Consulting with an attorney is the best option

A recent article in the New York Times reported on how the rich, from Miami to Beverly Hills, are surrendering their homes to foreclosure and simply walking away from what they view as a bad investment.

As the Carman Law Firm continues to report, Florida homeowners looking for foreclosure help have a number of options. But weighing the risks and rewards of a loan modification, short sale or strategic default is best done with help of an experienced Florida foreclosure defense and real estate attorney.

The banks, and even the government, continue to put hardworking homeowners on a guilt-trip convincing them into keeping homes worth far less than what is owed. Meanwhile the wealthy, and their lawyers, are simply walking away and living to fight another day.

Whether it's a primary residence, second home or an investment property, the rich have stopped paying mortgages at a far greater pace than the rest of the population. The Times reports that more than 1 in 7 homeowners with loans of a million dollars or more are seriously delinquent. The report suggests that the wealthy are purposefully dumping properties just as they would a bad investment.

As we reported on our blog, strategic defaults (walking away) and short sales (selling for less than what is owed) present their own risks. If the bank chooses to pursue a deficiency judgment, a homeowner could be left owing the difference between the mortgage balance and what a home sold for at auction. Seeking the advice of an experienced Florida foreclosure defense and real estate attorney is the best option to protect your rights and the long-term financial well-being of you and your family.

Whether you are facing foreclosure or not, considering a short sale or simply seeking a loan modification, contact the Carman Law Firm for an FREE initial consultation to discuss your rights and options.  Call us at (561) 392-7031