Served with Florida Foreclosure Papers
You need to act quickly. Look at your Summons – you will likely only have 20 or 30 calendar days to file a written response with the court. If you fail to file a response a default can be entered against you, which will make it a lot easier for the lender to have a foreclosure sale scheduled for your property after a final judgment has been entered.
The best course of action is to take the papers to a lawyer who can review them and advise you regarding your next step. There may be defenses you can raise or procedural defects in the way the lawsuit was filed. These defenses usually have something to do with the conduct of your loan officer, items not properly disclosed and regulatory requirements that the lender has not complied with. Our firm will conduct an in depth analysis of your case and assert all relevant defenses to fight your foreclosure. If you do not raise these issues in your initial written response to the court you will probably case to make sure the lender is handling it as the law requires. If a response is filed by a lawyer, your foreclosure case will often take much longer to end, which gives homeowners more time to work out a deal to save the property or to gather enough money for another place to live.
If you are a tenant who is renting a property that enters foreclosure you should expect to be served as a defendant in the lawsuit. You are not required to answer and you have certain recognized rights. Generally, if you have a written lease that predates the foreclosure lawsuit, in accordance with federal law, you will be allowed to stay in the property for at least 90 days after the foreclosure sale.
Ways to Avoid going through Foreclosure:
If you have or will soon fall behind on your mortgage payments, a foreclosure may still be avoided. There are options that may be available to you that can save your home, such as:
- Modification of the loan (you change the terms so they are more favorable);
- Forbearance (missed mortgage payments of an affordable loan are caught up with a payment plan);
- Reinstatement of the loan (you pay the back payments, late fees, attorney fees court costs);
- Deed-in-lieu of foreclosure (you deed the property to the lender);
- Short sale (the lender agrees to accept less from you than they are owed);
- Bankruptcy (court-monitored or approved repayment plan).
Each of these options has legal, financial and other ramifications to your future that you need to understand. It may be in your best interest to consult an attorney before you try to enter into any agreement with your lender, especially if you are not used to negotiating deals or reviewing or drafting real estate agreements. An experienced Florida Foreclosure Attorney can guide you through the entire foreclosure process, assisting with:
- Examining relevant legal documents such as the terms and conditions of your Loan Documents.
- Communicating directly with your lender’s legal department.
- Negotiating with your lender to modify your mortgage, if desired.
- Defending your foreclosure by asserting all applicable defenses.
- Negotiating a deed-in-lieu of foreclosure, if needed.
- Helping you file for Bankruptcy, if needed.
During a thorough consultation session we will discuss all your options, and pursue a strategy that works best for your situation.
Foreclosure vs. Short Sale
When considering to short sale your property and defend a foreclosure a person should consider the consequences to their credit and future employment. Click here for a side-by-side comparison.