The prospect of losing your home can feel paralyzing and hopeless.
We will analyze your situation to determine your options for fighting foreclosure and help you make informed decisions. Challenging foreclosure buys you precious time to pursue alternatives:
- Time to negotiate a payment workout with your lender
- Time to catch up on the arrears and reinstate your mortgage
- Time to sell your home for fair market value
- Time to arrange a short sale or deed in lieu of foreclosure
- Time to qualify for a loan modification
- Time to recover from a financial hardship and get back on track
- Time to file for Chapter 7 or Chapter 13 bankruptcy
If you are currently in foreclosure, you were likely served the foreclosure complaint when a process server handed you or your spouse the foreclosure summons. Once you are served with the foreclosure complaint you only have 20 days to respond in writing to the Court and to the Plaintiff. If you fail to answer the foreclosure summons your best defenses will be waived.
In plain language the foreclosure process allows the bank to take your home and apply the value or sale price at auction to the outstanding balance of your loan. Some mistakenly believe that the worst that can happen is the bank will take your home. Unfortunately, the consequences of a foreclosure are often much worse. The banks can not only take your home, but they can garnish your wages and bank accounts to collect the balance of what you owe.
When the value of the home is less than the amount owed on the loan then the homeowner will be charged with a deficiency judgment after the foreclosure sale. As we all know most homes in Florida are underwater, or worth less than the amount owed. If you are in this situation you risk being sued for the deficiency balance.
However, there are steps you can take after being served with a foreclosure summons, which will protect you and your family. A foreclosure defense lawyer can help show you how to save your home and develop a strategy to protect you from a deficiency judgment.
If you are serious about saving your home the first question on your mind should be, “How is Foreclosure Defense even possible?” Banks argue you agreed to a debt (your mortgage). If you’re having problems paying it isn’t their problem – and anyone who advocates otherwise is a fraud.
The truth of the matter is that in order to keep the momentum of the steam roller that is the mortgage industry rolling lenders and brokers often crossed ethical – and legal – lines that can be use in your defense. The bank may have you feeling like you have no options – but the truth of the matter is that they are the ones with their hands in the cookie jar. They’re afraid they’re going to get caught.
Waiting until the lender forces you out of your home does not have to be your only option, no matter how limited your financial resources are.
Can I really fight my foreclosure – Yes you can. Many homeowners have defenses to foreclosure that allow them to win or delay the foreclosure lawsuit. We will identify your best foreclosure defense strategy to help you take back control of your situation and stop the mortgage company from taking advantage of you. These foreclosure defense strategies will allow you to leverage your position no matter if you are trying to qualify for a loan modification, want to explore a short sale or deed in lieu or even utilize a strategic default with a waiver of deficiency.
This cannot be stressed enough – You only have 20 days to respond to the foreclosure summons and complaint.
From the date that you receive your summons or complaint, the clock is ticking. To protect your rights, you must respond in writing within 20 days or lose the right to do so. Even if you do not know for certain if you want to keep your home you still should respond to the Court within 20 days. Failure to answer the foreclosure summons within 20 days may cause you to lose valuable defenses in your case. To discuss your options please contact our foreclosure attorney to learn more.
Strategic Default May Be Right for You
Do you owe more on your mortgage than your house is worth?
Did you buy a rental property as an investment only to see the value of your property plummet in the real estate crash?
Do you wish you could just walk away?
If done correctly, with full knowledge of the potential risks and benefits, a strategic default can be the right choice for many property owners. We have advised and represented thousands of property owners in strategic mortgage defaults. Call us today for a free telephone conference to discuss your individual situation and find out if strategic default is the solution you’ve been looking for.
We Know How to Stop Foreclosure and Fight the Lenders
We are familiar with the affirmative defenses to foreclosure. Our legal compliance analysis in the loan, collections, default and foreclosure process has provided grounds to keep banks and mortgage companies at bay for months or even years. We have successfully asserted predatory lending practices, violations of TILA, RESPA, FDCPA and other consumer laws.
There is a very short time to respond if you have received a notice of foreclosure or mortgage foreclosure complaint. In as little as 20 days, the foreclosure process is set in motion and any delay will limit your options and make the situation worse. In addition to losing your housing, foreclosure can have consequences for your credit worthiness, employment prospects and income taxes.