provides you with clear alternatives to avoid foreclosure. These options include possible refinance, bankruptcy, and quick sale. Each of these options allows you to prevent adverse legal actions and prevent a significant loss.