FAQs

A foreclosure is a lawsuit whereby a lender files suit on its mortgage in order to be paid or to obtain title to the property. If successful, the lawsuit will foreclose the title and interest of the owner and result in a sale on the courthouse steps or in an online auction. When a borrower misses payments, the lender may file a complaint instituting a foreclosure lawsuit. The complaint will normally be served upon you in person by a process server. To avoid a default, a defendant must respond within 20 days after being served. 

According to Statista, the number of housing units with a foreclosure filed upon them increased by 100% in 2022 from the year prior. For more information about foreclosure in Ft Lauderdale, FL, contact us today.

Loan modifications are changes to your loan that might reduce your monthly payment and enable you to keep your home. Modifications such as a reduced interest rate or an extended maturity (or both) may reduce your monthly payment but leave you with the same principal balance. You should discuss with your attorney your circumstances to determine the loan modification best suited for you.

To learn more about loan modification and foreclosure in Ft Lauderdale, FL, call us today.

You may wish to direct your attorney to negotiate a loan modification with your lender that may reduce your monthly payments, reduce your interest rate, change your maturity date, and even reduce your principal balance. There are no guarantees, but many lenders would rather keep you in your home and work out new payments with you. Contact us today to work with a professional experienced in loan modification and foreclosure Ft Lauderdale, FL deserves.

The term “short sale” is familiar to most people who watch the news regularly. Stories about the “mortgage meltdown” and the “collapse of the housing bubble” often mention short sales, usually in relation to homeowners who are underwater. 

A short sale takes place when a home is sold for less than what is owed on it, or when a homeowner is undergoing financial hardship, falls behind on their mortgage payments, and is unable to repay the debt by selling the house. Some homeowners utilize the short sale as part of their financial planning strategy because it may be their last chance to avoid foreclosure. Your attorney and your tax advisor should be consulted regarding tax considerations and foreclosure in Ft Lauderdale, FL.

Many times the seller works with their attorney to prepare a package for the lender that includes a letter describing the seller’s financial hardship, documentation of their income, and monthly bill payments. The lender may approve the sale if the seller makes a convincing case that they cannot afford to pay the mortgage now or in the future. Contact us today for more information about short sales and foreclosure in Ft Lauderdale, FL.

If your home is in foreclosure in Ft Lauderdale, FL, DO NOT DELAY! Talk with an attorney as soon as possible. You may be at a tremendous disadvantage until you have your own attorney that knows the process and can protect your interests.

If your home is not yet in foreclosure, talk with your lender directly about a lower payment or a loan modification. Talk with an attorney, mortgage broker, or credit counselor to better understand your options. Only an attorney will be able to advise and represent you in loan modification and short sale negotiations, as well as defend a foreclosure lawsuit if one is filed against you. Mortgage brokers and credit counselors are not attorneys, and cannot help with loan modifications or defending a foreclosure case in court. Remember, negotiations for a loan modification or a short sale will not stop or suspend any foreclosure lawsuit. If or when you are served with a foreclosure lawsuit, talk with an attorney as soon as possible.

You only have 20 days to file a response with the court. You should talk with an attorney to represent you as soon as you receive the lawsuit. Individuals may also choose to represent themselves if they feel they can confidently handle the matter. Contact us today to discuss the details of your foreclosure in Ft Lauderdale, FL.

When a lender files a foreclosure action against you, you cannot be required to move out of your house until the presiding judge issues a foreclosure judgment. Even then, you cannot be removed from your home until a foreclosure auction is conducted. With the assistance of an attorney focusing on defending the lawsuit served against you, your attorney is able to obtain additional time to work with your attorney on negotiating a suitable loan modification, short sale approval, or deed-in-lieu of foreclosure. Even after the auction is conducted there is still some additional time allowed for you, which may be only 10- 15 days. If you have hired an attorney, you should consult with that individual about your specific foreclosure in Ft Lauderdale, FL.

Attorneys are the only persons licensed to represent you in court. Loan modifications are not court proceedings and may be negotiated whether or not you are in foreclosure. If you are in foreclosure, an attorney may be necessary and may handle negotiations for loan modification and short sales, too. If you are not yet in foreclosure, you or others may negotiate. credit counselors, mortgage brokers, and non-profit organizations. Others can assist with loan modifications in certain limited circumstances. These organizations can be very helpful, but do not rely upon them to protect you in a foreclosure lawsuit. You must retain an attorney or act as your own attorney to protect you if a foreclosure lawsuit is filed. You should also be careful that any people or organizations assisting with a loan modification are properly licensed. Contact us today for professional assistance with your foreclosure in Ft Lauderdale, FL.