Foreclosure Attorneys in South Florida
Helping Clients with Loss Mitigation from Offices in Pompano Beach & Miami
TheLaw Offices of Bilu Law can help homeowners who can answer "yes" to one or more of the following questions:
- Do you have an adjustable-rate mortgage?
- Are you currently behind one or more house payments?
- Is your mortgage a pick-a-pay or negative amortization loan?
- Is your loan an adjustable rate that is about to re-set or re-cast?
- Do you owe more than your home is worth?
- Do you want to stay in your home?
- If you do not want to stay in your home, are you interested in a short sale or deed-in-lieu of foreclosure?
- Do you want to legally protect yourself against foreclosure?
If you are faced with losing your home due to foreclosure by the bank or mortgage company, call the foreclosure attorneys in Pompano Beach at Bilu Law. If you own a home in South Florida (Including Broward, Pompano Beach or Dade County), and you're stressed, feeling hopeless or confused about what to do when threatened with foreclosure, call us.
Bilu Law’s lawyers are experienced in real estate and property matters. They know what needs to be done to help their clients stay in their homes. Our foreclosure filings attorneys in South Florida are well versed in loss mitigation and loan modification.
What Is Loss Mitigation?
Loss mitigation is a negotiated agreement between the homeowner and the lender that will stop foreclosure proceedings permanently, allowing the homeowner to stay in their home while preserving their credit history.
After your initial consultation, we will determine the necessary steps to save your home and protect your credit. We can explore various options to save you from foreclosure or get you out of foreclosure if a complaint has been filed. The techniques that we implement vary in each individual circumstance.
If our client wants to keep their property, we will explore plans including but not limited to:
- Loan Modification
- Repayment Plans
- Stipulation Agreements
- Claim Advances
- Mortgage Short Sales
- Deed-in-Lieu of Foreclosure
- Special Forbearance/Forbearance Agreements
Your foreclosure filings attorney in South Florida from Bilu Law can help you with any of the above means to mitigate your financial loss if you’re unable to pay your mortgage. Unsure what these topics mean or what’s involved with them? Review these brief explanations below to familiarize yourself with them.
Understanding the Benefits of Loss Mitigation
Loss mitigation is a method that allows homeowners to prevent foreclosure by collaborating with their lender to find a mutually beneficial solution. Refinancing, mortgage short sale, deed-in-lieu of foreclosure, loan modification, and special forbearance/forbearance agreement, repayment plan, and stipulation agreement are all alternatives for loss mitigation.
Choosing loss mitigation over foreclosure has several benefits, including:
- Protecting your credit score: Foreclosure can have a negative impact on your credit score, making it difficult to secure loans or credit in the future. Loss mitigation can help you avoid foreclosure and protect your credit score.
- Reducing stress: Foreclosure can be a stressful and emotional process. Loss mitigation can help alleviate some of this stress by providing alternative options that allow you to keep your home or exit the situation in a more controlled manner.
- Keeping your home: Loss mitigation can help you keep your home by finding a solution that works for both you and your lender. This can involve restructuring your mortgage or finding a new repayment plan that is more manageable for you.
If you are facing foreclosure, it's important to consider your options and choose the best course of action for your situation. At Bilu Law, our experienced foreclosure attorneys in South Florida can help guide you through the loss mitigation process and find a solution that works for you. Contact us today to schedule a free consultation.
The process of paying off your mortgage with the proceeds from a new loan using the same property as security.
Claim Advance: FHA Loans or Conventional Loans with Private Mortgage Insurance
These plans allow for arrears to be cured by advances made by the insurer of your loan. The funds are used to bring your account current and you are obligated to repay the funds advanced. You may be required to sign a promissory note to repay the insurer through monthly installments or in one lump sum at a pre-determined time. On FHA loans, this option would require an additional lien to be placed on the property.
Mortgage Short Sale
If your property value is not sufficient to pay the loan in full, the lender may be able to accept less than the full amount owed. Sale proceeds are accepted as settlement for the debt. You may or may not be required to sign a promissory note for the difference or a portion of the difference.
Deed-in-Lieu of Foreclosure
This option allows you upon approval to deed your property to your lender, the investor, or insurer as settlement in lieu of foreclosure. Property must be free of all other liens.
A program in which a portion of the arrears (outstanding debt) may be added to your remaining principal balance to bring the account current. It may also be possible to adjust the term of your loan and/or reduce your interest rate.
Special Forbearance/Forbearance Agreement
A formal, written agreement between you and your lender to reduce or suspend monthly payments for a pre-determined period of time. This will give you the opportunity to recover from your hardship.
A formal, written agreement between you and your lender in which Lender accepts your regular mortgage payment and a portion of your arrears for a pre-determined period of time. These plans are designed to bring the account current over a period of time and avoid the initiation of foreclosure.
A formal, written repayment agreement between you and your lender to bring the account current after a foreclosure action has begun. The plan suspends the foreclosure action and is designed to bring the account current. The plan payments consist of your regular mortgage payment plus a portion of the arrears each month for a pre-determined period of time. These plans are designed to bring your account current over time. The foreclosure action would be canceled if the plan were successfully completed.
If you are facing a foreclosure situation or desire a loan modification or other loss mitigation assistance, reach out to Bilu Law for legal assistance. We offer free consultations for prospective clients so you can become familiar with the ways in which we may be able to help you resolve your situation. We’ll work beside you every step of the way toward the best possible outcome.