Orlando Foreclosure Alternatives

The crash of the real estate market and the sub-prime lending market has left record numbers of Americans facing the prospect of mortgage foreclosure. Many are unaware of their rights as a homeowner and, what options are available to avoid mortgage foreclosure. Our skilled orlando foreclosure defense lawyers can help find solutions to foreclosure and are ready to meet with you for a confidential consultation.

Some of the possible options to avoid mortgage foreclosure include the following:

• Reinstatement involves repayment of the total amount owed as a lump sum payment. Services will pursue this as the first option to cure the defaulted loan. Reinstatement can be full or partial and can be paired with other options such as forbearance.
• Repayment plans usually involve an agreement between the homeowner and the lender to allow the homeowner to bring the mortgage current by establishing a schedule to make a full monthly payment as well as an additional monthly amount to repay the delinquent sum over the time allotted.
• If the homeowner is suffering a temporary hardship, the lender may grant a forbearance that allows the borrower a period of time in which payments are reduced or even suspended. After the contracted time has passed, payments will increase in order to settle the delinquent amount in a timely fashion.
• Loan modifications permanently alter the terms of the loan either through refinancing debt or extending the term of your existing mortgage loan.
• A short sale is an option that allows the homeowner to sell the home for less than is owed after an established arrangement with the lender to accept the proceeds of the sale.
• Homeowners can voluntarily surrender the title of their home to the lender when engaging in a Deed in Lieu of Foreclosure.
• The mortgage defense attorneys at the Kramer Law Firm are able to assist with a Truth in Lending Act (TILA) Audit. This audit will help to determine whether the lender properly disclosed and calculated all fees and whether the lender made all of the required disclosures and complied with Federal Law. If the Lender violated Federal law, the mortgage may be rescinded.
• Filing for bankruptcy is another option available to homeowners facing mortgage foreclosure. A homeowner that files for Chapter 7 bankruptcy may be able to delay the foreclosure long enough to find alternative means of payment. A Chapter 13 bankruptcy is a good alternative if a borrower still has the ability to make mortgage payments; payments are restructured in order to compensate for the delinquent sum.

Our experienced mortgage foreclosure defense attorneys will assist you in determining the best possible route to avoid foreclosure of your home. Contact an experienced Orlando Foreclosure Lawyer at (407) 834-4847.

At the Kramer Law Firm, we provide legal services for Orlando Foreclosures. We provide effective legal services to the people of Seminole County, Volusia County, and Orange County in Florida, including the communities of Longwood, Orlando, Winter Park, Casselberry, Maitland, Altamonte Springs, Winter Springs, Lake Mary, Sanford, Heathrow, Deltona and Deland