The threat of foreclosure of a second home or investment property brings different priorities to light than does the foreclosure of one's primary residence. Instead of worrying about where to live and how to stay in the home as long as possible, property owners whose vacation homes or investment properties are at risk are more likely to be concerned about financial consequences and the effects on credit and taxes.
Investments Gone Bad?
Did you take financial risks in order to make what you believed would be a solid investment in real estate — perhaps a house or apartment complex that you planned to rent out over time and then sell at a profit? Previously, real estate was considered one of the best investments available, as prices steadily rose.
Upside Down Mortgage and Property Values
Only very recently have real estate values plummeted far worse than what the market usually triggers. Did you take out a high-interest or adjustable rate mortgage (ARM) with high hopes of making money on your real estate investment? You did not forecast the drop in real estate prices that we have seen in the past few years. Now you are left holding a mortgage that you cannot pay back in the current financial climate.
Is It Time to Rethink your Options?
Perhaps you can make the payments but realize that it is not in your best interests to keep pouring good money into a bad investment. You see no promise in paying more than you can hope to recover under the current economic situation. You need advice and assistance determining the best course of action with regard to foreclosure on second homes and investment properties in Florida. Contact lawyer Michael L. Kraus to schedule a consultation.
A short sale or a deed in lieu of a resolution may be your best option. Or you may have decided to simply stop paying and walk away — and need astute legal counsel on a beneficial sequence of events leading up to a "liberation day" when your bad investment will be a thing of the past.
Naples, Florida, Foreclosure Defense Attorney
Do you need help crunching numbers and planning a timely escape from a bad investment of a second home or investment real estate property in Naples or nearby? Contact experienced and knowledgeable foreclosure defense attorney Michael L. Kraus to schedule a consultation.
The information contained on this page and within this website is not to be construed as legal advice and any persons interested in obtaining information for a particular situation should contact an attorney to discuss the same. A legal opinion will be provided if and when a consultation with our office occurs. Please contact our office today.
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