As the number of foreclosure cases continue to increase in Miami, Broward, and Palm Beach County, the trial courts have begun processing foreclosure cases at ever increasing rates of speed, many times leaving disastrous results for homeowners who could have otherwise saved their homes by timely retaining legal counsel. Now, more than ever homeowners facing foreclosure in South Florida should retain an experienced foreclosure defense lawyer to protect their legal rights.
Foreclosure is the legal process by which your lender asks the court for permission to sell your house at a judicial sale, usually due to an alleged loan default. In Florida, once you are served with a lawsuit, you only have 20 days to file a response. If you fail to respond to your lawsuit within this time period, your lender has the right to obtain a default. After your lender obtains a default, it can then obtain a final judgment which provides it with the right to sell your home at a foreclosure sale.
It is a little known fact that Federal law, Florida law, and your loan documents can provide you with numerous and meritorious defenses to a foreclosure lawsuit. For example, your lender may have failed to comply with the terms of the loan, may not have possession of the required legal documents, may be guilty of mortgage servicing abuse, may be demanding an inflated pay-off, may be assessing unlawful fees, or may have violated federal and/or state law while attempting to collect on the loan.
A foreclosure lawsuit does not have to result in the loss of your home. There are numerous alternatives to foreclosure; your personal solution may include any of the following:
A short sale is the sale of your home for less than the total amount necessary to satisfy your obligation to the bank. Our law firm routinely assists homeowners in short sales and has successfully obtained releases of deficiency judgments and cash for homeowners to aid with relocation expenses.
A Deed in Lieu is when the property is deeded back to the lender with the approval of the borrower prior to foreclosure. It may possible to negotiate with the bank and have them ultimately accept the deed of your home as settlement in full for all of your obligations. This is beneficial when you are upside down on your mortgage and do not have any equity in your house.
A Loan Modification can either be a temporary or permanent adjustment to one or more of the original loan repayment terms of a home loan that will enable the home loan to be reinstated or revised, resulting in a new payment schedule the borrower can afford. Typically a modification involves a reduction of your interest rate, extension of your loan repayment period, or a reduction of the principal balance.
Our law firm is committed to working with homeowners in Miami, Broward, and Palm Beach County who have fallen behind on their mortgage payments and are facing foreclosure. We have extensive experience in real estate disputes and litigation, and are dedicated to obtaining your best possible outcome in a mortgage foreclosure lawsuit. Not only will our office aggressively defend against foreclosure, but depending on your unique situation we will also negotiate a loan modification, forbearance agreement, or assist you with a short sale, whenever possible.
To schedule a free consultation to discuss your home retention options with an experienced foreclosure defense lawyer, please call us at 305- 501-2836.