Call Us to Help Stop Your Foreclosure
We know these questions and answers only cover the tip of the iceberg and we would but we can help you with additional information and guidance. Give us a call to schedule a free consultation with Charles or Frederick.
Call to schedule your free consultation regarding foreclosure defense and/or mortgage loan modification with a lawyer who has help thousands of individuals, families and businesses in situations similar to yours.
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In addition to these locations, we have satellite offices throughout the State of Florida and can competently handle your case in virtually every Florida County.
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What is foreclosure ?
It is the legal way a mortgage company sells or repossess (takes away) your home, usually due to missed mortgage payments. Because foreclosure is a legal process, there are certain foreclosure procedures the bank or mortgage company must follow before they can legally take back your home or property. They cannot force you to leave your home or property without going to court first. Do not let any real estate investor or scam artist tell you differently.
What should I do if I have received legal papers?
In Florida, the foreclosure process moves very quickly. Once you are served with legal papers, you have twenty days to answer the foreclosure complaint with a legal response. Every day counts. You must act quickly to save your home or property from a court ordered foreclosure sale and to stop foreclosure. In your ANSWER, you need to detail all the foreclosure defenses and counterclaims you have against the bank or mortgage lender. If you do not state them in your answer, under Florida law you may lose them forever.
Can I really defend against a foreclosure even if I've stopped making payments ? ABSOLUTELY! This does mean, however, that you will not have pay the loan back. What a successful defense can do is buy you precious time to:
Stay in your home rent free
Potentially continue to collect rent on your property
Negotiate a work-out with the bank
Sell your home at a fair price
Refinance your home at fair rate
Apply for a court ordered repayment plan
File Chapter 13 or 7 Bankruptcy
Do I really need a foreclosure lawyer to represent me?
You have the right to represent yourself in any legal or foreclosure proceeding. But if you were being accused of a crime and facing jail time, would you represent yourself, or would you want a competent attorney standing shoulder to shoulder with you in the courtroom? Why settle for less when your home or property is at stake? Having the right foreclosure attorney to advise you in the complex foreclosure process is very important. Many people facing the possibility of losing their homes are confused whether they should hire a foreclosure assistance firm or a foreclosure attorney. We tell those people to ask the foreclosure assistance firm if they are going to represent them and fight foreclosure for them in court. We tell them to ask these "foreclosure help or assistance firms" if they can even advise you of your legal rights. The answer is always no. If they are not attorneys, by Florida law they cannot fight for you in court or even advise you of your legal rights. We also ask them to ask about what type of payment plans can be worked out to allow hiring of a competent attorney. We have been doing this a very long time - since 1968. We have several references in your area to prove it. If a payment plan works for you, why wouldn't you hire a foreclosure attorney to represent you?
Do I really need a foreclosure lawyer to stop a foreclosure?
The banks have lawyers. Why wouldn't you have a lawyer on your side. One of the biggest misconceptions is that hiring a foreclosure attorney is not a cost-effective option. First of all, EVERYONE can and should hire a foreclosure attorney to represent them in their foreclosure case. Most people don't know that once the house foreclosure proceeding has started, the foreclosing bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the foreclosure bank pays any delinquent real estate taxes and the insurance on the property being foreclosed upon. In fact, once the bank stops accepting mortgage payments and files a foreclosure action, most of the home owner's expenses are being advanced by the bank. However, as the legal owner of the house with full possession, you have all the rights associated with the house including residing in your home. The cost of qualified legal representation to fight foreclosure is a drop in the bucket compared to your typical home ownership overhead and the real estate and financial markets are likely to turn around. Hiring a qualified attorney to defend you and your home from foreclosure is really a no-brainer. Since our law firm has focused on the litigation of residential home foreclosure and commercial foreclosure cases for the past several years (before bank foreclosures have become so prominent), we have become developed significant expertise in this area. You should never hire a foreclosure lawyer based solely on an advertisement. As of December 5, 2008, well over 95% of our foreclosure cases and foreclosure referrals are from other satisfied clients. References are available upon request.
