Melbourne - Orlando Florida Strategic Default Attorneys

Strategic Default Lawyers in Melbourne, Palm Bay, Merritt Island, Cocoa, Orlando, Jacksonville and West Palm Beach Florida

Florida's Strategic Default Law Firm

Do you owe substantially more on your home than it is worth?  Have you decided it's in your financial interest to stop paying your mortgage and invest those payments elsewhere?  If so, and you live in you should speak with a Florida Strategic Default Attorney today.  We service clients across Florida, including Melbourne, Palm Bay, Cocoa-Titusville-Port Saint John, Orlando, Jacksonville, West Palm Beach and Delray Beach, Florida.  If you are living outside the Melbourne - Orlando area, call our 1-800 number to schedule a free consultation with  one of Bowin Law Group's local Strategic Default Attorneys in your area.

Simply walking away from your home, or just quitting making your payments, is not a good solution to your problem.  When the bank ultimately forecloses on the home and sells it for less than you owe, the bank can then sue you for the deficiency remaining on the loan.  Here's an example:

Homeowner owes $200k on his home. Homeowner lets the bank foreclose on his home. The bank sells the home for $100k. Because Homeowner owed $200k on the loan and the bank only received $100k in the sale, the bank can sue Homeowner for the remaining $100k deficiency. The bank may garnish Homeowner's wages, garnish Homeowner's bank accounts, or assert liens against all of Homeowner's property to recover the deficiency.

How Can You Avoid Being Responsible for the Deficiency on your Mortgage?

With the assistance of an experienced Florida strategic default attorney, you can pursue foreclosure alternatives that will eliminate your liability to the bank and prevent the bank from suing you for a deficiency. These alternatives include a short-sale of the property, in which the bank agrees to a sale of the property for less than you owe, with the bank waiving your liability for the deficiency. Another option is to offer the bank a deed-in-lieu of foreclosure, in which you transfer the deed to the bank in exchange for the bank waiving your liability for the deficiency. Both options are far superior to just letting the property go and will cost you substantially less money in the end. 

The Bowin Law Group is one of the leading Strategic Default law firms in Florida.  We serve clients in Brevard County, Orlando, Jacksonville, Palm Beach County and Miami-Dade County.  We employ a team of professionals that make the process virtually "hands off" for the homeowner.  Once you retain the Bowin Law Group to assist you in a strategic default, just sit back, save your mortgage payments, and let us take care of the rest.

Contact the Bowin Law Group today to learn how we can help you eliminate your debt to the bank, whether you live in Melbourne, Palm Bay, Merritt Island, Viera, Cocoa, Cocoa Beach, Rockledge, Orlando, Central Florida, Jacksonville, or Palm Beach County.

Save Your Mortgage Payments

When done properly, a strategic default will allow you to stay in your home for a long period of time mortgage free (sometimes over 1 year) while your attorney negotiates with the bank to waive any deficiency you may otherwise have to re-pay to the bank.  Imagine how much money you can save if you didn't have to make your mortgage payments for a year or more.

Why You Need an Attorney

Your attorney plays a vital role in the strategic default process, since the bank isn't going to just waive your debt for no reason.  Your attorney can find legal defenses to the bank's right to collect on the loan and can find other legal defenses to a potential foreclosure action, which makes a foreclosure less attractive to the bank. 

At the end of the day, the bank isn't waiving the deficiency out of the kindness of its heart.  The bank is making a calculated financial decision based on the costs it will incur in foreclosing on the home.  With some good defenses lined up, the bank also runs the risk of having a court determine that the bank is not entitled to take the home at all.  When weighing these potentially disastrous and costly consequences, the bank is inclined to work out a negotiation with the homeowner in which the bank recovers some of its money through a short-sale, or recovers the home through a deed-in-lieu, and the bank agrees to relieve the homeowner of any further financial obligations on the Note and Mortgage.

If you are considering a strategic default in Florida, contact us today for a free consultation to learn how we help put money back in your pocket and relieve you of your liability to the bank.