Welcome to our FAQs page! We understand that navigating legal matters can be overwhelming, especially regarding real estate. We've compiled answers to some common questions our clients ask. If you don't find what you're looking for, don't hesitate to contact the Law Offices of Mery Lopez for personalized assistance.
A short sale occurs when the sale of a property doesn't cover the outstanding balance on the mortgage. It's often used as an alternative to foreclosure, benefiting both the borrower and the lender. While it can help avoid foreclosure, borrowers should be aware that they may still be responsible for the deficient balance.
A loan modification is a change made to the terms of an existing loan to make it more manageable for the borrower. This can include reducing the interest rate, extending the loan term, or changing the loan type. Not everyone qualifies for a loan modification, as it usually requires demonstrating financial hardship and the ability to make modified payments.
No, not everyone is eligible for a loan modification. Lenders typically require proof of financial hardship, documentation of income, and a reasonable debt-to-income ratio. It's essential to work closely with your lender and possibly a real estate attorney to explore your options.
Foreclosure is a legal process in which a lender takes possession of a property when the borrower fails to make mortgage payments. Depending on state laws, this can happen through a statutory or judicial process. If you're facing foreclosure, seeking legal advice promptly to understand your rights and potential defenses is crucial.
Upon receiving a Complaint for Foreclosure in Florida, you have a limited time to respond. It's critical to read the complaint carefully and seek legal representation immediately. An attorney can help you formulate a response, explore options like loan modification or short sale, and navigate the legal process with your best interests in mind. Don't delay in protecting your rights. Contact the Law Offices of Mery Lopez for guidance.