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After trending down for the past seven months, foreclosure activity suddenly picked up again in October 2011, according to RealtyTrac, a California-based firm that tracks foreclosure data. Nationally 231,000 homes were in the foreclosure process, up 7 percent from September. In Florida, fourth in the nation for foreclosure activity, there were 15,234 new foreclosures started in October, up 28 percent from September. Foreclosure activity nationally and in Florida was down from October 2010, though. What all these numbers tell Daytona Beach attorneys is the foreclosure problem hasn’t gone away and there probably are more homeowners out there on the brink of going under. Before they throw in the towel and give in to their lender, they should consult with Daytona Beach attorneys to find out what options are available. There are several ways to forestall a foreclosure and put you on firm footing. The first place to start is with the lenders. Most lenders still have more houses on their books – called real estate owned – than they really ever wanted. So taking your house from you really isn’t what they want to do. They just want their money. Here are some suggestions: -- If you just need a month or two to catch up, the lender may just be willing to let you skip paying for a couple of months without paying any penalties. -- If like many people you have found yourself working for much less money, you probably need a long-term modification. While the lender may have to get help from a government program, there are ways to modify your mortgage and reduce the payments. -- Your lender also might be willing to consider a short sale, meaning you can sell your house and the lender will accept less than what you owe on your mortgage. That’s usually the scenario since so many people owe more on their houses than they are now worth. Be careful, though, there could be tax implications with the difference in the amount you owe and the amount the bank accepts. The Internal Revenue Service could consider it income for you. These are some of the options you can consider, consulting with Daytona Beach attorneys can guide you to exactly what you need to do. Some of the moves you might make could have legal ramifications that you haven’t considered. In any transaction that involves something as valuable as your home, you need to have the best advice you can possible get. Florida-based Rice & Rose is a full-service law firm that has experienced Daytona Beach lawyers that area available to consult with on a wide range of legal issues.
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