Corporate Formation
When forming a corporation, you may have many options available.
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If you cannot pay your mortgage, you may have several debt settlement options available to you. Legal Counsel, PA is a mortgage debt settlement lawyer in Orlando, Florida who may be able to assist you with negotiating with your lender. What are your debt settlement options?
If you have fallen behind on your mortgage payments, consider calling your lender to see whether a mortgage modification, forbearance, or repayment plan is an option. Sometimes the loss of your home and foreclosure can be avoided when borrowers negotiate with the bank or with the lender. In cases where the bank won’t negotiate, it is sometimes to possible to sell the house on the real estate market, pay off the mortgage debt, and sometimes even have a little left over for you and your family. Unfortunately, this is not always the case. In a down real estate market, or in a situation where a house needs many repairs, the mortgage to the bank may sometimes exceed the value of the home. In this case, sometimes borrowers may be able to work with the bank to initiate a short sale on the home, to avoid foreclosure. With a short sale, the home is sold, the sale proceeds are used to pay the bank, and the bank forgives any mortgage amount that remains. This kind of debt settlement for a mortgage can only happen if the bank agrees to do it. If you are considering a short sale for your home, it can be helpful to have an Orlando short sale and debt settlement lawyer like Michele Diglio with Legal Counsel, PA on your side.
When you get a foreclosure complaint from your lender, it’s all too easy to panic. But waiting to address the issue head-on can ruin your credit, and you’ll soon find the property sold out from under you. In Florida real estate law, there are many hoops a lender has to jump through before it can legally sell or auction off a delinquent property. It’s in the lender’s best interest to keep you in the house (and making the mortgage payments), even if the payments are lower and the terms are under a restructured loan.
But what if you can’t get the loan restructured, or you’d be better off walking away from the house? Even if you leave and the lender sells the home, your credit score will be destroyed from a foreclosure. A poor credit score can ruin your chances of buying a new house or even renting an apartment. But you can avoid these hardships if you agree to sell the property in a short sale. Here at Legal Counsel PA, our Orlando real estate short sale attorneys have been assisting distressed borrowers to get out from under onerous mortgage payments with short sales. Our Orlando real estate short sale law firm can help you protect your credit score and help you avoid paying unnecessary fees if your mortgage is delinquent.
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When you own a home where the value of the home on the real estate market is lower than the amount of money you owe to the bank, you may be able to work with the bank to sell the home in a short sale, to avoid foreclosure and to protect your credit. A home can end up underwater for many reasons. Sometimes real estate values in a neighborhood crash, and home owners find that the value of their home is less than what they paid and less than what they owe the bank. Other times, the cost of repairs for a home become so excessive that the amount of money that a borrowers owes the bank is more than what the home is worth. Orlando real estate short sales are beneficial to the lender and the borrower in many ways.
In a short sale, the property owner, who is usually the lender, agrees to accept a payment from the borrower for less than the remaining debt that’s owed on the property. In exchange for this agreed upon amount (which is usually the amount for which the home will be sold), the lender must release any liens against the borrower. A short sale doesn’t mean that the borrower gets to walk away from a property without paying anything. But it does allow the property to be resold without the balance attached to the property as a lien. When selling a home in a short sale, the bank or lender must approve many aspects of the sale, including the sale price. Once the home is sold, the lender takes the proceeds and releases the borrower from further obligations to pay the mortgage. Once the house sells in a short sale, the borrower gets to move on with life and find a place to live that is more affordable for his or her financial situation.
A delinquent mortgage is a horrible thing to live with and can keep you up at night. It’s in your best interests to act quickly so you can restore your finances. The dedicated Orlando real estate lawyers at Legal Counsel, PA can help walk you through the short sale process and negotiate with the lender to let you sell the property in a short sale and release you from burdensome mortgage payments. Are you currently facing a foreclosure on your property? Don’t hesitate to contact us at Legal Counsel, PA today. All initial consultations are free, and we’ll be happy to help you during this difficult time.
A short sale may not be your only mortgage debt settlement option. A short sale should only be used in a case where the home’s value is lower than what you owe on the mortgage. If you have equity in your home, you may want to speak to your bank about other mortgage debt settlement options. What are they?
Facing financial hardship? Before you let your house go into foreclosure or choose a short sale, speak to the mortgage debt settlement lawyer in Orlando Florida at Legal Counsel, P.A. There may be other options available to you to prevent foreclosure. We may be able to help.
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When forming a corporation, you may have many options available.
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If you need an Orlando, Florida business contract attorney, you’re in the right place.
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Whether you are selling your business outright, plan to sell stock in your business or plan to sell business assets.
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Most real estate transactions go smoothly. However, some real estate transactions can be complex.
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If you are launching a startup or have a business name, logo, or brand you want to protect.
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If you are considering purchasing real estate for an investment, are an investor considering adding real estate…
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We can handle all your real estate legal needs.
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When it comes to planning your estate, the probate and estate planning process go hand in hand.
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Whether you are a developer looking to create a condominium association.
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Legal Counsel, PA is a foreclosures defense lawyer in Orlando, Florida who can help you if you are facing the loss of your property due to foreclosure.
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13330 W. Colonial Drive, #110 Winter Garden, FL 34787
189 S. Orange Avenue, Ste. 1800 Orlando, FL 32801 (by appointment only)
3416 Shader Road, Suite 112-B
Orlando, FL 32808
407.982.4321
407.395.2653
407.982.2587