Real Estate

To say our real estate market is currently on a downturn is an understatement. Del Amo Law provides experienced legal counsel related to foreclosures, short sales, loan modifications, and related financing disputes. Due to the changing real estate, home, and lending environments in many South Florida communities, property owners may find themselves in situations such as the following: income levels have changed in the household making loan payments no longer affordable, current home market price has fallen below what is owed on the home loan, financing or refinancing options are limited or unavailable, or loan adjustments have made the new monthly payments unaffordable.

It is important to talk to a reputable real estate legal professional about your individual situation to help determine the best strategy to maintain your home ownership or to relinquish ownership with the least amount of damage to your credit and/or the least amount of long-term impact.

Many people realize that they can no longer afford their payments and simply quit paying, allowing their home to go into foreclosure. There are several ways to avoid foreclosure including the following:

Short Sale – In the case of a short sale, the owner (working with his or her legal and real estate professionals) is given permission to sell the property at fair market value (in the case of that value being lower than the amount owed) with the bank forgiving the remainder of the loan. In other words, the lender agrees to consider the final amount paid as the loan pay-off, essentially forgiving the difference in the amount owed and the amount received. While this possibility may sound too good to be true, it makes a great deal of sense to the bank when the cost of foreclosure is weighed against the loss incurred by the bank on a short sale.

Loan Modification – In the case of a loan modification, a bank may agree to modify the original terms of the loan. Homeowners may be able to renegotiate the terms of the loan in one or multiple ways. Depending on individual household circumstances and/or the local real estate market, terms such as total length of the mortgage, interest rates, principal, and more may be permanently or temporarily adjusted. A real estate attorney can advise you on this process and negotiate on your behalf directly with the lender.

If the short sale or loan modification is not an option, in some cases, homeowners may indeed find themselves on the path to foreclosure. One additional option to consider is the Deed in Lieu of Foreclosure.

Deed in Lieu of Foreclosure – If a short sale or loan modification is not an option, there is a possibility that a homeowner could request that the bank consider a deed in lieu of foreclosure. This is basically a transfer of title back to the bank from the homeowner. While it does affect the property owner’s credit score, this option avoids some of the embarrassment and public proceedings of a formal foreclosure.

Foreclosure – Foreclosure is a last resort for property owners. With foreclosure, the homeowner abandons financial responsibility for the loan and ultimately allows the bank to reclaim the property. The first step in this foreclosure process is the Notice of Default. This occurs after the homeowner has stopped paying on the loan, usually after the third missed payment by the homeowner. After the Notice of Default, the homeowner has a right to remain in the home during the foreclosure process until a new property owner purchases the home.

The current real estate market will not last forever. When the market begins its upturn, Del Amo Law will help you through the transaction. No two real estate transactions are exactly alike. A lot of things have the potential to go wrong. Title insurance protects the most important investment you may ever make—your home—by providing protection against title defects. We can help simplify the process and give you the peace of mind you deserve every step of the way by: providing personalized service; holding your hand from negotiating the purchase and sale contract to the final closing and beyond; responding to all your questions promptly and in a language you can understand; helping you to understand exactly what you are committing yourself to when you are buying, selling, or refinancing a property; processing your transaction in an efficient and timely manner; and being available to close your transaction anywhere and anytime.

Del Amo Law is dedicated to providing quality, professional, efficient and affordable legal services. We understand your problems and speak your language. Our staff is fully bilingual.

Del Amo Law is prepared to analyze your home ownership and loan situation to determine the best option for your circumstances. After determining the appropriate course of action, Carlos Del Amo will work on your behalf with all necessary parties to negotiate your best resolution.

If you or someone you know in the greater South Florida area needs the assistance of an experienced lawyer, contact our office anytime, day or night, at 305-443-7005, or complete the contact form provided on this site to schedule your free initial consultation.

If you or your loved ones need a Real Estate Lawyer contact Del Amo Law today.