Foreclosure Defense
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LAW OFFICES OF
JUAN J. PEREZ & ASSOCIATES, P.A.
ATORNEY AT LAW / ABOGADO
FORECLOSURE DEFENSE
What is Foreclosure: Foreclosure is the legal process by which the bank attempts to regain control of the property in order to sell the property at a public auction to payoff any amounts owed under the promissory note. In order to effectively foreclose on a property the bank must bring a lawsuit against all parties who have or may claim to have an interest in the property.
How long does Foreclosure take: The general minimum time frame for Foreclosure action is 60-90 days. However, if you retain legal counsel and defend your Foreclosure action the opportunity to extend your ownership of the property increases tremendously. Other options may also be available to you.
When does Foreclosure begin: The Foreclosure begins when you are served with the legal papers from the court.
What you have to do when those papers are received: It is important to understand that when you receive the papers for Foreclosure, that you have only 20 days in which to send a response to the court. If you do not respond to the court you may lose all of your legal rights to defend your action. Furthermore, if you choose not to hire an Attorney you also may lose your opportunity to raise certain defenses that will help you in your Foreclosure case. Therefore, it is extremely important that you contract the service of an Attorney to represent you in the defense of your Foreclosure.
What are my options once the Foreclosure begins: Once your Foreclosure begins you still have several options remaining, which include but are not limited to: Redemption of the property, Modification of your loan, Short Sale, Deed-in-Leiu of Foreclosure and Bankruptcy. All of the options that were mentioned above are still available to you until the court sales your property at a public auction. Remember that in a majority of cases the sale cannot happen in less than 60-90 days from the date you receive your first court papers. So it is important to work diligently in attempting to refinance, modify, or Short Sale your property during the time frame of the Foreclosure action.
Modification. Modification of your current loan is the reorganizing of your loan to get you a better interest rate or better payment terms. Normally, your options are to request that the bank lower your interest rate, extend the time frame for repayment of your loan, forgive/forbear past due amounts or penalties, and lastly lower the balance of the amount owed. Let us help you to determine your eligibility for a loan modification and to discuss your potential options.
Refinance your Loan. Refinancing of your loan includes taking out a new loan to pay off all the current loans currently against your property. Many times the refinance is not an option because there is no equity remaining in the property. If you have equity still in the property or if you have money to apply towards the refinance, then this may be an option for you.
Sell your Property. There are two ways to sell your property:
A. Normal sale. A normal sale is your typical sale and purchase of real property. If there is equity in a property or if you have money to pay off the outstanding deficiency then a normal sale will be available to you. However if the value of the property is less than the amount owed on your loan this option will not be available.
B. Short Sale. A short sale is a process by which you sale the property to a buyer for less than what you owe to the bank, however because you are sailing it for less than the amount owed you will have to let the bank know that you are short in the amount to pay off their loan. Hence the name Short Sale. Please keep in mind however that a Short Sale is still something that must be negotiated with the bank. And just like the option of the modification there is no guarantee that the bank will accept your Short Sale.
Bankruptcy. Bankruptcy is the legal process by which you get rid of all your outstanding debts or restructure the payments of your outstanding debts.
How long does Foreclosure take: The general minimum time frame for Foreclosure action is 60-90 days. However, if you retain legal counsel and defend your Foreclosure action the opportunity to extend your ownership of the property increases tremendously. Other options may also be available to you.
When does Foreclosure begin: The Foreclosure begins when you are served with the legal papers from the court.
What you have to do when those papers are received: It is important to understand that when you receive the papers for Foreclosure, that you have only 20 days in which to send a response to the court. If you do not respond to the court you may lose all of your legal rights to defend your action. Furthermore, if you choose not to hire an Attorney you also may lose your opportunity to raise certain defenses that will help you in your Foreclosure case. Therefore, it is extremely important that you contract the service of an Attorney to represent you in the defense of your Foreclosure.
What are my options once the Foreclosure begins: Once your Foreclosure begins you still have several options remaining, which include but are not limited to: Redemption of the property, Modification of your loan, Short Sale, Deed-in-Leiu of Foreclosure and Bankruptcy. All of the options that were mentioned above are still available to you until the court sales your property at a public auction. Remember that in a majority of cases the sale cannot happen in less than 60-90 days from the date you receive your first court papers. So it is important to work diligently in attempting to refinance, modify, or Short Sale your property during the time frame of the Foreclosure action.
Modification. Modification of your current loan is the reorganizing of your loan to get you a better interest rate or better payment terms. Normally, your options are to request that the bank lower your interest rate, extend the time frame for repayment of your loan, forgive/forbear past due amounts or penalties, and lastly lower the balance of the amount owed. Let us help you to determine your eligibility for a loan modification and to discuss your potential options.
Refinance your Loan. Refinancing of your loan includes taking out a new loan to pay off all the current loans currently against your property. Many times the refinance is not an option because there is no equity remaining in the property. If you have equity still in the property or if you have money to apply towards the refinance, then this may be an option for you.
Sell your Property. There are two ways to sell your property:
A. Normal sale. A normal sale is your typical sale and purchase of real property. If there is equity in a property or if you have money to pay off the outstanding deficiency then a normal sale will be available to you. However if the value of the property is less than the amount owed on your loan this option will not be available.
B. Short Sale. A short sale is a process by which you sale the property to a buyer for less than what you owe to the bank, however because you are sailing it for less than the amount owed you will have to let the bank know that you are short in the amount to pay off their loan. Hence the name Short Sale. Please keep in mind however that a Short Sale is still something that must be negotiated with the bank. And just like the option of the modification there is no guarantee that the bank will accept your Short Sale.
Bankruptcy. Bankruptcy is the legal process by which you get rid of all your outstanding debts or restructure the payments of your outstanding debts.
CONTACT US: TEL: 954-450-2585 FAX: 954-450-2595
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