How can I hire a lawyer to help me fight a foreclosure when I am upside down and can't even afford my mortgage payements?
One of the biggest misconceptions is that hiring a foreclosure attorney is not a cost-effective option. First of all, EVERYONE can and should hire an attorney to represent them in their foreclosure case. Most people don't know that once the house foreclosure proceeding has started, the foreclosure bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the foreclosure bank pays any delinquent real estate taxes and the insurance on the property being foreclosed upon. In fact, once the bank files a foreclosure action, most of the home owner's expenses are being advanced by the bank. However, as the legal owner of the house with full possession, you have all the rights associated with the ownership of the house. The real estate and financial markets are likely to turn around. Hiring a qualified attorney is really a no-brainer. Since our law firm has focused on residential home foreclosure and commercial foreclosure cases in South Florida for the past several years (before bank foreclosures and loan modifications have become so prominent), we have become developed significant expertise in this area. You should never hire a foreclosure attorney to defend your foreclosure case or negotiate a loan modification solely based from an advertisement. As of December 5, 2008, well over 95% of our foreclosure cases and foreclosure referrals are from other satisfied clients.
Do you offer payment plans?
Yes. We understand the situation you are in and offer extremely affordable payment plans to home owners and investors who need an attorney to represent them in a foreclosure case. Payment plans are based on mortgage amount ALWAYS much less than the cost of the mortgage.
DO you accept credit cards?
Yes, we accept Visa and Mastercard
Does it matter whery my property is located ?
Yes. We currently are defending cases throughout the state of Florida, primarily in Miami-Dade County (Miami Lawyers, Coral Gables, Coconut Grove, South Miami, Perrine, Kendall, Hialeah, Aventura, South Beach and Miami attorneys), Broward County (Hollywood Beach, Hallandale Beach, Davie, Dania Beach, Pembroke Pines, Miramar, Weston, Plantation, Fort Lauderdale Beach, North Lauderdale, Lauderhill, West Lauderdale and Fort Lauderdale lawyers) and Palm Beach County (Boca Raton lawyers, West Palm Beach, Palm Beach Gardens, Boynton Beach, Royal Palm Beach, Wellington, Lake Worth, Rivera Beach, Jupiter and Manalapan). We also represent clients in Southwest Florida (Naples, Fort Myers Beach, Tampa, Sarasota, Saint Petersburg ;Central Florida (Orlando, Lee County, Flagler County), Northern Florida (Jacksonville, Tallahassee, Panama, Pensacola, Destin).
What is a short sale?
A short sale is when a mortgage lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $500,000. You write an offer to the lender for $400,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders know they could lose a lot more money if the property goes to auction. There are so many fees involved if the foreclosed property goes to auction, that they would be better off taking the discount beforehand and be finished with the headache of it all. Your lender will use the proceeds from the sale to pay off the mortgage and the remaining balance will be negotiated or perhaps even forgiven. This avenue is open for homeowners who are willing to part with their property but keep their credit rating with the least amount of negative reports. Negotiating a Short Sale with the lender is can be a lengthy and difficult process, generally because it is very hard to find the bank officer who has the authority to accept a discount. Much like getting your phone bill corrected, you can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the hard work and the negotiating can begin. The mortgage lender may require a written contract between you and the buyer, a HUD-1 or settlement statement of the sale, a buyer assurance letter stating the potential buyer is approved for the new loan, proof that the house has been on the market for a minimum of 90 days with a real estate agent and financial information from you showing that you can't afford the house. If you are willing to sell your home or currently have your house on the market, some lenders might agree to put your foreclosure on hold while you attempt to sell your home through traditional real estate methods. You may be able to qualify if your mortgage is at least 2 months delinquent, you are able to sell your home within 3-5 months and your new appraisal shows that the value of your home meets HUD program guidelines. You will be able to pay off your mortgage loan to avoid foreclosure and prevent any damage to your credit rating.
Why did my mortgage company send my payment back to me?
