If you have missed several mortgage payments, you may have started thinking about the possibility that your lender will foreclose on your home. Too many homeowners make the mistake of thinking the situation is hopeless. Instead of talking to a Fort Lauderdale foreclosure defense lawyer, they start preparing to move. This is one of the worst things you can do.
A foreclosure defense lawyer can explain the several defenses that may be available in your case. Many foreclosure defense lawyers offer free consultations, so it will not cost you anything to speak to one and get the sound legal advice you need. During a consultation, an attorney can outline your options and the possible defenses you may be able to use to save your home, and protect your financial future.
Review Your Options with You
After missing several payments, you may think you only have two options. The first is to repay the debt to bring the loan back into good standing, and the second is to start packing your bags and preparing to move. Fortunately, this is not true. You have many options available to you when you are facing foreclosure, and a lawyer can explain what these are. Among the options available may be a loan modification, loss mitigation, a short sale, a deed-in-lieu of foreclosure, and more.
Just because one option is right for one case does not mean it is the right choice for every scenario. A lawyer will explain the benefits and advantages of each option and how they will affect your future. A lawyer will also guide you through the process of whichever option you choose, and ensure no mistakes are made so your case proceeds as smoothly as possible.
Reaching a Settlement with Your Lender
In certain cases, homeowners can avoid foreclosure and may not even have to build a case for their defense. This is because lenders are often willing to work with homeowners to allow them to stay in the home. Truthfully, lenders have no real desire to foreclose on homes. It is an expensive process for them, it sometimes means they cannot recover the money from the loan, and they are left with a property they do not want.
Lenders are often willing to work with borrowers to reach a lower amount than what is owed. This allows them to recover at least a portion of the debt and saves them from the time-consuming process of foreclosure. A Florida foreclosure defense lawyer will have the expertise, skill, and experience to enter into these negotiations for you and reach an amount with the lender that is more affordable for you.
Represent You at Trial
Florida is a judicial foreclosure state. This means that before a lender can foreclose on your home, they must file a lawsuit against you. During a trial, they then must raise arguments for foreclosing on your home and only if they can convince a judge will they be successful.
For many homeowners, going to trial is a very intimidating prospect. A foreclosure defense lawyer can make it much easier. A lawyer will also know the applicable defenses to raise that can help you save your home. For example, lenders often bundle mortgages together and then sell them to investors. When they do that, they no longer have standing to file a lawsuit against you. Standing means the lender has legal grounds to file a lawsuit. Essentially, they have lost something or will lose something if they do not repay the loan.
An attorney will review the facts of your case to determine which defense is best for your case. A lawyer will also collect evidence to prove your case so you are successful in court.
Shield You from Deficiency Judgments
You may think that if you walk away from your home, or lose your case during trial, you will not have to repay the loan. Some people even see this as the only beneficial thing that comes out of a foreclosure case. Unfortunately, it is not true. A mortgage loan is a legal document, and it is binding. As such, even if you end up losing your home in foreclosure, you may still end up paying the amount you still owe your lender.
During the trial, your lender may ask the judge to issue a deficiency judgment against you. They will raise arguments for why the court should grant this request and if they are successful, you will still be responsible for paying the full amount you owe. For homeowners who are facing foreclosure, a deficiency judgment is particularly challenging. People who cannot pay their mortgage are already in financial hardship, and they will also be facing additional expenses, such as that of a new home. A lawyer can defend against the request for a deficiency judgment so you do not face even more financial burdens.
Assist with Bankruptcy Filing
Filing for bankruptcy will have certain negative consequences. For example, the bankruptcy will remain on your credit report for at least seven years. However, filing for bankruptcy can actually help you keep your home. If you file Chapter 13 bankruptcy, your debt, including your mortgage loan, can be reorganized into a payment plan that is more affordable for you.
If you file Chapter 7 bankruptcy, you can still keep your home. Unlike in many other states, Florida law provides for a homestead exemption that protects the equity in your home up to an unlimited amount. This means that regardless of how much equity you have in your home, you can still keep it in a Chapter 7 bankruptcy.
Let Our Foreclosure Defense Lawyers in Fort Lauderdale Help with Your Case
If you have missed several mortgage payments and are in fear of losing your home, our Fort Lauderdale foreclosure defense lawyers can help. At Loan Lawyers, we have helped thousands of people stay in their homes, and we want to help you, too. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation.
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Loan Lawyers is made up of experienced consumer rights attorneys who use every available resource to develop comprehensive debt solution strategies. Our goal is to take on those burdens, resolve those problems, and allow our clients to sleep soundly knowing they are on the path to a better future.
