Foreclosure Side Effect

Frustration?  Anxiety?  Dizziness?  You could be experiencing any number of medical distresses…or you could be in home foreclosure.  Yoga is not going to make your legal problem go away.  Instead, foreclosure defense comes with a side effect of its own—time—which may help counteract the stressful side effects of home foreclosure. Time is a side effect of a Foreclosure Defense.  While the legal defense addresses the litigation issues of your case, you have the opportunity to pursue an alternative to foreclosure.  Foreclosure defense is not a denial of debt.  Instead, it asks the bank or loan servicer to prove their case.  While they are busy verifying the records and their authority to foreclosure, you have time to work out an alternative, like a mortgage modification or short sale.  The idea is to reach an outcome of best benefit to you before the lender can complete their case against you. Seek competent legal counsel to discuss your situation.  Sometimes there is no resolution; however, just knowing the steps of the foreclosure process may give you some stress relief.  Understanding the process, and being able to make informed decisions about an outcome reduces the element of the unknown.     Read More

Finish Strong – Foreclosure Defense

In the State of Florida, home foreclosure is not a sprint; it is a marathon.  Furthermore, our judicial process gives homeowners a better chance to finish strong. In Florida, it takes over 900 days to foreclose on most homes.  What could you do in 900 days?  That is two-and-a-half years from now.  Where do you see yourself in two-and-a-half years?  A lot can happen in that period, and you can use that time to work towards a more favorable outcome, like a mortgage modification or a short sale. If you are facing foreclosure, your fiscal fitness is going to suffer, but the idea is to retain as much credit as possible so you can recover faster.  A mortgage modification or short sale usually allows the homeowner to finish in a stronger financial position than if the foreclosure is completed. Despite the long foreclosure process, you may need the help of a third-party professional to pursue a foreclosure alternative.  Mortgage modifications and short sales are not known for their rapid timeframe.  You may need a defense attorney to address the legal aspects of your case while you continue to pursue an alternative outcome. Seek competent legal counsel to discuss your circumstances […] Read More

Voting Rights & Home Foreclosure

Homeowners in foreclosure have rights, one of them is voting.  Even if your home is in a stage of foreclosure, you can still go to the polls. One of the common election myths is that homeowners who have a foreclosure suit filed against them are ineligible to vote.  Not true.  While colonial America required voters to have a certain amount of land holdings, registered voters today are eligible to vote regardless of their real estate ownership status, even if in mortgage default. Furthermore, because foreclosure is a lengthy process in Florida, homeowners can remain in their homes for months after receiving a foreclosure notice.  Our judicial procedure in home foreclosures in this state takes time, giving homeowners the opportunity to pursue an alternative (like short sale or mortgage modification), and also leaving the homeowner in place in their voting precinct so they can cast their ballot. (If you have moved out of your foreclosed residence with no intention of returning to live there, give the Supervisor of Elections your change of address so you can be assigned a new precinct for the next election.)   Read More

Sometimes Change Is Good

The history of homeownership has shortened from the 30-year mortgage model to the 3 to 5-year spell before the homeowner moves.  More change has come with the Short Sale trend, but that change is not necessarily all bad. A Short Sale is when the lender agrees to accept less than the mortgage amount owed. Would you rather have the full amount owed or just the change?  Your lender feels the same way, but in a situation where the house is worth less than what you owe, a Short Sale may be a way for the lender to get at least some return on the property, and allows you to get out from underneath a roof that is crushing you in mortgage debt. If you are facing home foreclosure, a Short Sale could be a welcome change of scenery on your financial future.  While even with a Short Sale you have to leave your credit on the altar for sacrifice, generally you can recover faster than if your credit report has “foreclosure” stamped on it. Seek competent legal counsel if you are served a foreclosure lawsuit in the midst of a Short Sale negotiation, so the legal aspect may be addressed, […] Read More

Alternative Vocabulary for ‘Home Foreclosure’

‘Home Foreclosure’ seems like such an awkward term, leaving homeowners to seek a handy euphemism.  ‘Bankruptcy’ on the other hand is so often incorrectly applied, resulting in loss of credit that might be otherwise saved with the use of an alternative vocabulary, such as the one below: FORBEARANCE – Pay a portion of your regular payment or no payment at all for a specific period of time, at the end of which you begin making regular payments and also pay an additional amount to pay off the past due amount.  This could be the best resolution in a situation of temporary financial hardship, such as job loss. REFINANCING – With enough equity in the home and a good credit score, you may be able to negotiate a lower rate for the loan, reducing the monthly payments. REPAYMENT PLAN –   This is also applied in a situation of temporary financial hardship whereby you work out a plan with the loan servicer to send in extra money for a few months, or the arrears are tacked onto the end of the loan, but the loan’s terms remain the same so the borrower must be able to afford the base monthly payments. RATE […] Read More

