Real Estate Attorneys & Business Attorneys | J. Perez Legal, PA
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      • CDC Evictions Moratorium
      • LANDLORD SELF-HELP
      • LANDLORD LEASE TERMINATION
    • Small Business Law
  • Meet the Team
    • Juan J. Perez - Founding Partner
    • Juan Blandino - Associate Attorney
    • Yanet Macias - Senior Real Estate Paralegal
    • Berenice Leyva - Legal Assistant
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Foreclosure Defense

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.
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  • Home
  • Practice Areas
    • Real Estate >
      • REAL ESTATE AGENTS
      • Selling Home without a REAL ESTATE Agent
      • Seller's Legal Representation
      • BUYER'S LEGAL REPRESENTATION
      • CLOSING COSTS
      • CLOSING DOCUMENTS
      • POST-CLOSING MOVE-IN
      • SELLER'S BREACH OF CONTRACT
      • PROPERTY TAXES
      • EARNEST MONEY DEPOSIT
      • REAL ESTATE PROPERTY SURVEY
    • Title Insurance >
      • Real Estate Title
      • TITLE COMMITMENT
      • TITLE INSURANCE COSTS
      • Types of Property Interests
      • Types of Deeds
    • LOAN MODIFICATION >
      • LOAN MODIFICATION ADVANTAGES
      • LOAN MODIFICATION QUALIFICATIONS
      • LOAN APPROVAL DURATION
      • NON-PRIMARY RESIDENCE LOAN MODIFICATION
      • PRINCIPAL BALANCE ADJUSTMENT
    • SHORT SALES >
      • SHORT SALE TAX CONSEQUENCES
      • SHORT SALE DURATION
      • SHORT SALE DEFICIENCY
      • SHORT SALE HARDSHIP
    • FORECLOSURE >
      • FORECLOSURE PROCESS
      • FORECLOSURE OPTIONS
      • FORECLOSURE - THE SUMMONS
      • DEFICIENCY JUDGEMENT
      • POST FORECLOSURE & CREDIT
    • Landlord/Tenant Law >
      • EVICTION PROCESS
      • EVICTIONS GENERALLY
      • Evictions - Public Records
      • 3-Day Notice: Failure to Pay Rent
      • 7-Day Notice: Tenant to Landlord
      • 7-Day Notice: Landlord to Tenant
      • 15-Day Notice: Termination of Verbal Lease
      • 15-Day Notice: Rent Increase
      • Security Deposit
      • Holdover Tenant
      • CDC Evictions Moratorium
      • LANDLORD SELF-HELP
      • LANDLORD LEASE TERMINATION
    • Small Business Law
  • Meet the Team
    • Juan J. Perez - Founding Partner
    • Juan Blandino - Associate Attorney
    • Yanet Macias - Senior Real Estate Paralegal
    • Berenice Leyva - Legal Assistant
  • Contact Us
  • Online Payment
  • Title Calculator