Carmen Gallardo
Overall the real estate market in our country in the last years has been in a state of turbulence. The days when a property could be sold in a matter of months have been left behind. During these times the housing, the mortgage industry has become what might be called a delusion. Often, lenders do not check thoroughly the financial status of borrowers.
Loan originators make enormous amounts of money by approving loans far beyond the normal scope of applicants. Expenses houses were acquired with only a small initial payment, and now its value decreased dramatically.
Everything is further complicated by the fact that the trend in our housing industry drops and affects the health of our economy. As a result of this depression, many people have lost their jobs or have had to accept a lower wage. Businesses have had to cut staff as its sales declined. These are the main reasons why many of our neighbors are in danger of foreclosure.
Before deciding how to deal with foreclosure, you should have at least some basic knowledge of the foreclosure laws of Florida.
Foreclosure is when a borrower/homeowner is unable to keep up with the payments on his/her mortgage. This allows the lender to recover the balance by seizing the property, evicting the homeowner and selling the home as specified in the mortgage contract.
When someone purchases a home a loan is requested from a bank or loan company. Sometimes the owner may choose to request the loan after the purchased was made. Accumulated capital is given as security. This is called line of home equity. Some individuals may choose to refinance the mortgage with a line of home equity attached. In order to claim the payment, a lien is placed in the house by the lender. When the owner can’t make payments on the loan any longer, in order to recover the borrowed portion, the lender will foreclosure and sell.
Florida law requires that all foreclosures are under the supervision of the court. The lender initiates the foreclosure proceedings by filing a foreclosure lawsuit with the Circuit Court. The foreclosure lawsuit filed must be accompanied by a "lis pendens" (or notice of pending actions, an alert to a potential purchaser or lender that there is a concern to the property's title).This is proof or documentation that the public notice was given in the execution of an outstanding mortgage.
Deadline for Florida foreclosure depends on the programming court. In Florida the process typically takes 180 to 200 days for a foreclosure unopposed. Calendar can stretch further if the borrower disputes the foreclosure or file bankruptcy. In Florida there is a " Right of Redemption" which allows the owner of a foreclosed home reclaim their property by paying the total amount due plus costs.
There is a time limit for invoking redemption. There is also the provision of "deficiency judgment", which can be invoked if the property is sold at auction for less than the balance owed. If this is the case, the owner will be liable for any shortfall.
In simple terms, the Defense of foreclosure is the struggle that you place with your lender trying to foreclose on your property. The objective of the defense is to stop foreclosure in its entirety. A defended foreclosure will bring about many benefits for the borrower including, avoidance of a deficiency judgment on the property, a loan modification offer that brings the principal balance to the market value of the property, ability to live in the house while the process takes place and better terms from the bank to settle.
The law in Florida needs home foreclosures occur within the oversight of the Circuit Court. The task of proving that they have the right to foreclose lies with your lender. This gives your foreclosure defense lawyer in Miami the right and the opportunity to carefully examine all aspects of your loan and the circumstances.
Your lender does not necessarily have to make a mistake for you to take advantage of the defense strategies that a Foreclosure attorney in Miami can offer. The courts can stretch the foreclosure process. These delays could give you the time to develop a workable solution to your financial problem.
There are different possibilities you can explore to prevent foreclosure on your property. These options may include, a short sale, personal bankruptcy, refinance or modify your mortgage.
Actually, the lenders prefer you stay in your home sending monthly payments instead of foreclosure on your home. Foreclosure attorneys or bankruptcy attorneys will negotiate with your creditor and help you find alternatives.
Working with foreclosure attorneys can be one of the best things you do for yourself. Lawyers know Florida laws and they are able to assist you through the whole process without having to invest a lot of time, successfully avoiding the persecution of creditors. Foreclosure can be complex requiring some attention by lawyers who will determine which path to take that mostly fits your particular situation. But although legal organizers or non-lawyers are quite affordable, this may not be the best legal route to take since they can’t provide the experienced legal counsel a lawyer can provide you with representing you in court.
The bank has an attorney representing them, you also have the right to have one to represent your rights and help you reach a resolution that makes sense for you. The majority believe that the home is the largest financial investment ever done, so the foreclosure attorney is your best option to fight for your house and negotiate with lenders on your behalf.
Foreclosure laws are quite complicated, so it is very important for people who have their properties in foreclosure to contact a lawyer before sending any documents to court. By doing this, you are ensuring that your interests are protected and moving forward in the direction that brings you and your family the most relief.
Legal representation for mortgage foreclosure process can help put an end to situations that you do not have to face alone. You can rely on the professionalism and expertise of the attorneys to guide you through and battle your creditors to protect your legal rights and everything else you have worked for.
The Miami bankruptcy attorneys serve an important role in the process of financial crisis for many people. Gallardo Law Firm has lawyers that have helped many customers overcome debts. Miami bankruptcy attorneys will help you recover your finances and furnish you with a thorough explanation of the bankruptcy law and its benefits and choices depending on your individual specific situation.
It is important to work with bankruptcy lawyers from the start because they know the laws of Florida and can lead you to restore your financial troubles in the shortest time possible, successfully reducing debt and avoiding the persecution of creditors. Bankruptcy can be a complicated legal process that requires some attention by which bankruptcy lawyers can help you determine which type of bankruptcy best fits your debt. Many individuals seek the help of bankruptcy organizers (non-lawyers) to complete the bankruptcy forms because they might be a little cheaper than lawyers, but they do not have the legal provision to represent them before the judge in the bankruptcy court.
Our foreclosure defense lawyers at Gallardo Law Firm can help you with the different alternatives a defense to foreclosure brings about. They also explain the benefits and impact of foreclosure.
They will guide you through the whole process that best suits you. With Gallardo Law Firm you will obtain competent representation for such an important event. Our bankruptcy attorneys are very knowledgeable of the new requirements and eligibility standards and will be able to expedite the process efficiently.
The mortgage foreclosure defense lawyers at Gallardo Law Firm in Miami work diligently to assist clients on the edge of losing their home to negotiate assertively with the lenders and help them get their lives back on track.
We also have legal advise online at our website, advising prospective customers of their rights.
