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Florida Attorney David C.Lucey Foreclousure Attorney And Loan Modification

Foreclousure Attorney And Loan Modification

  • Are you worried about losing your house?
  • Are you behind on your mortgage?
  • Are your payments too high?
  • Is your mortgage as much or more than the value of your house?
  • Is your family a victim of the economy and/or the falling real estate market?.
  • Has foreclosure already started or are you waiting for it to start at any time?
  • Are you trying in vain to get your mortgage company to work with you on a solution?
  • Are you fed up with the rude people who make you feel like You are the problem?
  • Do you get a different person and different information every time you call?
  • Are you and your family victims of dishonest lending practices?
  • Have you been served with papers from a Florida Circuit Court?

Banks and Florida Foreclosure Assistance

Many South Florida residents in foreclosure are dealt cases that are missing the proper paperwork to foreclose. Unfortunately, Florida foreclosure courts are so overburdened that the judges in many cases are not always reviewing the bank's documents to see if they have properly prepared their case.

Frequently, in these Florida foreclosure cases, the bank has lost the homeowner in foreclosure's promissory note and will claim it has been misplaced. The critical is; did the bank ever really have the promissory note to begin with? The bank is only legally entitled to enforce a note if in fact they can prove they had possession of the note in the first place.

Many times banks will have difficulty proving that they ever had the note and mortgage. In reality, these notes and mortgages have been sold and/or traded years ago. Many of homeowners' promissory notes and mortgages have been pooled, stripped and divided so many times that no one really knows who owns the note and mortgage. These simple notes and mortgages have been turned into obscure securities sold and resold by investment banks - many of which have already disappeared - to unsuspecting investors all over the world. Now these "obscure securities" are being called "toxic securities" and are at the root of the economic meltdown. In fact, the government has been buying these toxic securities as part of the economic bailout in 2008.

As any first year law student knows, when a mortgage is sold to a third party it must be assigned and recorded in the public records. Oddly enough, many of the notes and mortgages that were sold and packaged were not properly assigned and recorded in the public records. Legally, for a Florida foreclosure to proceed through the courts, the chain of title must be shown on the face of the foreclosure complaint. Luckily for many Florida foreclosures, that frequently does not occur.

If you'd like to find out how you can save your home from foreclosure, contact our Florida foreclosure attorneys today and we will be glad to respond to your inquiry.

Alternatives to Foreclosure

If you find that you owe more than your property is worth, (i.e. your property is "underwater") you still have options. In fact, in situations of underwater real estate, there are numerous alternatives to foreclosure. These options include:

  • Refinancing: Options During Florida Foreclosure
  • Thanks to the new credit rules from the Obama Administration, homeowners can be underwater on their payments and still qualify to refinance your mortgage.

    Loan Modifications:

    Options During South Florida Foreclosure

    Although banks are not required to modify loans, many tri-county homeowners will qualify for loan modification. Thus, if your home is underwater or you are facing a true hardship and have found yourself with less income than you previously had, you may well qualify for mortgage modification. While it's possible to complete a loan modification without a foreclosure defense attorney, an experienced attorney can be a great help in guiding your through the application process.
    However, not all borrowers will qualify for a loan modification. In that case, we can help you find the best alternative(s).

  • Florida Short Sale: Options During Foreclosure:
  • Another alternative to foreclosure if you are not able to meet your mortgage obligations is to try to sell your property for less than the amount you owing on the mortgage. This alternative foreclosure option is called a short sale because the bank will come up short at the closing and will not fully be repaid for its loan. Although the Short Sale process can complicated, the critical issue is to secure a written agreement from the lender that they will waive, i.e. forgive the difference between what you owe and the selling price.

    Read on for more information about Florida Short Sales

  • Deed in Lieu: Options During Florida Foreclosure
  • In the event that an attempted short sale is unsuccessful, the best thing to do is consider giving the property back to the bank, which is legally called a "Deed in Lieu" of foreclosure. The benefits to a Deed in Lieu of foreclosure are that it averts a Florida foreclosure and the information placed on your credit report is less damaging than a foreclosure.

    Read on for more information about Deed-in-Lieu of Foreclosures

  • Florida Bankruptcy: Options During Florida Foreclosure
  • Finally, depending upon your personal situation, sometimes filing for bankruptcy in Florida is your best answer. Bankruptcy gives you a new start, a new beginning, and allows you to start over. In two years your credit report can be in fairly decent shape. While this firm does not currently engage in the bankruptcy practice, we do work with other lawyers who do.
    Read on for more information about filing for Florida Bankruptcy. Sometimes our foreclosure defense attorneys will decide that the best course of action for you may be a combination of the options listed above. Because each individual or family situation is unique, there is never a one size fits all approach.

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