Homeowners facing foreclosure are often harassed by collectors by the bank or servicers. Many times the collectors are making threats and make homeowners feel that their only way out is to allow the bank or servicer to foreclose on the property. However, foreclosing on the property may only address one loan.
Entering into an agreement without the assistance of a Miami foreclosure defense attorney may leave you vulnerable to future collections on any other line of debt associated with the home. The collectors are only looking out for their own interest, which is collecting on behalf of the servicer on the primary loan.
If you have a second mortgage or line of credit on your home—particularly if it’s with another bank—the agreement offered to you will not address that secondary debt. Once you have allowed the bank to foreclose on your property, you will be left without any leverage and the bank for the second loan will want to also collect your debt.
If you have decided that you would like to move forward and are willing to surrender your home in order to conclude the foreclosure, speak with a Miami foreclosure defense attorney to strategize the most efficient way to bring mortgage debt relief permanently.