As we continue to face the challenge of COVID-19, including unemployment and layoffs, more and more people face the unfortunate foreclosure of their homes. Losing housing is the last thing anyone wants to happen, which is why forbearance agreements and repayment plans have increased in popularity over the past year. Before you jump into one of these options, it is vital to understand them and your rights and foreclosure defense as homeowners.
Understanding Your Options
When a family faces foreclosure, they have a lot of stress that can cause them to make rash decisions. Processing centers referring to themselves as rescue consultants’ prey on families in a bind. While it may seem tempting to go along with one of these schemes, there are several legal and ethical options available to help homeowners facing foreclosure. Two of the most popular options are forbearance agreements and repayment plans. In simple terms, the difference is:
- Forbearance Agreement: Lenders temporarily reduce or suspend a mortgage payment.
- Repayment Plan: Lenders increase the amount of a mortgage payment to make up for the overdue balance.
The foreclosure defense experts at the law office of Gary I. Handin, P.A. will further explain the difference so we can help save your home.
There is more than one legal option to preserve your property’s mortgage and protect yourself from succumbing to an untrustworthy deal. When you trust the essential help of those at the law offices of Gary I. Handin, P.A., we can help you navigate your options.
One option is entering into a forbearance agreement, but it is crucial to understand that you are not entering into any sort of mortgage forgiveness account. The entire idea of a forbearance agreement means that the mortgage holder will make smaller or even no payments on their mortgage, as determined by the lender. These sorts of payments are becoming more common with unemployment, but can also be sought out during sicknesses or injury.
Always a short-term relief for being unable to pay a mortgage, the homeowner must immediately resume their payments upon the lender’s forbearance agreement. Upon completing the agreement, the mortgage holder can pay back the lender with the entire remaining balance, add to the mortgage balance, or enter into a repayment plan.
Knowing that nobody wants to foreclose on their house, we see many clients who wish to negotiate a mortgage repayment plan. Our experts take on the difficulty of legal language to make your transition easier. Seeking out a repayment plan means that even with a default, you must still repay what you have missed on your payments to become current on your mortgage loans. For many who suffered temporary job loss, this is an option for those who can come to a three, six, or even 12-month agreement.
Trust the Law Offices of Gary I. Handin, P.A.
Working with our office can save you the disaster of fighting the extensive paperwork and legal issues by yourself, while saving you time to handle other financial matters. We offer comprehensive services to ensure your home does not enter into foreclosure.
If you want to avoid losing your home due to an unavoidable default on your mortgage, we continue to find ways to fight for you with foreclosure defense strategies. Since 1969, our law offices have served as a leading firm for all matters real estate law: both commercial and residential. Trusting the law offices of Gary I. Handin, P.A. as your foreclosure defense attorneys in South Florida is your safest bet. If you have any questions or are ready to discuss your foreclosure defense options, give us a call at (954)-796-9600 today!