Losing legal possession of your home to foreclosure can be devastating. A lot of stress and uncertainty occurs as the financial institution claims ownership. Emotions take over, making it difficult to know what to do. At Mann Law, our attorneys can guide clients through foreclosure; ensuring their financial and mental well-being is first and foremost through the foreclosure process.
Personal Law: Foreclosure
What is a Foreclosure?
A foreclosure describes the legal process lenders can use to cancel the homeowner’s interest in a mortgaged property. During this procedure the lender secures the collateral put up to obtain the mortgage. In most cases, this property is the real estate itself.
Understanding Foreclosure in Florida
A foreclosure usually takes place when the homeowner misses several mortgage payments. This situation often begins with late payments or partial payments caused by financial difficulties experienced by the property owner. When a foreclosure lawsuit is filed, financial problems typically get worse. It is important to seek legal help as soon as you discover the bank is considering its options.
A Fast Response is Critical
In Florida, you have twenty days to respond to your foreclosure notice. Many homeowners react strongly to this type of notice, taking one or more days to process the information. You may be tempted to ignore your foreclosure notice because it is stressful and depressing to do so. Here at Mann Law, our attorneys can ease this emotional turmoil as they guide you through the legal ramifications of foreclosure proceedings. A judge oversees your case, making it even more important for you to seek the skills of a professional who is well-versed in the foreclosure process.
In Florida, you have twenty days to respond to your foreclosure notice. Many homeowners react strongly to this type of notice, taking one or more days to process the information.
Foreclosure Defense Strategies
Fighting a foreclosure is important, particularly if you aren’t ready to simply walk away from your home. Alternative options exist when your lender is agreeable. Our attorneys are familiar with foreclosure defense strategies you can use when you have received a foreclosure notice on your Florida home. While you may not be able to keep possession of your home, you may walk away without ruining your credit or falling into deeper debt.
The alternatives you can use to fight the financial impact of a foreclosure in Florida include:
– Short sale – The home facing foreclosure is sold at a value that is less than the sum total of liens held against the property. The lenders involved agree to accept a payment that is less than what they are owed as payment in full.
– Deed in lieu of foreclosure – The homeowner gives the title of the property to the lender in exchange for the remaining balance on the mortgage.
– Loan modification – When a lender is agreeable, it is possible to modify your existing mortgage to create monthly payments that you can afford to pay.
Safeguarding Financial Well-being during a Florida Foreclosure
The attorneys at Mann Law can assist with each of these foreclosure tasks:
– Review necessary paperwork, including your mortgage document
– Ensure the documents are properly written
– Protect your credit to the best of their ability
– Guide you through the foreclosure process
– Negotiate a short sale for the real estate when possible
– Help you avoid a deficiency judgment when feasible
Please contact Mann Law for a free consultation if you’ve been notified of an impending foreclosure by your bank. Our attorneys can explain the steps that must be taken to address a foreclosure situation. They will work diligently towards the goal of a successful remedy with the best possible outcome for your foreclosure proceeding.