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Mortgage Modification, Short Sale, and Foreclosure Counseling


The subprime mortgage meltdown and the decline in real estate sales and real estate values in South Florida has resulted in thousands of homeowners and real estate investors facing loss of their properties through foreclosure. Many real estate owners are simply walking away from their properties without evaluating whether there were alternatives that might have resulted in saving the property, minimizing the damage to their credit score, or avoiding a deficiency judgment. At the law office of Timothy K. Anderson, we believe that real estate owners should evaluate all of their options and be advised of the legal consequences of the actions they may take before a property is lost to foreclosure. In some cases, the lender may agree to a modification of the terms of your mortgage to lower the payments and allow you to save your property. In other situations, a short sale offers a possible solution. In a short sale, the lender may allow a reduction of the mortgage balance and a sale of the property at a price lower than the amount owed.

Some services we provide are:

Reviewing your loan documents to determine nature and extent of your obligations

Negotiating loan modification and workout agreements with your mortgage lender to allow you to keep your home or investment property

Advising you of the consequences of a default under your mortgage, including potential for deficiency judgment and cancellation of debt income

Helping you develop the best strategy for your situation

Representation of buyers and sellers in short sales of real property, including negotiations with lenders and drafting, review and negotiation of agreements of sale

Attending closings and acting as closing agent