A home is a very important asset. It is a place that provides the basic need for shelter, and it is where you live and raise your family. It represents stability and a long-term investment. But everyday, the threat of foreclosure looms for thousands of Hollywood residents who are not able to keep up with their mortgage payments. Illness, injury, job loss, family death, and emergency situations are a few of the top reasons why people fall back on their mortgages.
2013 figures show that one in every two hundred homes in Hollywood, Florida is at some stage of financial distress. While the figure seems daunting, experts have noted a decrease in foreclosure trends from the previous year, which may mean that as a whole, Hollywood and the rest of Florida is beginning to bounce back from its mortgage woes.
When you start to fall back on your payments and you make no effort to contact your lender, you will receive mail that could be a notice that a foreclosure case has been filed against you. Should this happen, you need to do two things fast: first, contact a reliable and reputable lawyer in the Hollywood area to guide you on foreclosure proceedings; and second, together with your Hollywood lawyer, respond to the mail immediately. In Florida, you are only given twenty days to respond. Failure to do so puts the case in default, giving your lender the court’s permission to sell your Hollywood property.
Your loan agreement with your lender was entered with good faith. That means that both of you trusted each other to fulfill your end of the agreement—the lender to release the amount that would purchase the Hollywood property, and you (as the borrower) to make prompt payments on your loan. The lender did not enter this agreement without conducting their own evaluation that you are capable of making payments. So contrary to what those who have experienced foreclosure may say, your lender is not out to get your home. Chances are your lender wants to see you through the maturity of the mortgage because a lapsed loan for them is business gone wrong.
With this said, you need to understand that lenders usually have many options so that their borrowers can keep up with their mortgage. This is where an experienced Hollywood lawyer can help you with foreclosure to defense. You can keep your property, even in the face of distress, if you understand your options for home retention. Your legal counsel can inform you about loan modification, short sale negotiation, deed-in-lieu of foreclosure, forbearance, reverse mortgage and other strategies.
You can trust Jordan + Pascal’s years of experience in foreclosure cases and litigation. The law firm boasts of a strong team of legal foreclosure experts who have helped many residents of the Hollywood, Palm Beach, Miami, and Broward areas reach their objective of home retention or debt settlement. We are committed to your best interest and the aggressive defense of your basic right to protect your Hollywood home.