 Florida Foreclosure Defense
FORECLOSURE! The word itself can strike fear in your heart and keep you up at night. Like many of us, you never thought that a foreclosure was something that you would ever have to worry about. The idea of losing your home is not something that is easy to deal with and can effect you in every aspect of your life. That is why the foreclosure attorneys at The Owens Law Firm, P.A. are dedicated to providing guidance and answers to those in need.
A foreclosure is the process the bank or lender uses to take your home. In simple terms, the bank or lender asks that the court allow a reposession of your home so the outstanding loan can be satisfied. In todays economy there is usually a deficiency balance owed even after the foreclosure. This means that even after the foreclosure that you may owe money to the bank! However, there are steps that you can take to protect yourself and your family. A foreclosure attorney can protect your rights and keep you in your home.
If you are among the thousands of homeowners who have received a summons or a complaint, you are being sued. This summons signals the official start of your foreclosure. Your mortgage company has filed a lawsuit against you and is asking the court to take your home. A foreclosure attorney from The Owens Law Firm, P.A. will present your defenses to the court, protect you from the fraud and lies coming from the mortgage company, and show you the best way to overcome this situation.
We understand that our home is our biggest investment, financially and emotionally. Facing the loss of this part of our lives and our futures is often devastating, embarrassing and almost always confusing. You may hear stories or get advice from friends, family, real estate agents or even the person who served you with the summons. None of these people have the professional expertise that you now need. They do not know the law, know your rights, or have the experience to help you determine the best way for you to protect yourself and your family.
For you to have the best chance of keeping your home and protecting yourself against future financial disaster, you should immediately seek the help of an experienced foreclosure attorney. Time is of the essence, since you only have 20 days from the date of the summons or complaint to respond in writing. Even if you decide to do nothing, you owe it to yourself and your family to examine all your options and make an informed decision. Don’t gamble your family's future.
You should definitely understand that at this point in your life, your bank is no longer your friend. Do not believe that they “really don’t want” your house. If they didn’t want it, they would not have sued you. Do not believe it if they tell you that as long as you are working on a loan modification plan, they will not foreclose on you. They can and they will.
What is even worse than these lies and tricks is how difficult the banks and mortgage companies often make the process of trying to work with them. Many of our clients came to us in total frustration, after trying their best to “do what’s right” but only getting the run around from their bank. If you have already begun to deal with your financial institution, you probably already know that when you call for help, you often get completely different answers each time you call. It is not unusual for a mortgage company to tell you that you must be at least 90 days behind on your mortgage before they will consider you for a loan modification. This is not true.
Neither is it unusual for a mortgage company to ask you for paperwork, and then claim they never received it, or lost it. We have seen people who went through this for months, sending in the same information over and over. While you are doing everything you can to work with them, “your” mortgage company is adding to your confusion as well as adding late fees, extra costs, and still proceeding with the foreclosure. Our foreclosure attorney can assist you work through the loan modification process and show you additional options you may not have considered.
Most of the foreclosure lawsuits being filed in Florida are improper. They rely upon inaccurate and blatantly false information. Documents are commonly designed to hide the history and ownership of your mortgage and note. The media has covered what many are now calling Florida’s “Foreclosure Fiasco” in depth. You may wish to review some of the more recent stories about the situation.
We will determine what defenses are available to you and use these in court to stop the foreclosure. Many people refer to this as delaying the foreclosure, but it does much more than that. By fighting the foreclosure, you will have time to step back and carefully determine your best course of action, and you will know that the decisions you make are based on accurate information. Sometimes our clients will decide that it is best to simply walk away from their home instead of fighting to pay the bank twice as much as the house is now worth. But for many, the valuable time gained by fighting the foreclosure provides the chance to possibly improve their financial situation, find employment, or for a loan modification decision to come through when there would not have been time before.
We will also review the steps you should take to protect yourself when dealing with your bank or mortgage company. These include keeping a journal and call log of all contact you have with your bank, and sending important paperwork such as loan modification applications and supporting documents via return receipt.
The greatest benefit we provide is to give you, our client, a safe and secure forum to be heard in confidence, and the assurance that you will now have all your questions answered by someone you can trust, who is on your side. Once we have determined the best plan for your situation, we will tell you what to expect at each step of the way and keep you up to date on the progress of your case. The most important part of all this is for you to decide to act, to take the necessary steps to protect your rights. When you contact The Owens Law Firm for your free initial consultation, we will put you on the right path to move forward and put your current financial problems behind you.
