The thought of losing your home can be devastating. When the Bank continues to call for payment and you do not have the funds, your stress increases. Fortunately, there is a solution. You can hire an Attorney to communicate with the Bank and defend the Foreclosure. In addition, they can help you try to save your home. If you are behind on your Mortgage or have been served with a Bank Lawsuit, contact your Pompano Beach Florida Foreclosure Defense Lawyers.
HOW A FORECLOSURE DEFENSE LAWYER CAN HELP
Defending the Homeowner against the Bank
A Homeowner has 20 days to respond to the Complaint. However, if they hire a Foreclosure Defense Lawyer, they will be able to file an Answer that is legally crafted. In addition, they will help you try to save or sell your home.
The Benefits of Hiring an Attorney when you are in Foreclosure include:
- Prevent a Default from being entered
- Require the Bank to prove that that they have the right to Foreclose. In other words, that they have standing.
- Require the Bank to prove that the amounts they are seeking are accurate.
- Help you with applying for a Loan Modification or with the Short Sale Process while Defending the Foreclosure.
Defending the Homeowner against the Association
An Association must issue notices to the Homeowner if they do not receive their monthly maintenance dues. If they still do not receive payment after they are sent, they can file the Foreclosure Complaint. A Homeowner then has 20 days to respond. A Foreclosure Defense Attorney can assert the following defenses in the Answer:
- Incorrect Charges
- Failure to comply with Notice
- Assessments Not Authorized
While an Association Foreclosure may be less complicated, they still must comply with Florida Statute Chapters 718 and 720. Therefore, to protect your rights, contact a Foreclosure Defense Lawyer.
Loan Modification
When a Homeowner is unable to pay their mortage, the Bank proceeds with a Foreclosure. However, they still have the option to try and obtain a Loan Modification. If they qualify, the Bank will usually offer a Trial plan. Thereafter, they must submit 3 consecutive monthly payments. If all payments are made, the Bank will give the Homeowner a Permanent Modification. As a result, the Homeowner will receive a monthly payment that is more affordable.
The advantages of a Loan Modification can include:
- Reduced Interest Rate
- Homeowner avoiding Foreclosure
- Reduced payment
- Extension of owed Payments
- Elimination of Adjustable Rate Loan
Short Sale
When a Homeowner owes the Bank more than the property is worth, they can sell their property through a Short Sale. A Short sale occurs when the Bank accepts an amount that is less than is owed. The Seller does not make any money on a Short Sale however the Bank will usally waive a deficiency judgment against the Homeowner. This means they will not come after for the shortage from the Sale. Further, if the case is in Foreclosure, and the Short Sale is approved, the case will be dismissed.
Deed in Lieu
Some Banks will allow the Homeowner to apply for a Deed in Lieu of Forelcousre. If the Bank accepts the Deed, they may waive any amounts owed. Although it is not used as much as a Short Sale or a Loan Modification, it can still be a viable option for the Homeowner.
The Hiring of a Foreclosure Defense Attorney can be a great benefit to a Homeowner. If you are behind on you mortgage payments or are in Foreclosure, contact Your Pompano Beach Florida Foreclosure Defense Lawyers at (954) 990-7552.