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Ask Ely Your Own Question
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102145
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I am not sure what to do next. I live in Florida and I am

Customer Question

i am not sure what to do next. I live in Florida and I am six months behind on my mortgage payment and property taxes. I received a notice to have a large payment in by early November. I asked for more time but did not receive a response via email. I called the title company representing the lender earlier this week and informed them I had the money to send. She said they would not accept payment and would accelerate the loan. What are my options.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Florida
JA: Has anything been filed or reported?
Customer: Not that I am aware of
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 8 months ago.
Category: Legal
Expert:  Ely replied 8 months ago.
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.
I am sorry to hear about this situation. The following are the basic options available to you:
Foreclosure
A foreclosure may mean that they can go after you for deficiency, which is the difference between what you owed and what the lender received at auction. This is always a risk.
Short Sale
The debtor sells the property with the lender's permission to a third party for below cost, but remains liable for any amount outstanding. Typically less damaging to one's credit than foreclosure.
Deed in Lieu of Foreclosure
Essentially an uncontested foreclosure, but the lender agrees to not pursue the debtor for the deficiency.
Negotiation
Of course, negotiation to keep the home.
Bankruptcy
Originally seen as the last resort option, this is becoming increasingly a choice for many Americans. Filing a Chapter 7 petition will only delay the foreclosure and will not allow the you to reinstate the mortgage. However, in a Chapter 7 proceeding, the debtor will discharge any deficiency, and the proceeding can delay the time by which the debtor will be required to move out of the home by several months. A Chapter 13 proceeding will allows you to force a reinstatement of the mortgage by catching up on delinquent payments over time.
Website
See this website:
www.makinghomeaffordable.gov
...and click under Apply Today to see what kind of relief you can possibly qualify for. This aggregates all different types of possible programs you can utilize. This may be useful.
If you need information on any more of these options, REPLY and let me know.
I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.