Table of Contents
- Boca Raton Short Sale Attorneys
- What Happens After I Have Been Served With a Foreclosure Lawsuit?
- Can I Stop Foreclosure?
- Why not Just let the Bank Foreclose and Walk Away?
- Why try to Defend Against the Foreclosure if I Can’t Afford the mortgage Payments Anyway?
- Do I Have a Better Chance of Keeping My Home if I Contact a foreclosure lawyer near me Before a Foreclosure Action is Filed?
- My Bank Won’t Negotiate and Just Wants to be Paid. How can an attorney help?
- References and Resources
Foreclosure is a civil action where a lender brings litigation against a borrower to terminate the borrower’s rights to a piece of real estate property and force it to be sold. The lender will recover their money from the sale in order of priority along with claims from other parties.
A knowledgeable and experienced foreclosure defense attorney, such as the ones at the Law Offices of Brian Kowal, can offer several options if you are under these circumstances. Some of the options include assisting you to:
- Negotiate a loan modification, short sale, or deed-in-lieu with the lender;
- Stay in your property without having to pay on the mortgage;
- Keep collecting rent or other income on the said property;
- Sell the property at market value; and/or
- File for bankruptcy protection under Chapter 7 or Chapter 13.
Table of Contents
What Happens After I Have Been Served With a Foreclosure Lawsuit?
In Florida, you have until 20 days after you have been served with foreclosure to file your response with the court. However, even if the 20-day period has elapsed and a default judgment has already been passed against you, you might still have options that you can pursue. It is very important that you call a foreclosure lawyer if more than 20 days have transpired since you were served with a foreclosure lawsuit.
Can I Stop Foreclosure?
Yes, you might be able to stop or at least delay the foreclosure with the help of an experienced real estate lawyer. We have an arsenal of defenses and a range of options that we use to help our clients stay in their homes.
Why not Just let the Bank Foreclose and Walk Away?
In addition to issues concerning taxes and your credit, walking away from a mortgaged property could result in the financial lender obtaining a deficiency judgment against you. This occurs when the property sells at a foreclosure sale for less than what you owed on it. It is still highly advisable to hire a qualified foreclosure defense lawyer even if you plan to walk away.
Why try to Defend Against the Foreclosure if I Can’t Afford the mortgage Payments Anyway?
It usually makes good financial sense to hire a foreclosure defense lawyer because a lawyer can help you limit your exposure to a deficiency judgment, protect your rights, and maybe save you thousands of dollars in taxes and mortgage payments. A foreclosure attorney might even be able to help you stay in your home for good.
Do I Have a Better Chance of Keeping My Home if I Contact a foreclosure lawyer near me Before a Foreclosure Action is Filed?
The answer is “yes” in most circumstances. If you let the lender know early that you are having trouble making the scheduled payments and that you want to effect alternative arrangements, it can make it easier to agree on other options such as a short sale or a deed-in-lieu. This allows you to get started on alternative options before your lender can even file a foreclosure action.
Also, leverage and valuable information can be gained before a lawsuit is filed through the use of a Qualified Written Request under the Real Estate Settlement Procedures Act. For a few reasons, it’s helpful to hire an experienced foreclosure defense attorney early in the process.
My Bank Won’t Negotiate and Just Wants to be Paid. How can an attorney help?
A highly qualified foreclosure defense attorney and short sale attorneys like the ones at the Law Office of Brian Kowal, P.A. can help you deal with the technicalities of foreclosure law and get in touch with the lender to seek approval of a short sale or arranging for a deed-in-lieu. We know the intricate elements of the law and federal programs, and we can help and counsel you through the complicated process of defending a foreclosure action. In most instances, we actually can educate the lender about what the law stipulates and use their failure to follow it against them. You have a much better chance of being able to work out a favorable alternative to foreclosure and/or finding a way to stay in your home by delaying or preventing a foreclosure if you hire a foreclosure defense attorney.