More foreclosure information in Florida or Wesley Chapel…

September 6, 2011

Did you know that there a way to avoid deficiency judgments?
Yes. If you can stop foreclosure, you can avoid the judgment.

In case you’re having difficulty in making mortgage payments and a foreclosure is imminent, you can look for various loss mitigation options like loan modification, deed in lieu (DIL), etc.

A loan modification can reduce your mortgage payments and help you save the home.

A deed in lieu does not help you retain the home. But it waives off the lender’s right to collect the deficiency. This helps you avoid a judgment.

 

However, you should not believe in verbal agreements. If the deficiency is forgiven, always ask your lender to give it in writing before you proceed with the deed in lieu.

Hope this information on foreclosures in Wesley Chapel has shed some light on this very sensitive topic.

Find out more about what a loan modification is, in this video.

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