Being able to remain in your home during times of financial hardship is extremely important. Being forced out of your home can cause personal and further financial distress resulting in a downward spiral that can affect your family and work life. Luckily, with planning and help from an experienced foreclosure defense attorney, it is possible to successfully delay or even stop a foreclosure.
Resources at Your Disposal
If your financial hardship is due to the Coronavirus shut-down, it is important to know what resources are at your disposal to stem the impact before it threatens your home. Did you know for example that foreclosures nationwide have been postponed due to the shut-down? Additionally, important loans and grants may be available to help you and your business survive these difficult times. Browse the links available on our COVID-19 Resources Page to learn more.
Even with the extensions and financial support available, note that foreclosure remains an option your lender may take if you have not fulfilled your payment obligations by the time the extension ends. In that case, now is a good time to consider preparing a foreclosure defense.
Before You Miss a Payment
The best time to take action to protect your home is when you are in a pre-foreclosure posture. This means that you have not yet missed a payment, or that you have missed a few payments but have not yet received a notice of foreclosure from your lender. Your reason for missing or potentially missing payments may be due to loss of a job, other income, other debts or obligations that are otherwise outside of your control. The most important thing to do if you are in this situation is to seek the help of an experienced attorney as soon as possible.
After a Missed Payment
If you have missed payments you may already be in a post-foreclosure posture. Those in post-foreclosure have already received a notice of a foreclosure lawsuit from your lender. Even if you are in this later stage of the foreclosure process, it is essential that you contact an experienced attorney as soon as possible. At South Florida Law, we look at your circumstances and determine the best strategy based on your lender, the state of your mortgage(s) and your ability to repay.
The sooner you contact us, the more options you will have at your disposal.
An Active Foreclosure Defense
Being represented by an experienced real estate Law attorney with a background in foreclosure defense means that your lender is less likely to engage in the costly and time consuming litigation process. For you it could mean a number of options depending on your unique circumstances. The results of a successful foreclosure defense may be:
- More time to adjust your finances so that you can continue to pay your mortgage
- More time to short sell or refinance your home
- The potential of a mortgage principal reduction
- Strategic bankruptcy that reduces or eliminates your mortgage liability
- Your day in court potentially resulting in damages paid to you by your bank
“The sooner you contact us, the more options you will have at your disposal.”
Don’t “Go It Alone”
The most important takeaway is that it is highly recommended that you seek experienced real estate lawyers who have a track record of success in foreclosure defense. At South Florida Law, we have the expertise to strategically mount a foreclosure defense that protects you, your family and your assets based on your unique circumstances. Is your mortgaged property in or near foreclosure? Contact an attorney at South Florida Law by phone (954) 900-8885 or via our contact form and defend your home from foreclosure today.