What is a Loan Modification? A loan (mortgage) modification is when the lender modifies your current mortgage in order to work with you because of a financial hardship. The purpose of a loan modification is to help make your loan more affordable. Usually it is in the form of a rate reduction, principle reduction and/or a fixing of the rate for a certain amount of time. Loan Modifications programs include government programs like the Making Homes Affordable and traditional "in-house" loan modification programs.

What is a Deed in Lieu of Foreclosure? A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in their real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default as to avoid foreclosure proceedings. Usually a deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts their credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of repossession, and additional advantages if the borrower subsequently files for bankruptcy.

What is the Foreclosure Process in Florida? A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens). If the borrower does not respond to the foreclosure complaint within the allotted 20 days, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling in the foreclosure case. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. The foreclosure sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. Within 10 days of the foreclosure sale, the clerk transfers ownership to the winning bidder. In most instances, a borrower has no right of redemption after the certificate of sale is issued in a foreclosure auction.

What is a Short Sale? A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short Sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with the lender. The benefits of a short sale over foreclosure are obvious. A foreclosure puts a long-lasting black mark on your credit history and the process can be long and costly. Short selling can be much faster and less expensive, and it doesn't leave a black mark on your credit like a foreclosure.

For more information on how our services could benefit you please call The Law Offices of Justin McMurray, P.A. at (904) 248-4482 for a FREE consultation. That is (904) 248-4482 for a FREE consultation on how we can help solve your mortgage problems.

Atlantic Beach Bankruptcy Lawyer- Justin McMurray, Esq.

Atlantic Beach Foreclosure Defense Attorney- Justin McMurray, Esq.

The Law Offices of Justin McMurray, P.A. serves all of Atlantic Beach and the following cities: Amelia Island, Arlington, Arlingwood, Atlantic Beach, Avondale, Baldwin, Bayard, Beachwood, Beauclerc, Brooklyn Park, Bryceville, Brentwood, Callahan, Cecil Field, Cedar Hills, Craig Field, Deerwood, Dinsmore, Downtown, Edgewood, Fernandina, Fleming Island, Fort Caroline, Fruit Cove, Glen St Mary, Green Cove Springs, Greenland, Grove Park, Herlong, Hilliard, Holiday Hill, Imeson, Isle of Palms, Lakewood, Atlantic Beach Beach, Atlantic Beach Heights, Julington Creek, Lake Asbury, Lake Shore, Lakewood, LaVilla, Loretto, MacClenny, Mandarin, Marietta, Mayo Clinic, Mayport, Middleburg, Miramar, Murray Hill, NAS Atlantic Beach, Neptune Beach, Normandy, Norwood, Oceanway, Orangedale, Orange Park, Ortega, Palencia, Palm Valley, Penny Farms, Picketville, Ponte Vedra Beach, Regency, Riverside, Roosevelt, Saint Augustine, Saint Johns, San Jose, San Marco, San Pablo, Sandalwood, Sanderson, South Atlantic Beach, Southside Estates, Spring Glen, Spring Park, Springfield, St Augustine, St Johns, Sunbeam, Switzerland, Talleyrand, Venetia, Wesconnett, Whitehouse, Wonderwood, Yulee

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