Sunrise Foreclosure Lawyers on Your Side
If you have missed a mortgage payment or two, you may fear that your lender will foreclose on your home. Perhaps you have already received notice that the bank is going to start foreclosure proceedings.
For many homeowners, this feels like a hopeless situation. Fortunately, that is not the case. It is possible to stop a foreclosure and there may be defenses available in your case that you are not aware of.
Below, our Florida foreclosure defense lawyer explains the process and the ways you may be able to keep your home.
The Home Foreclosure Process in Sunrise, FL
Florida is a judicial foreclosure state, which means lenders must obtain approval from the court before they can foreclose on a home.
The Florida foreclosure laws establish that the process starts when your lender sends a notice that they are going to start proceedings. The lender must then file a lawsuit with the circuit court that is in the same location as the property.
After you receive notice of the lawsuit, you have 20 days to respond, and it is important that you do.
If you fail to respond, the lender will petition the court for a default judgment against you, and they will likely succeed. A default judgment allows the lender to foreclose on the home without giving you the opportunity to raise defenses in your case.
During a foreclosure trial, you can present many defenses to the judge. Foreclosure trials do not involve a jury. Many people who have never been through a foreclosure trial before do not know what to expect.
Even those that have often do not know about the defenses available in their case, which is why speaking with an experienced Sunrise foreclosure lawyer can help to save your home.
Negotiating with Your Lender for a Loan Modification
Truthfully, lenders do not want to foreclose on properties. The process is a long and costly one for them. They would much rather keep people in their homes when possible. For this reason, banks and other institutions are often willing to negotiate loan modifications with borrowers.
Through a loan modification, you can change any part of the loan including the interest rate, the life of the loan, and even the outstanding amount.
Reaching an agreement with your lender, and even getting approval for a loan modification, is never easy. While lenders do not want to seize homes, they also want to make sure they recover as much of the debt as possible.
Many homeowners are not familiar with negotiating, particularly when their home is on the line.
Having a Sunrise foreclosure defense lawyer on your side can give you the best chance of being approved for a loan modification and will know how to negotiate for the terms most favorable to you.
Force a Loan Modification Through Chapter 13 Bankruptcy
It is possible to obtain a loan modification without going through your lender at all. You can do this using Chapter 13 bankruptcy.
Some people choose this option when they do not think their lender will approve a loan modification or when bankruptcy is a better option, such as when a borrower needs to manage other debt, as well.
A Chapter 13 bankruptcy restructures all of your debt into a repayment plan. The plans typically give you three to five years to repay all of your debt and payments are structured to be more manageable for you.
After a judge approves the repayment plan, the court will issue an order. Under the order, lenders cannot force you to pay more debt than what the plan outlines, and you are responsible for making all payments on time. Lenders, including your mortgage lender, are required to comply with this order and so, it can force your lender into a loan modification.
It is important to note that you do not have to repay your entire mortgage loan during Chapter 13 bankruptcy. You are only required to repay the delinquent amount.
It is just as important to remember that you will have to stay current on future payments, as well. Those payments may not be protected under Chapter 13 bankruptcy and if you do not make them, your lender may start the foreclosure process all over again.
Stopping a Foreclosure Sale with an Automatic Stay
If you are considering bankruptcy to stop a foreclosure, it is important to know about the automatic stay. An automatic stay is a court order that is issued immediately after you file bankruptcy in Sunrise FL.
The automatic stay prohibits lenders and debt collectors from trying to collect the debt from you during the entire duration of your bankruptcy case.
An automatic stay will be issued regardless of whether you are filing for Chapter 7 or Chapter 13 bankruptcy.
If you are filing for Chapter 7 bankruptcy, you may not have the same guarantee of keeping your home that you do during Chapter 13.
Still, an automatic stay can give you the necessary time to determine if the homestead exemption offers any protection or to prepare another defense to keep your home.
Failure to Meet Certain Conditions for Foreclosure
Lenders must follow a very specific procedure when they are trying to foreclose on a home. They must also meet certain requirements, known as conditions precedent.
One condition precedent lenders must fill is to send you a notice of default.
This notice must inform you of the amount you currently owe, and the steps you must take to bring your loan back into good standing. This provides you with an opportunity to correct the situation before foreclosure proceedings begin.
If your lender fails to meet this requirement or any other, you can use the defense of failure to fill conditions precedent in your case.
Our Sunrise Foreclosure Lawyers Can Advise You of Your Legal Options
Stop nervously searching Google for a “foreclosure attorney near me” – we’re here to help!
If you have missed mortgage payments or your lender has started the process, our Sunrise foreclosure defense lawyer at Loan Lawyers can advise you of your legal options.
We have helped thousands of homeowners stay in their homes, and we can help you, too.
Call us now at (954) 523-4357 or reach out to us online to schedule a free consultation and to learn more.
Why It’s Important to Choose the RIGHT Law Firm to Assist With Your Foreclosure
Read this 5-star Google review below regarding a foreclosure defense case
“Just wanted to say thank you to Ashton Rooks, and Ruth Grauuw who did an awesome job in helping me save my home. If you need help with a home foreclosure please give Loan Lawyers a call. Thanks again Ashton and Ruth for all your help.”
By: Michael Loudin
Rating: 5/5 ⭐⭐⭐⭐⭐
Read more reviews on Google!
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