Your First Steps to Stop Foreclosure

If you are a distressed homeowner, do not wait until the bank puts a foreclosure sign on your door.  You need to take action today to stop foreclosure.  The foreclosure process moves quickly, and once it starts you are on the fast track to losing your home.

There are new laws as well as government programs that make financial resources available to help qualified homeowners refinance their loans, or encourage lenders to work with borrowers to prevent foreclosure.

Steps to take to stop foreclosure

At the first sign of trouble, notify your lender of your financial hardship.  Daniel M. Keil is an attorney who can negotiate with your lenders to find a more affordable repayment plan to help you avoid foreclosure in Fort Lauderdale. 

Losing your primary residence is demoralizing and financially devastating.  Foreclosure stays on your credit report for up to seven years and harms your credit score, making it harder to buy another residence or borrow money at attractive rates.  Here are some steps to take to stop foreclosure in Miami:

• Refinance the existing loan with a new mortgage from another lender
• Renegotiate the terms of your loan with your current mortgage lender
• Seek out credit counselors recommended by the U.S. Department of Housing and Urban Development (HUD)
• Consider a short sale in which the lender accepts the proceeds as satisfaction of the debt in full, even it that amount is less than the unpaid balance
• Sell off or tap into any personal assets of value to pay off your debt
• Consider a Deed in Lieu of Foreclosure in which the borrower hands over the property to the lender to avoid foreclosure

Contact us to stop foreclosure in Miami

Real estate transactions are a risk for both the buyer and seller.  Lenders generally do not want the hassle and expense of foreclosure proceedings or a bad debt on their books.  So they are open to working with you to see if changes to loan payment terms can help all parties involved.

At his office in Miami Lakes, minutes from downtown Miami, Attorney Daniel M. Keil can help you find solutions to your problem.  If you are looking for at attorney knowledgeable about how to avoid foreclosure in Miami Lakes, please contact the Law Offices of Daniel M. Keil today.