You may be thinking of the possibility that your lender will foreclose your home if you have failed to make several mortgage payments. Many homeowners mistakenly believe that the situation is impossible. Instead of contacting a Fort Lauderdale foreclosure lawyer, they begin to prepare to move. This is the worst thing you can do.
A foreclosure defense lawyer will explain the various defenses available to you. Many lawyers offering free consultations are available. This will allow you to get the legal advice that you need. An attorney will discuss your options and explain the defenses that you might be able to use to save your house and preserve your financial future during a consultation.
Take A Look At Your Options
You may feel you have only two options after missing multiple payments. You have two options. One is to pay off the debt and get the loan back in good standing. The second is to pack your bags and prepare to move. This is false. There are many options for you when facing foreclosure. A lawyer can help you understand them. A loan modification loss mitigation, a short-sale, a deed in lieu of foreclosure, and many other options are possible.
One option may not be the best for all cases. An attorney will discuss the pros and cons of each option, and how they can affect your future. You will be guided through the entire process, no matter which option you choose.
A Settlement With Your Lender
Some homeowners may be able to avoid foreclosure. In some cases, they don’t even need to file a defense case. Lenders are willing to work with homeowners in order to let them stay in their homes. Lenders don’t want to foreclose homes. They are often left with a property that they don’t want.
Lenders will often work with borrowers in order to reduce the amount owed. Lenders can recover at least some of the debt, and this saves them the tedious process of foreclosure. A foreclosure defense lawyer can help you negotiate a lower amount with your lender and will be more cost-effective.
Represent You At The Trial
Florida can be considered a judicial foreclosure state. A lawsuit must be filed against you before a lender can foreclose your home. They will then have to present arguments in court for closing your home. Only if they are able to convince a judge, they will be successful.
Many homeowners find going to court intimidating. It can be made much simpler by hiring a foreclosure defense lawyer. An attorney will know which defenses you can raise to save your home. Lenders often combine mortgages and sell them to investors. They can no longer sue you if they do this. Standing is when the lender can file a lawsuit against you. If you don’t repay the loan, then they have either lost or will lose something.
An attorney will examine your case and determine the best defense for you. An attorney will also gather evidence to support your case in court.
Protect You From Deficiency Judgments
It may seem that you won’t have to repay the loan if your home is sold or your case is dismissed. This may even be viewed as the only benefit of a foreclosure case. It is false. Mortgage loans are legal documents that have binding effects. Even if your home is foreclosed, it may still be possible to owe the lender.
Your lender might ask the judge to issue you a deficiency judgment during the trial. Your lender may make arguments to the court for granting this request. If they succeed, you will still have to pay the entire amount you owe. A deficiency judgment is a difficult decision for homeowners who are facing foreclosure. A deficiency judgment is a difficult decision for homeowners who are facing foreclosure. You can have a lawyer defend you against the deficiency judgment request so that you don’t face additional financial burdens.
Assist In Bankruptcy Filing
There are some negative consequences to filing for bankruptcy. The bankruptcy filing will be on your credit report for at most seven years. Filing for bankruptcy can help you keep your house. You can reorganize your debts, including your mortgage loan, into a more affordable payment plan Chapter 13 bankruptcy
You can keep your home even if you file for Chapter 7 bankruptcy. Florida law, unlike many others, allows you to protect the equity in your home for an unlimited amount. You can keep your equity in Chapter 7 bankruptcy, regardless of how large it is.
This post was written by Trey Wright, a bankruptcy lawyer in Jacksonville FL with extensive experience! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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