Florida Foreclosure Basics
What is Foreclosure? – Foreclosure Defense at The Owens Law Firm is a combination of legal defenses, financial stability planning and solutions negotiated outside of the legal system. When you retain The Owens Law Firm, we will respond to your lawsuit with solid legal defenses that will prevent the mortgage company from taking your home without a fight. We handle all legal aspects of your case and explain how and why we file the motions and defenses on your behalf. IN addition, we conduct a thorough financial analysis and create your personal financial strategy to get you through your current crisis. We also assist in negotiations with the bank or mortgage company.
You only have 20 days to respond to your summons. – From the date that you receive your summons or complaint, the clock is ticking. To protect your rights, you must respond in writing within 20 days or lose the right to do so. Even if you think that you want to "give up" your house, are thinking about a short sale, or believe that a loan modification is just around the corner you should immediately contact our foreclosure attorney. Only an attorney can explain to you your options, develop a precise plan of action, and prevent you from being denied valuable legal rights. Again, even if you don't want to keep your home, you have still been sued and you owe it to yourself to seek out the advice of an experienced foreclosure defense attorney.
How long does it take? – This is one of the most important and often asked questions. Unfortunately there is no common, clear cut answer. How long you can remain in your home depends on a number of things including the status of your case, the defenses that are available, proper presentation of those defenses and even how many cases are backlogged in our courts.
Foreclosure Defense Options
Once you have received a summons or complaint, you are faced with six main choices. You can choose to ignore the paperwork, do nothing and hope it will all just go away. Unfortunately, it won’t. At some point, you will be forced to make those difficult decisions or the bank and court will make them for you. Your other choices are to consider a Loan Modification, a Short Sale, a Deed in Lieu, try to pay to catch up or to Fight your Foreclosure. We have reviewed how we help our clients Fight Foreclosures. Here is a brief description of each of the other options.
Loan Modification – The most dangerous option for consumers today is the loan modification. Many if not all of the companies calling themselves loan modification experts are nothing more than scam artists. Often, they do no more than fill out forms that you are more than capable of filling out yourself, and charge you an exorbitant fee to do so. They will also often make guarantees or claims to have special access to the banks or to government programs. They do not. At best, you will waste valuable time and money if you turn to any of these companies without first consulting an attorney. At worst, you may reduce your legitimate options by following their advice. (To learn more about Loan Modifications, click here.)
Short Sale – When your lender agrees to accept less than what you owe on your home, this is a short sale. While this may sound like a reasonable deal for you if you are having problems making your mortgage payments, it often is not. Often a short sale will not guarantee that your lender or investors will not later pursue you for the amount that is “short” or deficient. You could be sued yet again to pay the difference between what you originally owed and the amount the lender received from the sale. To make matters worse, you may not know what the lender is willing to do until you get to the closing table. Or they may avoid your questions entirely, or give you unclear, wishy-washy answers to get you to sign the contract. You should never agree to a short sale unless you fully understand all of the provisions of the contract and what liability you may have after the sale is complete.
Deed in Lieu - A deed in lieu of foreclosure is a process in which you voluntarily turn over your home to the lender as an alternative to foreclosure. Lender's are usually not interested in a deed in lieu of foreclosure when there is a junior mortgage or lien on the property. The reason for this is that a foreclosure is necesary for the lender to obtain clear title to your home.
Fight Your Foreclosure | Foreclosure Defense Strategies
Can I really fight my foreclosure? – Yes you can. Many homeowners have defenses to a foreclosure that allow them to win or delay the foreclosure lawsuit. The Owens Law Firm will identify your best legal defenses to help you take back control of your situation and stop the mortgage company from taking advantage of you. You can use these defenses to leverage your position in seeking a loan modification or to allow you the time to explore a short sale, a deed in lieu and investigate other options.
Common mistakes people make when facing a foreclosure!
Most of our clients come to us with a lot of questions and even more misinformation. Here are some of the most common, and most important, mistakes to avoid as you seek a way out of your financial dilemma.