Opening a Foreclosure Defense

You do not need a parachute to skydive.  You only need a parachute to skydive twice.  A foreclosure defense is like a parachute—not that you want to go through foreclosure more than once—but often it can slow your terminal velocity so you have more time to work out an alternative landing site. So you have been travelling a while with lending executives, planning to land on a short sale strip.  You are negotiating at a comfortable cruising altitude, finding a price the buyer is willing to pay and the loan servicer is willing to accept, when suddenly someone from the legal department steps from the lavatory and throws you off the plane.  If you do not have a parachute, you may want to open a foreclosure defense; perhaps the paperwork can slow your fiscal descent. Time is a side effect of Foreclosure Defense—not for the sake of remaining in the house payment-free as long as possible, but time to pursue a plan to bring you the best benefit for your circumstances, for instance, time for that short sale to go through before you land flat on foreclosure. Your lender’s legal department and their financial department are two separate entities when […] Read More

Gift of Time

“There’s no present like the time.”  Second Best Exotic Marigold Hotel A Foreclosure Defense may be a piece of that “present” and a Motion for Enlargement of Time may be the bow on top. If you have received a Foreclosure Summons, you only have 20 days to answer…you may need more time to get your act together, to meet with an attorney, to review your legal options, to let your short sale go through or your trial modification to become a permanent modification.  Motion for Enlargement of Time is a common filing in Foreclosure Defense, and gives you that opportunity to regroup and address this as a legal matter and not just a financial debacle.   You only have 20 days to answer a Foreclosure Summons and it needs to be answered properly.  If you are just meeting with legal counsel at that point, your attorney may file a Motion for Enlargement of Time, not to delay the inevitable, but for the chance to review your case and design a strategy toward your best benefit.   Read More

Recovery Mode for Homeowners

Recovery Mode for Homeowners Mount Rushmore was carved during the Great Depression.  Begun in 1927, two years before the Stock Market crash of 1929, work was slowed by intermittent funding, but finally completed in 1941—the faces of Washington, Jefferson, Roosevelt, and Lincoln look unflinching into America’s future.  This national shrine stands today as one of the largest sculptures in the world, and a testament to economic recovery. Your economic recovery may not be carved in stone, but it is not necessarily a monumental task.  Just because you have suffered in the Recession does not mean you are excluded from financial recovery.  Furthermore, there are choices available to best fit your situation, including: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy While a foreclosure alternative may be available, you may need a third-party professional involved in order to complete a resolution.  A HUD Certified Counselor or an attorney may be needed to help you pursue and ending that brings you the best benefit.  Furthermore, that professional can help you navigate the process and give more specific information regarding options at each choice point. Read More

Coming Up Short? Short Sale in Home Foreclosure

What is a Short Sale in real estate and who would want one?  Certainly not the bank.  The bank who loaned the money to buy the house wants all that money, plus the interest agreed upon.  They want all of it, cutting no part of that amount short.  Regardless of what that house may be worth now, the agreement with the lender was to pay the whole amount.  So how does a homeowner get a short sale out of that? Not easily, and not without a sacrifice of credit, but it can be done. What if you are coming up short on making your mortgage payments?  The Short Sale of your home may be the best resolution, depending on your circumstances. A Short Sale is when the lender agrees to accept less than the mortgage amount owed. Again, the bank wants their money, but they do not want your house.  They do not want to open a branch office at your address, keep cold cash in your refrigerator, convert your garage to a drive through and give out lollipops.  Banks are in the business of money, not real estate.  While your home is held as collateral on the loan, the […] Read More

Fish Out of Water Foreclosure Defense

Marco?  Polo.  It is a game of blind man’s bluff played in the swimming pool where the person who is “It” tries with eyes closed to tag another swimmer.  To evade being tagged, a player can get out of the pool, but if “It” says, “Fish out of water!” then the person out of the pool becomes “It.”  Home foreclosure might not be as much fun, but it has a “Fish out of water!” aspect when it calls into question Subject Matter Jurisdiction. Marco? If the lenders and loan servicers have done their jobs right, what is a foreclosure defense attorney going to say?  However, there may be room to talk about the loan servicer’s authority to foreclose. Polo. Subject Matter Jurisdiction is a big deal in our form of government.  The United States Judicial System requires that a court have Subject Matter Jurisdiction over the subject of the case, and requires that the parties are the proper parties to pursue the lawsuit.  With debt sold into secondary markets, Subject Matter Jurisdiction is an important question.  Just because you owe money does not mean the party suing you has the authority to pursue the case. Marco? With institutional lenders, home […] Read More