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Mortgage Workouts & Foreclosure Defense
From 2004 through 2006, investors from around the country were enticed at real estate investment seminars and through real estate investment clubs and blogs to invest in single-family and condominium flip deals in Florida. Many of these deals went sour, leaving investors with an empty lot or a half-completed home with a substantial mortgage or even a completed home or condo unit worth much less than the mortgage balance. At the same time, homeowners and commercial building owners who purchased before the downturn are saddled with mortgages far exceeding the value of their properties.
Walking away from residential properties in Florida comes with substantial risk. Not only will your credit be ruined, but Florida is a recourse state, meaning that the lender can pursue the borrower for a deficiency judgment. For commercial property owners, generally a personal guarantee is in place, making the prospect of walking away even the more risky.
Tannenbaum Scro Hanewich & Alpert and its predecessor have helped more than 200 investors, homeowners and commercial owners find alternative solutions for allowing foreclosure. For investors, we have made the case that the mortgage brokers and bankers were complicit in fraudulent and deceptive activities that took place between 2004 and 2006 with these investments. As a result, we have convinced many of the banks to discount the principal balance of investor mortgages significantly. For homeowners and commercial owners, there exist other means to engineer a favorable workout.
What we will do on your behalf is:
- defend your foreclosure
- negotiate a workout package with your bank
- connect you with short sale realtors who may to arrange a short sale
- attempt to rehabilitate your credit
- attempt to mitigate your tax exposure
Maintaining responsibility for your property or real estate investments in Florida is important to your overall, long-term financial health. Don't walk away!
Contact the office today for help with mortgage workouts or foreclosure defense.
Why you CANNOT walk away from your Florida mortgage
In some states, investors simply dump a property or walk away from it. Some people think that may work in Florida, too, but Florida is a little tougher on abandoned mortgages.
Florida mortgages are recourse debts. That means if part of the debt is discharged under certain circumstances, you have to pay ordinary income taxes on that discharged debt. In most instances, this just racks up more debt you cannot pay—only, now, it's with the government, instead of a bank.
Contact our offices before this becomes an even deeper hole. Taking the first step can be daunting, but we have been through the process with hundreds of borrowers and know how to make the process as painless as possible. But don’t delay.
