The Biggest mistake that many Homeowners in Foreclosure make is that they wait too long. What does that mean? While it is true that a Foreclosure is not an overnight process, it does have an ending. The earlier that an Attorney is retained, the better chance that they will be able to challenge the case and save their property. If you have questions about the Process or have been served, contact your Forecloure Defense Lawyer in Sunrise Florida.
How Can a Foreclosure Defense Lawyer in Sunrise Florida Benefit You?
1. Foreclosure Defense
A Homeowner only have 20 days to respond. As a result, they have to be careful that the time does not elasp. Failure to respond can result in a Default. This can be devastating for a Homeowner because it allows the Bank to proceed at a much faster pace. As a result, they will receive a Final Judgment of Foreclosure that sets a Sale date. However, this occurs if they do not take action. On the other hand, if they contact an Attorney when they are served, they will be able to assert defenses.
Defenses a Homeowner can include in their Response
- Failure to accelerate the note
- Accepting payments after Foreclosure
- Fair Debt Collection Practices Act
- Failure to attach Note and Mortgage to complaint
Another Tool that strengthen a Homeowner’s case is the use of Discovery. This allows them the opportunity to obtain information form the Bank including the history of the loan and all documents that were signed at closing. Each side has 30 days to provide the requested documents.
2. Loan Modification
The main reason a Homeowner is in Foreclosure is that they were unable to afford their mortgage. Fortunately, most Banks allow them to apply for a Loan Modification. If they qualify, they may be eligible for a reduced payment and possibly a lower interest rate. However, the process can be lengthy and if they do not provide the requested documents to the Banks in a timely manner, they will have to start from the beginning. This can become a full time job. Therefore, the hiring of a Foreclosure Defense Attorney in Sunrise Florida will take the stress off the Homeowner. As a result, the Attorney will call the Bank on a daily basis to follow up on the status of the modification.
3. Short Sale
Homeowners in Foreclosure often owe more than their home is worth. As a result, most Banks will allow them to sell their property through a Short Sale. Our Firm helps them through this process. If the Bank approves the Short Sale offer, they will often waive the Deficiency. A Deficiency is the amount that is still owed to the Bank. This is advantageous to the Homeowner. Not only does the Bank dismiss the Foreclosure, they may be eligible for moving costs. All fees are paid directly by the Bank.
4. Deed in Lieu
This occurs when they agree to sign the Deed to the property to the Lender. In return, they will dismiss the Mortgage. While this may seem like a simple process, they do need to comply with the Bank’s requirements. In addition, if they accept the Deed in Lieu of Foreclosure, they will dismiss all pending litigation.
The Law Office of Brian P. Kowal, PA has been representing Homeowners in Foreclosure throughout his legal career. If you are behind on your mortage or have been served by the Bank, contact your Foreclosure Defense Lawyer in Sunrise Florida at (954) 990-7552.