MidFirst Bank Foreclosure Defense

MidFirst Bank touts itself as the largest privately-owned bank in the entire country, which they say places them in a rare position. Unfortunately, there is something MidFirst Bank has in common with all of the other larger, public banks. That is the fact that they do not always treat customers fairly. Sometimes, they even unfairly try to foreclose on homes, leaving homeowners panicked and uncertain about their future.

If you have a mortgage with MidFirst Bank and they are now threatening to foreclose on your home, it is important to remain calm. Even if the institution has already filed a lawsuit against you, it does not mean that you will automatically lose your home. Below, one of our Fort Lauderdale foreclosure defense lawyers explains further.

Who is MidFirst Bank?

According to its website, MidFirst Bank offers a wide range of trust, commercial, private banking, and mortgage banking services and products. MidFirst Bank also promotes itself as a strong commercial real estate lender and one of the major servicers of mortgage loans throughout the country. While they do operate nationally, MidFirst Bank has primary markets in Tulsa, Oklahoma City, Denver, western Oklahoma, and Phoenix. The bank also has commercial real estate lending offices in Houston, Atlanta, Southern California, and New York.

Bankruptcy Can Stop Foreclosure

While bankruptcy should always be a last resort, it can be a good alternative when trying to stop foreclosure. Whether you file Chapter 7 or Chapter 13 bankruptcy, the courts will issue an automatic stay. After an automatic stay is issued, creditors and debt collectors cannot contact debtors to collect on debt. Even if MidFirst Bank has already filed a lawsuit against you, or has started short sale proceedings, as long as the sale has not happened, you can still file bankruptcy and an automatic stay will be issued.

Chapter 7 bankruptcy may save your home temporarily, during the automatic stay and throughout the rest of proceedings. Since the bankruptcy trustee will try to liquidate some of your assets to repay the debt, though, there is no guarantee that you will be able to permanently keep your home. If you wish to remain in the home for years after, filing Chapter 13 may be a better option.

During a Chapter 13 bankruptcy, your debt is restructured into a repayment plan. This debt can include your past-due mortgage payments. Chapter 13 repayment plans typically extend between three and five years, which may give you the time you need to catch up on your past-due payments and keep your home.

How Can a Fort Lauderdale Foreclosure Defense Lawyer Help You Fight MidFirst Bank?

Regardless of the lender or servicer that is trying to foreclose on your home, you should never try to fight them on your own. A Fort Lauderdale foreclosure defense lawyer will know the tricks and strategies institutions use, and that they are not always fair or legal. A lawyer can also guide you through the process so you have the best chance of a successful outcome.

During an initial consultation with a lawyer, they will review all of the facts of your case to determine if a successful outcome is possible. If so, your lawyer will then collect the documents they need from you and may even start drafting a counter lawsuit. A temporary restraining order may be issued to temporarily stop foreclosure proceedings. After a temporary restraining order is issued, your lawyer will then start considering ways to keep your home that are more permanent, including refinancing, a loan modification, potential short sale, cash for keys, or they may be able to help you stay in your home for a longer period.

Possibility of Moving Your Case to Federal Court

It is not uncommon for mortgage lenders and servicers to ask a judge to move their case to federal court. If the judge approves this request, it can be more difficult to be successful in your case. Federal court is more expensive than state court, and there are many strict rules and guidelines you must follow. MidFirst Bank may also file many motions, such as a Motion for Summary Judgment or a Motion to Dismiss. It is important to work with a lawyer who is familiar with federal court and who can answer these motions for you to give you the best chance of success.

Possible Resolutions in Your Case

Many cases involving MidFirst Bank end with the lender offering a loan modification or other terms that may allow you to keep your home, these alternatives are not always possible. In these cases, other options may be more viable and they are as follows:

• Permanent loan modifications: A permanent loan modification can change your monthly mortgage payment to an amount that is more affordable for you to pay. Your existing mortgage will be replaced by this permanent modification and its new terms.
• Selling the home: If you file a lawsuit against MidFirst Bank, you may be able to negotiate a principal reduction that will allow you to sell the home and even make a small profit. Filing a lawsuit can also provide you with the additional time you need to sell the home.
• Short sale: A short sale refers to selling your home for an amount that is lower than what is currently owed on the mortgage. You will need approval from the lender to do this.
• Cash for keys: If other options are not viable for you, it may be possible to obtain a cash-for-keys settlement with the lender. While this will not help you keep the home, it can keep a foreclosure off of your credit report.

Our Foreclosure Defense Lawyer in Fort Lauderdale Can Help with Your Case

If MidFirst Bank has threatened to start foreclosure proceedings against you, it is important to obtain sound legal advice. At Loan Lawyers, our Florida foreclosure defense lawyers can provide it and advise you of the solutions that can help you stay in your home. Call us now at (954) 523-4357 or contact us online to schedule a free case review and to learn more.