Local Attorney Firm | Rooney & Rooney P.A.| Vero Beach, FL

A Vero Beach Law Blog by Rooney and Rooney, P.A.

Call: 772-778-5400

  • HOME
  • ABOUT
  • BLOG
  • CONTACT
You are here: Home / Real Estate Law / Tenant-Landlord Representation / Foreclosure and You… Your Questions Answered!

Foreclosure and You… Your Questions Answered!

March 29, 2013 by D. Johnathan

What is the difference between a short sale, deed-in-lieu, and consent judgment with a waiver of deficiency?

A short sale is when the bank will allow you to sell your property to a third party for less than the full payoff of the loan. This option benefits the banks because it allows them to bypass the expenses of a foreclosure action, property maintenance/upkeep, and resale.

A deed-in-lieu means that the bank will accept a deed to the house in satisfaction of the debt. The benefit here is that you will not have any case filed against you.

Consenting to a final judgment means that you will allow the bank to foreclose upon your property. Though this option is often more costly to the bank than accepting a deed-in-lieu, the draw here is that the bank can take the property back free and clear of all liens.

 

What are the chances of obtaining a principal reduction on the loan balance?

A “principal reduction” on your loan balance can happen in a few ways. One way is through an “in-house program” through your lender. Qualifying for this program would be at the discretion of your particular lender, but is worth inquiring about. Another way is through a federal program known as PRA, or Principal Reduction Alternative, for which you also must apply and qualify.

 

How long do I have until I need to move out?

The answer to this question requires looking at a number of different factors. Seeing an attorney as early as possible though is key in establishing a ballpark estimate.

 

Why won’t the banks accept my payments?

Once a bank begins foreclosure proceedings, they are entitled to nothing less than full repayment of the loan amount. Accepting a payment, in any amount less than full payoff, could cause trouble for them later on, or even present a defense against the proceedings.

 

What are my options?

Again, your options depend upon a number of factors, not the least of which is how far along down the foreclosure path you have traveled already.

 

 What can an attorney do for me?

An attorney can offer assistance with any of the options discussed, but timing is crucial. Seeing and retaining counsel as early as possible is key. Come meet us before you need us. If you are having difficulty making your mortgage payments, if you have been served with foreclosure papers, or if you have a judgment against you, call our office to schedule an appointment today. Rooney & Rooney, P.A. 

Filed Under: Tenant-Landlord Representation

AREAS OF PRACTICE

  • Business Law
  • Expunction of Criminal Records
  • Estate Planning
  • Family Law
  • Personal Injury
  • Real Estate Law
  • International Law

BLOG TOPICS

  • Personal Injury
  • Estate Planning
  • Family Law
  • Divorce
  • Personal Injury
  • Guardianship
  • Local Attorney
  • Business Law
  • Employment Law
  • Real Estate Law
  • Tenant-Landlord Representation
  • Ask the Attorney

ASK THE ATTORNEY

Submit a question. Look for the answer on our blog.
Click here to contact us.

 

[gravityform id=”1″ title=”false” description=”false” ajax=”true”]

Personal-Injury-Attorney-Vero Beach-Florida

Rooney & Rooney P.A. proudly serves local clients in all areas surrounding :

Vero Beach, Okeechobee, Port St. Lucie, Ft. Pierce, Palm Bay, Melbourne, Sebastian, St. Lucie County, Indian River County, Okeechobee County, and Brevard County, Florida.

Personal-Injury-Attorney-Vero Beach-Florida
PersonalInjuryAttorneyVeroBeach

1517 20th Street

Vero Beach, Florida 32960

(772) 778-5400

[footer_backtotop text="Top of Page"]
Copyright © 2023 Rooney & Rooney, P.A. · responsive website: Social Cindy