1) Cashing in Your Retirement. This is almost never a good idea. That money will rarely be enough to provide a permanent solution to your financial problems. Once it is gone, it is almost impossible to get back. Your retirement is protected from most if not all collection actions, including bankruptcy. So you should always keep your money in your retirement account if at all possible.
2) Moving Out of Your House. There are very few reasons to move out of your house until the court says otherwise. Banks are famous for telling you that a sale date is scheduled for your property even when your case is still pending and a sale date is months and months away, if even scheduled at all. So if you want to keep your house, do not move out until you consult an attorney. Foreclosure Defense Strategies should be explored.
3) Listening to Friends and Neighbors. It seems that you can’t turn around without running into someone who has been affected by this financial tsunami. Each will have their own story, and often a story about a friend who tried something, a “magic bullet”, that miraculously solved their problems. Don’t believe it. With so many people facing this financial crisis, if someone had discovered any quick and easy answer, we would all know it by now. Your friends may mean well, but you simply cannot rely on these urban legends or replace solid legal advice with rumors.
4) Hire a Loan Modification Company. Loan modification companies are one of the biggest scams of the decade. They make big promises, often charge thousands of dollars, and then leave you worse off than before. They are lying to you and trying to steal your money. I know this from personal experience since so many of our clients come to us to help stop the foreclosures that resulted from hiring these companies. There may be legitimate loan modification companies out there, but we have yet to see one. If you do decide to use one of these companies, make sure everything is in writing and do not pay a fee until the loan modification has been completed and approved. The truth is that your chance of getting a loan modification is low at best, with or without spending thousands of dollars on one of these scams.
5) Listen to Self-Proclaimed Experts. In addition to the loan modification companies, there is now a cottage industry of scam artists preying on those in need. Since it is illegal for anyone other than a licensed attorney to give legal advice, ask yourself how anyone other than a licensed attorney can help you if you are being sued. There are legitimate real estate agents and others who might be trying to help you. But they often do not understand the lawsuit you are facing, and can’t give you legal advice even if they do. All too often, they give advice anyway, but it is advice that helps them but ends up hurting you. You wouldn’t see a mechanic for a toothache. Neither should you see a “short sale expert” for legal advice. It’s that simple.
6) Not Keeping Notes. These lawsuits can take a long time to resolve. Although you may clearly remember recent events, conversations and paperwork, our memory fades over time for most of us. This is one of the most important, and dangerous, times of your life. You owe it to yourself and your loved ones to keep good notes. This means keeping a running log of the date, time and names of all the people you speak with at your mortgage company. Also, keep a copy of EVERYTHING that you send to the mortgage company, court or anyone else. It is advisable to send these documents return receipt requested as well. Our clients are often told to stop paying their mortgage, or that the paperwork they sent in has been lost. In many cases, the mortgage company will claim that you never sent the proper information and that is why they were forced to foreclose. While the courts are starting to understand that the banks and their attorneys are often less than honest, you need to be able to prove what you have done with a clear paper trail.
7) Being Intimidated. Do not let your situation or your mortgage company intimidate you. The banks and their creditors may try to bully, shame or threaten you. Remember you are not alone. You have options and you have rights. We are here to help and often can provide relief almost immediately.
8) Waiting on the Government. You cannot rely on the government to help you. The government has known about the housing crisis for years and so far NOTHING that the government has done has worked. There is no workable Obama plan, no government program, that you can turn to for relief. You must be proactive. Whether you turn to our firm, or another attorney, you need reliable legal answers from someone representing you and your interests to get you through this.
9) Ignoring Your Summons or Paperwork. If you are sued for foreclosure, you only have 20 calendar days to respond. You will receive critical information sent through the mail and must make sure you fully understand these documents. Be extremely wary of offers to help, since so many are out-and-out scams. Keep all your documents in one place so that you and your attorney can review them and determine the best strategy for your individual situation.
10) Trusting Your Mortgage Company. Don’t. They will lie to you to get what they want. They do it all the time. Here are some of the most common lies to be aware of:
You have to be 90 days late before we can help you.
We won’t foreclose on you if you are in a loan modification plan.
Don’t worry about the deadline. As long as you are in contact with us, nothing will happen.
We really don’t want your house.
You should remain in contact with the mortgage company, but you should not rely on anything they tell you unless it is in writing.
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