hForeclosure Defense Attorneys in South Florida
Helping Clients Avoid Foreclosure Sales from Our Offices in Pompano Beach & Miami
A foreclosure sale involves the sale of real estate at public auction. The proceeds of the sale are then applied against the debt owed on the mortgage. Any funds remaining after the mortgage (and the foreclosure costs) are transferred to the defaulting borrower.
What happens when the proceeds of the auction sale are insufficient to pay off the mortgage and/or the foreclosure costs depends on the law where the property is located. Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Many recent cases have been filed improperly and an experienced foreclosure defense attorney in Pompano Beach like ours at Bilu Law can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case.
It’s Possible to Completely Stop Foreclosure
Due to the lender's actions, omissions, or other facts surrounding your case, you may be able to stop making mortgage payments and stay in your home while your attorney vigorously defends your property. This does not necessarily mean that you will not have to pay the loan back or completely stop foreclosure. It is possible to completely stop foreclosure if the bank or lender is in violation of the Florida Unfair Lending Act or other predatory lending practices. If the lender has committed such a violation, the entire principal and interest balance may be waived, and the mortgage may be voided.
At the very least, a successful defense can do is buy you precious time to:
- Stay in your home
- Negotiate a mortgage loan modification with the bank
- Sell your home for a fair price
- Refinance your home at a fair rate Continue to collect rent on the property
- Apply for a Court Ordered repayment plan
- File a Chapter 13 or 7 Bankruptcy
When homeowners are faced with the reality of facing a potential foreclosure, many simply don't know what to do. Selling the home may not be an option because the equity appears to have vanished. To fight foreclosure or not? That is the question.
Contact Bilu Law online and ask about how you can meet with one of our attorneys who can help you build a foreclosure defense.
Day 1 - You are just falling behind and you miss your first payment by a day. No penalties will be assessed at this time
Day 16-30 - A late charge is now assessed to your payment. Your lender or mortgage servicer will contact you for an explanation and to try and resolve the situation from deteriorating further.
Day 45-60 - The servicer sends a "demand" or "breach" letter to the borrower stating the mortgage terms that have been. The borrower is given only 30 days to resolve the delinquent amount. [Source: Mortgage News Daily, Bank Rate]
Day 90-105 - The servicer refers the loan to its loss mitigation department/foreclosure department and retains an attorney or other firm to handle the foreclosure proceedings. Depending on the state where the home is located, the servicer's representative may record a notice of default at the local courthouse and it will be published in the local newspaper. [Source: Bank Rate]
Day 150-415 - A notice of Trustee Sale is filed, and the home is scheduled to be sold at foreclosure sale or auction. This time range varies due to individual state laws and requirements.
"States with judicial foreclosures / where foreclosures are done via the court system, can sometimes extend this period to a year or more."
"A foreclosure is a legal event and there are benchmarks that must be met. Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in both the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property. If a member of the military is an owner of the property, there are additional safeguards required by federal and in some cases state laws From the beginning of the process, however, the meter is running. The longer the foreclosure takes, the greater the debt that accrues and the larger the liability the homeowner has, something that will become critical down the road."
Should You Hire an Attorney?
Clouding the answer to the preceding questions is perhaps the biggest misconception: Hiring an attorney is not a cost-effective option. You may wonder how you can afford to hire an attorney if you can’t pay your mortgage, especially if you’re way behind on payments and have serious financial issues.
First of all, everyone can and should hire an attorney to represent them in their foreclosure case. There are many competent attorneys who specialize in this area. Due to the fact that most of these cases are very similar, many excellent attorneys have experienced staff and can offer extremely affordable payment arrangements. Most people don't know that once the foreclosure proceeding has started, the bank will not accept any future mortgage payments – doing so may adversely affect their ability to foreclose on your property. Furthermore, the bank pays any delinquent real estate taxes and the insurance on the property.
What Happens When the Bank Files the Foreclosure?
In summation, once the bank files a foreclosure lawsuit, most of the homeowner's expenses are being paid by the bank (mortgage, taxes, and insurance). However, as the legal owner of the house with full possession, you have all the rights associated with the same including residing in your home, collecting rents on the property, etc. Imagine the equity you could save or build if you fight the foreclosure case for a year or more. The cost of qualified legal representation is a drop in the bucket compared to your typical homeownership overhead. Time is money and the real estate and financial markets are likely to turn around. The hiring of the right attorney will save you thousands of actual dollars, in addition to thousands in time value of money. It's really a no-brainer.
Is the Foreclosure Process the Same in Every State?
The foreclosure process varies in every state and it's imperative that homeowners understand this process. One thing is for sure, time is not on your side. But an educated consumer is always an informed consumer who can make a "good" decision based on facts and we try to educate you throughout this website.
Foreclosure is just a lawsuit brought by the lender to take back your home.
Just like the lender, you have powerful rights. Rights that include forcing
the lender to prove their case, which requires more than just saying you
are behind on your mortgage. Lenders must take specific steps –
in the correct order and with the correct timing – to prove their
right to foreclose. The lender needs to not only prove that you owe them
the money, they need to show how they calculated the amount due, and that
they actually own the mortgage. Believe it or not, many times that is
more easily said than done. If the lender can’t prove the case,
the foreclosure stops.
[Understanding the Foreclosure Process: Please note that much on this page is quoted from Mortgage Daily News and Bank Rate and direct links are provided to each upon request.]
Made us feel comfortable & set our minds at ease!- John
Very professional and treated me with the utmost respect.- Carola
I would 100% recommend!- Paul
An attorney of the highest caliber.
I would recommend him to anyone looking for an honest, trustworthy attorney” - David
Exception expertise & service.- Jewel
Almost as soon as soon as you fall behind on your mortgage payments, you may begin to feel the specter of foreclosure begin to lurk around your home. While you may not have immediate worries for the first two weeks after going past-due, things start to become more serious at that point and can cause you to lose your home in less than a year.
With help from Bilu Law and our foreclosure defense attorneys in South Florida, you may be able to successfully counter or preclude your lender’s attempts to claim your property through foreclosure. We have helped many clients like you successfully defense against foreclosure actions taken by various lenders. By working directly with you, we’ll be able to build a personalized legal strategy that can help you avoid or mitigate the impact of foreclosure.