Foreclosure Defense Law

If you are a homeowner that is receiving foreclosure notices, we can help you. Foreclosures can be overwhelming and stressful, and the process can be very confusing. There are several steps that a Bank or Mortgage Company is required to go through, according to Florida State Laws and Federal Laws. We can represent you and navigate the process on your behalf for the best possible outcome.

What is Foreclosure?

Foreclosure is a judicial process the lender and/or its servicer has to undergo to take back its collateral (home) when a homeowner is in default. A homeowner has to be in default for at least 120 days before the lender can start the foreclosure process. In the meantime, the lender will mail the homeowner Notices of Default and Notices of Intent to Accelerate the loan to alert the homeowner that they have defaulted on the loan, and the lender is calling the whole loan due. This notice must also list options for the homeowner to avoid foreclosure. If the homeowner continues to be in default, then the lender will seek judicial intervention by filing a foreclosure complaint.

In Florida, once you are served with a complaint, you have 20 days to file an answer and/or affirmative defenses. If you do not comply, you run the risk of defaulting on your home, and a default judgment will be entered against you, which will severely hurt your credit and FICO score. If this happens, it will quickly accelerate the foreclosure process against you. You will be foreclosed upon rapidly. It is in your best interest to speak with a foreclosure defense attorney immediately if you are served with a foreclosure complaint. 

Hire an Experienced Foreclosure Defense Attorney

Hiring an experienced foreclosure defense attorney can buy you some time during the foreclosure process and help navigate a settlement instead of a foreclosure judgment. Through the process of discovery, your attorney can examine your loan documents to determine if there was predatory lending or any TILA or RESPA violations. As your foreclosure is defended, it is paramount that you also engage in loss mitigation, which can include any of the following: obtaining a loan modification, doing a short sale, or a deed-in-lieu. If the house is simply unaffordable and it is worth less than what you owe, it makes economic sense to either sell it or do a deed-in-lieu of foreclosure or enter into a consent judgment with a deficiency waiver. Your attorney will explain all options available to determine which option is a good fit for you. Settling out of a foreclosure is also less damaging to your credit report. 

All of the options explained above are much more favorable than doing nothing and walking away from your home. Once a final foreclosure judgment is entered against you, your home will be sold at a public auction, and your lender has the right to file an action against you for the deficiency if the lender has not recouped its full loss from the sale of the home. A final foreclosure judgment and additional litigation can be very detrimental to your credit, which can haunt you for 7 to 10 years. Thus, merely doing nothing and failure to defend and participate in a settlement will put you at a considerable disadvantage.

We are here to help. Call us today at 727-600-5858 or contact us for a consultation if you are in default or have been served with a foreclosure complaint. We will evaluate your case and financial situation and consult with you on possible options to help you determine the best way forward. It is our pleasure to help you, your family, and/or business with your legal needs.