What is a foreclosure?
When a secured creditor, usually a Bank, attempts to recover money because they were based on a promissory note to sell the collateral warranty. In simpler terms you have probably borrowed money from a bank or mortgage company to purchase or refinance a home. In exchange for lending the money, you made a promise that if you could not pay them back they could take the house. These are the events associated with the actions as part of the foreclosure process.
Can the bank agent come to the house and evict me?
strong>No! Only a court ruling may force you to leave your home. Finally you may be expelled but there are procedures within the court system that the mortgage holder must follow first within the foreclosure process and then another set of procedures for expulsion.
When do I need to move from my home as foreclosure procedures are being excecuted?
YOU SHOULD NOT !!!!!!!!! The process of foreclosure even when it comes to the end only transfers ownership of your house to the highest bidder. This transfer of ownership becomes complete in a weekend following the auction of foreclosure. After the auction, you automatically become a tenant in the house you formally owned from the start. At this point the new owner must follow legal procedures in your state to expulsion.
What if I don't want to keep my house or I have already exhausted all options and I’m still not able to keep my home?
Generally it always works best dealt with what is called a short sale (the sale of a repossesed house), or also deed in lieu or ever can opt for the insolvency which would apply to the bankruptcy process before it allows it to happen the foreclosure of a mortgage.
In the day of the sale of the foreclosure of my house, does the attorney and potential bidders have to come inside the house?
No. If you would like to invite them inside the house you are free to do so but you are not under any obligation and they may not force you to let them enter the house.
At what point do I absolutely have no other choice?
Never!!. You have not lost until you decide that the fight is finished. Even after a foreclosure of a mortgage, even after an expulsion you still have much of a right to buy your home again in the free market as any one else.
Practically if you have been unable to save the house before a police agent expels you, the opportunities are strong that you can never build a treatment to purchase your home again. This is based in large part assuming you use a capable lawyer and had the ability to close the deal in their favor. If that is the case, you would have been in the house a long time before a police agent comes to remove you from the house.
Foreclosure happens quickly in Florida
You have just 20 days to respond to a default lawsuit. If you do nothing, the mortgage company will steamroll over you and take over your home within three or four months. Our attorneys can help, whether you are ahead of the game or days away from the deadline.
Your home plays an important role in your family's life. They are a symbol of family memories, security and unity. The prospect of losing your home due to unexpected financial problems, such as unemployment or a medical emergency, is frightening and stressful. However, it is important to know that you have options in this situation.
Whether you seek to end the foreclosure process by filing for Loan Modification, Short sale, sell your property or rather file Bankruptcy, the attorneys at the Law Offices of NAVARRO Attorneys at Law, work diligently to help you understand the benefits and ramifications of every option in an effort to help you make the most educated and objective decisions possible.
A solid defense to a foreclosure action will also buy the borrower more time in situations where the borrower may be struggling economically. Once a struggling borrower starts to increase his/her income, the greater the odds that the borrower will qualify for a mortgage modification.
Also, due to the income requirements associated with filing a Chapter 13 bankruptcy to save your home, a proper foreclosure defense can buy the borrower with enough time to meet the income demands associated with a Chapter 13 bankruptcy repayment plan.In a worst-case scenario, where the home is lost to a foreclosure auction, a strong foreclosure defense also results in a more profitable outcome for the borrower. A strong defense to a foreclosure action can delay a foreclosure lawsuit for several months and even years.
Because the borrower is no longer making mortgage payments during that time, the borrower has the luxury of saving his money for an extended period of time while the lawsuit is pending.
For example, if a borrower can save $1,000 a month because he is not paying his mortgage and he fails to properly defend against the foreclosure action and the home is sold at auction in four months, the borrower was only able to save up $4,000.On the other hand, if the borrower aggressively defends the action and the home is lost in fifteen months, the borrower was able to save $15,000! Even when the home is lost, it is almost always more profitable to hire an attorney to represent your rights.
Call NAVARRO Attorneys at Law, at 1-800-692-9802 for a free case evaluation and to discuss the right strategy to defend your home.
There are numerous alternatives to foreclosure:
- Loan Modification
- Repayment Plan
- Settlement Agreement
- Short Pay-Off
- Short Sale
- Deed in Lieu
- Chapter 13 Bankruptcy
In Miami-Dade County, Broward County, Palm Beach County, and throughout the entire state of Florida, foreclosure is a Judicial Process, meaning that the lender must utilize the court system in order to foreclose on your mortgage.
When compared to states with a non-judiciary foreclosure process, the judicial foreclosure process in Florida provides the property owner with additional opportunities and time in which to remedy the situation.
Call the offices of NAVARRO Attorneys at Law today at: 1-800-692-9802, or click here to request a complimentary consultation. We have offices in Miami, Naples & Tampa,to better serve you.