Jacksonville Foreclosure Filings Increase From a Year Ago
September 2010 saw over a 1.5% increase in foreclosure filings from September 2009 in the Jacksonville area. However, the percentage of real estate owned (REO) status increased as well. All this means is when a lender forecloses on a home and doesn't sell the property at an auction, the lender maintains possession of the property and it becomes REO status. There are many options available to avoid foreclosure that your lender may or may not offer.
1) Loan Modification- Your lender will ask you certain information and determine whether or not you qualify for a modification of your terms. This could involve lowering your interest rate or rolling late fees and payments back into your principal mortgage balance.
2) Deed in lieu of foreclosure - Basically, you give your lender the deed to your home and they release you from liability - i.e., agree to not hold you personally liable moving forward.
3) Reaffirmation in Bankruptcy - This is where the lender will require you to sign an agreement which will hold you personally responsible if you default on the loan. While
Bankruptcy stops the foreclosure process for a period of time, the lender can ask the bankruptcy court for relief from the automatic stay and require you to keep making payments although you are in bankruptcy.
To learn more about this article, please visit Jax foreclosures up 1.6% in September.
If your home is in foreclosure or you are considering bankruptcy, please contact Wood, Atter & Wolf, P.A., Jacksonville, Florida attorneys.
