Caroline Secor PA

Foreclosure Lawyer Safety Harbor

Legal Options for Homeowners

Mortgage Modification: If the homeowner wants to retain the property, the lender may be willing to negotiate more affordable monthly payments under certain circumstances. Possible changes to the original loan agreement may include temporary suspension of mortgage payments, lowering the interest rate, reducing the principal loan amount, or increasing the duration of the loan.

Deed in Lieu of Foreclosure: This process requires the homeowner to transfer all of his interest in the property to the lender in order to satisfy the loan and avoid foreclosure. If the lender accepts the deed in lieu of foreclosure, the homeowner signs an agreement that states the debt is canceled and the lender records the deed instrument that shows it has received legal interest in the property.

Strategic Default: When the expense of keeping the home becomes overwhelming, it is possible to walk away from the property in an action known as strategic default. When you stop paying the mortgage, the lender can initiate foreclosure and sell the property at a foreclosure auction. If the property is sold for less than the full amount of your outstanding loan, the lender can pursue you for the deficiency. In order to minimize your exposure to additional financial and legal liabilities, it is advisable to consult with a Fort Lauderdale foreclosure lawyer.

Bankruptcy: Filing for bankruptcy is a form of debt relief that either allows you to surrender the property and eliminate the mortgage or permits you to set up a repayment plan in order keep the house. Whether bankruptcy is a good option for you depends on your financial goals and circumstances. A lawyer can discuss the pros and cons of filing for bankruptcy and other debt relief options.

Call for a free consultation

Carolyn Secor


The federal government passed new bankruptcy reform legislation in October 2005. However, don't be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.




"Serving Pinellas, Pasco, and Hillsborough Counties."

Carolyn Secor, Attorney at Law
Bankruptcy Attorney Tampa Bay Florida
Florida Law Firm with Offices in
Clearwater (Main Office) Tampa St. Petersburg Port Richey
Phone:  1-727-254-1704

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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