When we talk about deals on distressed homes, people often think of Florida. This is nothing to praise, as Florida is one of the top ten US states with the highest foreclosure rates. The story remains the same in Kendall where approximately one in every three hundred residences received some type of foreclosure filings. While this is a decline from where Kendall’s foreclosure rate was one year ago, real estate experts say that it is not out of the red yet. The next few months will tell if Kendall and the rest of Florida is working its way out of the housing crisis.
The Florida State Courts have responded to the number of foreclosure filings by speeding up the process to clear out the backlog. At present, you will only have twenty days to respond after a lawsuit is served lest the lender gets the right to obtain a default—meaning the court’s nod to sell your Kendall property.
The past years have found Kendall homeowners fighting back by being more aggressive in foreclosure proceedings. This is the kind of financial literacy that can save a property from foreclosure, and a strategy known as foreclosure defense.
Of course this would not be possible without the advice and guidance of lawyers experienced in real estate law and litigation in Kendall. Together with their legal support, it is possible to prove that the bank or the lender does not have the right to foreclose the property.
Foreclosure defense is effective because it is aims to seek your best interest while evaluating any illegal or unethical behavior on the part of your lender. It also opens up a range of options that can make the mortgage current and more affordable so that you can keep your Kendall home.
Loan modification refers to a change in the interest rate, a reduction of the loan principal, lowering of late fees or penalties, and an adjusted monthly payment that is more feasible for the borrower.
A short sale is when a home is sold for less than the remaining balance of a mortgage. If the lender agrees to your short sale negotiation, you can sell the Kendall property and pay off the balance with the proceeds.
This is where you voluntarily transfer the deed of your property to the lender in exchange for a release from debt and payments. If you are considering this option, talk to your Kendall lawyer about it so that he can help you negotiate for incentives such as a relocation incentive to help you start over.
Our law firm has a firm commitment to help clients in the Kendall, Miami, Broward, and Palm Beach areas consider options in the face of foreclosure. Our team of foreclosure defense lawyers understands that this is an area of practice that requires a competent strategy in order to help you reach your objective of home retention or debt settlement. Our list of satisfied clients and positive outcomes will assure you that we are skilled and capable in this field of practice. Indeed, ESQ.title is a name you can trust. Contact us today for a free consultation.