What options do I have if my house is being foreclosed? There are several options a person facing foreclosure might take.  It mostly depends on what the person wants.  For example, when I meet with clients for the first time, I usually inquire whether they are occupying the home, or whether they are renting the home.  In Miami-Dade County, if a house is a homestead, the parties will be referred to mediation to review loss mitigation solutions.  If the person is not occupying the home, mediation is not a requirement; however, the court may on its own discretion order mediation to see if there are any repayment plans which can be taken advantage of, to enable the person to keep the property, even for investment purposes.  There are several loss mitigation solutions among them: short sales, deed in lieu, “cash for keys”, and loan modifications.  All of these options can be offered by banks depending on several factors, like income, expenses, amount owed, use of the property and even the length of default. Before making a decision as to what approach you plan using, consult an attorney that specializes in real estate law

Ray Garcia, Esq.

Board Certified in Real Estate Law

By the Florida Bar


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Law Office of Ray Garcia, P.A.

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