Receiving a mortgage foreclosure notice is a stressful and overwhelming experience for a homeowner. However, you still have options even if you receive a foreclosure notification. Our Florida foreclosure defense, debt defense, and bankruptcy attorneys can tailor a unique solution to address your circumstances. Contact us today for a free consultation to learn more about how we can help you.
Foreclosure Basics
When a homeowner can no longer maintain their regular loan payments, their mortgage company may initiate foreclosure by filing a foreclosure lawsuit. This legal action aims to force the sale of the home so that the lenders can recoup the money the homeowner owes them. Our experienced Florida foreclosure defense attorneys can help mitigate the consequences of the foreclosure process.
What to Do if Notified About a Foreclosure
If you receive a foreclosure notification, the two biggest mistakes you can make are to either ignore it or to try to take on your case alone. The most crucial step to take if you receive a complaint and summons for a foreclosure lawsuit is to contact foreclosure attorneys in Florida who can optimize your chances of a favorable outcome of your case.
How Can Our Foreclosure Defense Lawyers Help You Fight Foreclosure?
If you are in the midst of a foreclosure lawsuit or simply worried that the bank might soon serve you with a foreclosure notice, an experienced Florida foreclosure defense attorney is crucial. Your attorney can help you understand your options and fight to avoid foreclosure. Our team at Loan Lawyers will take care of all the legal heavy lifting and keep you updated throughout the process. Based on your situation, we might be able to take immediate steps to halt or delay the foreclosure process.
How Long Does a Foreclosure Take in Florida?
The length of time foreclosure proceedings take depends on several factors. The process can take as little as six months or as long as a year, and potentially longer. This protracted timescale gives Florida homeowners with excellent legal counsel a chance to organize their finances, cure their mortgage default, or negotiate alternative resolutions with their banks.
How Can You Stop a Foreclosure Without Going to Trial?
Even after a foreclosure lawsuit has been filed, there are still options to resolve the matter without going to trial. Some common defenses foreclosure lawyers in Florida can use before trial include:
- Bankruptcy – Filing for Chapter 7 or Chapter 13 bankruptcy will automatically halt any foreclosure proceedings. The bankruptcy court can eliminate your mortgage debt or create a repayment plan to become current on your mortgage. During the three or five-year repayment plan period under Chapter 13 bankruptcy, as long as you continue making all mortgage payments on time, you can protect your home from foreclosure.
- Refinancing – If you have stable income and equity in your home, you may qualify for a new loan with lower payments. With the money received from the new loan, you could pay off your defaulted mortgage and refinance into a more affordable option that allows you to stay current with your future payments.
- Forbearance Agreement – Your lender may agree to temporarily pause or reduce your mortgage payments for a set time until you can get back on your feet financially. This can give you time to manage your assets or secure additional income.
- Loan Modification – You may be able to modify your loan terms to lower your monthly payments permanently. This process may involve extending the repayment period, reducing the interest rate, or adding missed payments to the end of the loan. This system can benefit both the lender and the debtor, as the lender can still receive the money they’re owed, and the debtor can afford to stay in their home.
- Short Sale – The lender may allow you to sell the home yourself and release their lien even if the sale price is lower than what you owe on the mortgage. The benefit of short-selling your home is that you are relieved of the remaining mortgage debt, preventing you from losing your home and still being on the hook for the debt for an asset you no longer own.
- Deed in Lieu of Foreclosure – You voluntarily transfer ownership of the property back to the lender to satisfy the debt and avoid foreclosure. This process works like a short sale by freeing you of your outstanding mortgage debt once you no longer own the home.
Why Hire Loan Lawyers
At Loan Lawyers, our Florida foreclosure lawyers have helped over 10,000 families solve their debt issues, saved over 4,000 homes from foreclosure, and eliminated over $100 million in mortgage principal and consumer debt. See what our clients have to say about working with us in our 600+ five-star reviews and 200+ client testimonials.
