Jacksonville, FL Mortgage Foreclosure Attorney

The Two Great Myths About Resolving Foreclosures In The State Of Florida: Modifications And Short Sales

First, it is highly unlikely that any homeowner has actually received a modification; that is, a recordable document which alter the major terms of an existing mortgage. Most often, what passes for a modification is a payment plan that only squeezes more cash out of the homeowner and leaves them worse off before the modification.

Second, the short sale solution is a complete hoax, invented by the bankers and real estate agents who wish to victimize the homeowner for a second time. If you agree to a short sale of your residence, more likely than not, and I mean close to 100% of the time, there will be language in the short sale package that will hold the homeowner liable for the difference between the amount owed on the delinquent mortgage and the amount of money received by the bank from the short sale. Real estate agents are in the habit of saying that banks are not seeking deficiency judgments in Florida. However, when you press the real estate agent to put this statement in writing and to guarantee to you that they will cover any claim made against you for a deficiency judgment, they will quickly back away from any such assertion.

The defense that I offer is directed toward avoiding the pitfalls of what appears to be a modification or agreeing to a short sale. Either avenue of supposed relief is likely to lead to financial disaster for the homeowner.

If you need advice about the best ways to deal with past-due mortgage problems, an experienced real estate lawyer's counsel might be helpful for pointing out options that would otherwise never occur to you. Contact the office of W. David Vaughn, Esq., in Jacksonville to learn how a tough real estate market might work in your favor in negotiating a mortgage recapitalization agreement, modification with a short sale option, or even a deed in lieu of foreclosure.

My law practice serves the needs of ordinary people who work for a living and who can't afford misleading advice or doubletalk when it comes down to something as important as saving their home, especially if they have little or no equity. I once worked for banks, but now enjoy serving as a sole practitioner, with one-to-one relationships with my clients. My only loyalty is to you, my client.

Short Sales: A short sale could put you at extreme financial risk. Real estate agents may not tell you that you will be on the hook for the deficiency, years later.

With almost 30 years of experience on all aspects of real estate law, I can look at your mortgage situation, review your documents and let you know whether you have a realistic chance for negotiating a mortgage modification agreement, with or without provision for a short sale that can get you out of a negative equity situation. I am able to fight foreclosure based on improprieties in the original loan, for example.

Don't be victimized twice in a mortgage default or foreclosure situation

You need to be careful when you try to resolve mortgage foreclosure problems. The person on the other side of a 1-800 number might not even have the authority to revise your mortgage terms. You could negotiate a satisfactory modification on the phone, but receive documents with very different terms.

You should also be skeptical about the consequences of any deal that you do work yourself, especially if you're getting permission to make a short sale of your property. You might be stuck with liability for the difference between what you actually owe and the sale price, the "deficiency."

You could owe a deficiency after foreclosure too. Banks can even avoid the bad publicity of foreclosing on many, many homes, as they are able to assign the right to sue for these deficiencies to third parties.

As your attorney, I use my experience and knowledge of the mortgage financing industry and the northeast Florida real estate markets to protect your interests as much as possible. I have the knowledge necessary to review your current mortgage documents and search for constructive options that your mortgage service company may never identify.

904-638-8939 - Florida - Avoid Foreclosure - Attorney

For a flat fee, I can assess your situation and go right to work negotiating a modification agreement with the people who are in a position to make the key decisions. In some cases, this could be a small crowd — not only your mortgage service company, but also the investors in a securitized trust, a homeowners' or condominium association, and a mortgage insurance company.

Avoiding 1099 Tax Liability for Forgiven Debts

I may also be able to help you avoid tax liability on any portion of the mortgage loan that's forgiven in the course of a short sale.

Contact my law firm in Jacksonville to learn more about your options for resolving mortgage foreclosure problems without the need for bankruptcy.