If you can no longer afford your property and a modification or short sale will not work for you needs, your lender may agree to accept a Deed in Lieu of Foreclosure. A Deed in Lieu of Foreclosure is a conveyance of the property from the property owner to the current mortgage holder. The conveyance is done to avoid foreclosure proceedings. visit cuenantlaw.com

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank agrees to discount a loan balance because of an economic or financial hardship on the part of the owner. visit us for more... cuenantlaw.com

A Chapter 7 bankruptcy is a liquidation of all the debtor’s non-exempt assets. It has the effect of canceling most, if not all, types of debt that an individual or a company may incur. Chapter 7 bankruptcies can be very beneficial to individuals without extremely valuable assets who have very high debt amounts without the ability to repay. It is very common that an individual may keep all of their possessions while wiping out most, if not all, of their debt obligations with the asset exemptions allowed in the state of Florida. However, if an individual, for example, multiple homes, cars, or extreme valuables that they wish to retain, perhaps a chapter 13 would be more beneficial.
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