Weiss Legal Group

What Do You Need to Do Once You Have Been Served With a Foreclosure Complaint:

You need to act quickly. You only have 20 calendar days to file a written response with the court, including any defenses you may have. If you fail to file a response, the other party can move for a default against you.  If this default is entered against you, the party moving for foreclosure will have a much easier path to scheduling your property for foreclosure sale after they have obtained a final judgment.

Schedule an Appointment with an Attorney:

There may be defenses available to you of which you may be unaware, or procedural defects in the filing of the lawsuit itself.  If these defenses are not raised in your initial response to the court, the court may find these defenses have been waived.  If this happens, the defense is no longer available for you to raise.  An attorney can prepare your response and include all defenses available to you.  The attorney may also bring a counter-claim against the party moving for foreclosure if the foreclosing party’s actions look to be improper.  An attorney can follow your case and take all necessary steps to ensure the case is properly litigated and that all rules are properly followed.  Further, once both sides are represented by attorneys, litigation tends to take longer to conclude, with your attorney making sure the lender is complying with the law.   This allows you, the homeowner, more time to work on a deal to save their property or to save enough money to relocate if that option becomes necessary.

If you are currently renting a property that enters foreclosure you should also seek legal advice as you need to know what your options are if the property enters into foreclosure sale.

Show Me The Note!

Do to the greed of the banking industry, many notes and mortgages were sold to other entities, often resold several times in total.  During these sales, many times the notes were separated from the mortgage of which they belonged.  Under Florida law, in order to foreclose on your property the lender must have both the note and the mortgage.  Proof of ownership of the note is a must.  This is to protect you, the homeowner, from unscrupulous business practices.  If one lender was to foreclose on your property without proof of ownership of the note and thereafter another lender, having the note, attempted to collect from a homeowner, it would place a very heavy burden on the homeowner.

If the party trying to foreclose on your property does not have the note, there may be several defenses available to you.  There may also be a number of defenses available to you even if the lender is able to attach the note, such as fraud, estoppel, and the lender’s violation of Federal and/or Florida law.

What are Some of the Options to Foreclosure?

Deed in Lieu of Foreclosure – Voluntary surrender of the title of the property to the lender.

Loan Modifications – loan modifications allow you, the homeowner, to lower your monthly payment by permanently altering the terms of your loan either by refinancing or by extending the term of your mortgage.

Reinstatement of the Loan – involves repayment of the total amount owed as a lump sum payment.  This is what servicers of your mortgage pursue as the first option once it has been deemed a homeowner has defaulted on their payments, commonly known as acceleration of the loan.  This reinstatement can be full or partial and can be combined with other options, such as forbearance.

Repayment Plans – Usually involve agreements between the homeowner and the lender which establish a payment schedule allowing the homeowner to bring their mortgage current.  These payments usually include the full monthly payment, as well as a negotiated additional amount which is meant to repay the delinquent amount owed.

Short Sale – Allows homeowners to sell the property for less than the amount that is owed after reaching an agreement with the lender that the lender will accept the proceeds of the sale.  There may be tax implications to this action.

Contact Weiss Legal Group, P.A.

Our attorneys will not only educate you regarding the foreclosure process, but review your paperwork and provide aggressive defense representation.  We will fight for you in protecting your interests in your property.