A Fort Lauderdale Foreclosure Attorney Represents Clients in Florida Foreclosure Defense Cases

Fort Lauderdale Foreclosure Attorney Many Florida residents have faced unforeseen circumstances that caused them to fall behind with their mortgage payments. When the status of the mortgage becomes delinquent, the lender may proceed to file a foreclosure complaint in an attempt to repossess the home. If you are at risk of losing your home, a Fort Lauderdale foreclosure attorney can fight for your rights if you quickly take action.

A Fort Lauderdale Foreclosure Attorney Explains Florida Foreclosure Proceedings

Mortgage lenders must follow certain steps in order to legally initiate foreclosure on a home. Initially, you’ll receive a Notice of Default that requests you bring the loan current by a specified date. If the homeowner doesn’t pay the delinquent amount, the lender may pursue legal action.

A foreclosure lawsuit begins when the lender’s attorney files a lis pendens (notice of pending action) with the court. When you receive the complaint, you have 20 days to file a response. Failure to file a response could lead to a default judgment. If you dispute the facts, a judge may set a trial date. If the judge believes the facts aren’t disputed and the lender submits a motion for summary judgment, the judge may rule in favor of the lender.

Once the lender receives a favorable court judgment, it can proceed with the sale of the property at a foreclosure auction. If the title to the property is transferred, you may face eviction. You’ll receive a notice informing you of how soon you need to remove yourself and your belongings from the property.

There are lenders who don’t properly comply with the laws during the foreclosure proceedings, and many homeowners have fallen prey to various types of fraudulent activity. A Fort Lauderdale foreclosure attorney will thoroughly investigate your case and hold the lender accountable if it engaged in unlawful actions.

A Fort Lauderdale Foreclosure Lawyer Discusses Legal Options for Homeowners

Mortgage Modification: If the homeowner wants to retain the property, the lender may be willing to negotiate more affordable monthly payments under certain circumstances. Possible changes to the original loan agreement may include temporary suspension of mortgage payments, lowering the interest rate, reducing the principal loan amount, or increasing the duration of the loan.

Deed in Lieu of Foreclosure: This process requires the homeowner to transfer all of his interest in the property to the lender in order to satisfy the loan and avoid foreclosure. If the lender accepts the deed in lieu of foreclosure, the homeowner signs an agreement that states the debt is canceled and the lender records the deed instrument that shows it has received legal interest in the property.

Strategic Default: When the expense of keeping the home becomes overwhelming, it is possible to walk away from the property in an action known as strategic default. When you stop paying the mortgage, the lender can initiate foreclosure and sell the property at a foreclosure auction. If the property is sold for less than the full amount of your outstanding loan, the lender can pursue you for the deficiency. In order to minimize your exposure to additional financial and legal liabilities, it is advisable to consult with a Fort Lauderdale foreclosure lawyer.

Bankruptcy: Filing for bankruptcy is a form of debt relief that either allows you to surrender the property and eliminate the mortgage or permits you to set up a repayment plan in order keep the house. Whether bankruptcy is a good option for you depends on your financial goals and circumstances. A lawyer can discuss the pros and cons of filing for bankruptcy and other debt relief options.

Speak with a Fort Lauderdale Foreclosure Attorney for Legal Assistance

If you are facing foreclosure, contact a Fort Lauderdale foreclosure attorney immediately. Call Addicott & Addicott, P.A. at 954-454-2605 to schedule a confidential consultation. We will explain your rights and different legal options so that you can decide how to proceed.