Mortgage Foreclosure Attorney Florida

In Foreclosure?

Orlando Mortgage Foreclosure Lawyer – providing aggressive and affordable professional services to consumers who are facing foreclosure or unfair and illegal collection practices in attempting to collect a consumer debt, and other legal services to residents in Orlando, Kissimmee, and throughout the Central Florida Area.

Foreclosure and What to Expect?

  • What is foreclosure?
  • Who has the right to foreclose?
  • What is the foreclosure procedure?
  • How can I stop foreclosure?
  • What about a loan modification?
  • What about help from the government?

What is foreclosure?

To foreclose on property is for a creditor to assert a claim of right, given by the owner of property to a creditor, to transfer interest in property to the creditor in the event the present owner (borrower) fails to pay an obligation, usually created by a loan agreement or promissory note.

In short, in most cases, it is when a lender takes property from its owner and sells it in order to satisfy an unpaid debt.

Who has the right to foreclose?

In most cases, the right to foreclose on an interest in property is granted to a lender by a borrower who executes a mortgage at the time of the closing of the loan secured by the mortgage.  A mortgage authorizes the lender foreclose on the mortgage for non payment and to force a public sale of the property.  When the property is sold, any funds remaining after paying off the obligations to the lender and other junior lien holders.

What is the foreclosure procedure?

When a person defaults on a loan agreement with a mortgage company, perhaps by failing to pay a monthly note to a mortgagee (lender), in most cases the lender has an automatic right to foreclose on its interest in the property that was mortgaged.  A lender may begin the procedure very soon after a monthly payment is late, but most lenders wait at least 90 days before beginning the “foreclosure process.”  At that time, the lender will direct its attorneys to file a lawsuit, and file papers in the public records against the mortgaged property to foreclose on its interest in the property, force a sale, and collect the proceeds from the sale that are due the lender.

How can I stop foreclosure?

There are many advertisers who claim they can “stop foreclosure.”  A more realistic claim would be that they can “postpone” foreclosure – there are some exceptions, but only under limited and unusual circumstances.

One way to stop foreclosure is to “cure the default” and keep current on the monthly note from that day forward.  A borrower usually has the right to “cure the default” by paying all past due monthly payments, plus reasonable penalties, fees, and attorney’s costs, prior to the sale date.  However, curing the default is impractical for many people.  Another way to stop foreclosure is through a loan modification discussed below.

There are several ways to Postpone Foreclosure.  The most reliable method is to file for bankruptcy protection.  However, the expenses involved are often more than the cost to move to another property.

A property owner may be able to use administrative and procedural methods, but those methods are not totally reliable, though often can provide some delay.

A lender is usually agreeable to postponing the Sale if the owner makes a good-faith attempt to sell the house short (commonly called a short sale).  This is because the lender would prefer to transfer ownership of the property directly from the borrower/present owner to another owner as opposed to taking title to the property, placing it on the market themselves, and selling it as a foreclosed property.

What about a loan modification?

A Loan Modification is an agreement between a mortgage holder and a lending institution. The reality of the matter is that lending organizations don’t want to deal with foreclosure any more than homeowners do.  This is because foreclosing on a property actuallyends up costing a lending institution money – experts estimate that each foreclosure will cost between $16,000 and $30,000, depending on the house in question. A foreclosure means that the lending institution must forfeit the cost of the mortgage, as well as pay property taxes on the seized house and pay a realtor until the house gets sold again, and most houses seized in foreclosure go for much cheaper than they would at normal market value.

Can you answer yes to any of these questions?

  • Have you fallen behind on your mortgage payments?
  • Is your home now worth less than you owe on the mortgage?
  • Are your payments and interest sky high and unaffordable?
  • Are you facing foreclosure?

If you answered yes to any of these questions, we can help!  You don’t have to lose your home, but you can only save it if you act quickly!  President Obama has been urging mortgage lenders to work with homeowners to save their homes. As part of his foreclosure bailout plan, he has asked lenders to modify mortgage loans to help owners avoid foreclosure and bring their payments current.  This plan could help: Reduce your mortgage payments substantially. Reduce your interest rate significantly. Give you more time to pay off your loan. Stop foreclosure proceedings that have already begun. Wipe out late fees that make it hard to get caught up.  Reduce the principal balance on your mortgage.

Lastly, remember that creditors are not permitted to use unfair and illegal collection practices in dealing with you at any time.