Many banks and lenders will refuse to accept any mortgage payment unless it is the entire amount you are behind (including late, collection & legal fees) once you miss just one payment. The difficult part is sending it back to you often causes you to get further behind. Once foreclosure proceedings have started your mortgage lender will ordinarily not accept any payment less than the full amount that is in arrears including foreclosure costs and foreclosure legal fees. If they do accept a late payment, it may also be used against them as a foreclosure defense.
I am behind on my mortgage payments - how much time do I have before the foreclosure process begins?
Foreclosure time varies according to State Law. Time is not your ally when you are behind on mortgage payments. You generally have 30 days from the date of the filing of a complaint in a judicial state. You generally have less than 90 days from notice in a non judicial state. Although there are many other factors that an attorney may be able to do after that period, you need to take action as soon as possible.
What about credit card bills or auto loans that I am also behind on payments? First, you have to deal with the possible foreclosure. Keeping you in your house is the first priority. We may be able to help you with unsecured debt, credit cards and medical bills. In certain instances collection companies, creditors and credit agencies may have acted in a manner that allow you the ability to eliminate or modify the amount of debt and increase your credit score.
How long does the foreclosure process take?
The Foreclosure Process could be completed in as little as two to three months or several years, depending on your foreclosure defense, foreclosure affirmative defenses, and whether or not you have representation by a qualified foreclosure attorney. The good news is that, while the foreclosure process goes on, you maintain possession of your home and continue to enjoy all the benefits of home ownership.
What is a "deficiency judgement"? If the note holder does NOT recover the amount of their mortgage note plus any expenses of collection, they may still sue the borrower for the balance due even after the foreclosure.
Several companies have recently contacted me to offer help, how are you different ? All the information contained in this website shows how radically different we are. We are attorneys with over 70 years collective experience as well as direct relevant experience working on the side of lenders in the mortgage industry. There are dozens of foreclosure assistance companies that either are "scams" set up to take your money or your home. There are many other companies that claim to have expertise which they do not have. There are websites where anyone can become a "foreclosure consultant" by paying less than $100. On the other hand, there are attorneys who, generally, are more expensive and who do not really understand this very specific area of the law. Most of them will suggest that you file for bankruptcy and/or attempt to spread your mortgage arrearage over time. There are some fine practitioners in this area, but they are few and far between and generally will be quite expensive.
My adjustable rate mortgage (ARM) is going to reset and I will not be able to afford to pay the entire amount. Is it too early to seek foreclosure help? Interestingly, for the most part, only homeowners in the foreclosure process can modify their loans. This almost forces you to stop payments. Although this is changing for some homeowners who qualify under certain federal and state programs to compel lenders to modify mortgage loans before default, the percentage of home owners who qualify is very, very low. These programs are simply not enough.
I've already spoken with my mortgage lender and they just want all of their money. Can you still help me?
Absolutely. You have been dealing with the servicer of your loan and they are usually not very helpful. They are set up to handle massive numbers of calls from call centers staffed with very inexperienced employees. We try, in every legal way imaginable to get past them to the holder of the loan or at a higher echelon of the servicer, to negotiate a deal that is good for them and you.
Do I need to have a special type of mortgage in order to negotiate with my lender?
No. We can help with virtually any type of delinquent loan, including conventional loans, VA, FHA, refinancings and home equity loans.
What if I can no longer afford my home? Depending on the facts that are discovered during our review, our attorneys may be able to negotiate a lower interest rate which means lower payments. Even after exhausting the negotiation and foreclosure process, if you simply cannot afford the mortgage payments, we may be able arrange a Deed-In Lieu of Foreclosure to avoid a deficiency judgment. This can also prevent a foreclosure from showing on your credit.
Should I file for bankruptcy in order to save my house ? This is a question to be answered directly from your attorney. However, you need understand that, at this time, bankruptcy cannot compel the holder of your mortgage to modify your loan so that you can stay in your home comfortably. Sometimes, in bankruptcy, your attorney can obtain a loan modification but, again, that lawyer must be an expert in negotiating these types of agreements. In most instances, the best that can be achieved is losing the home but not having the problem of a deficiency judgment. Before bankruptcy, in many instances we can negotiate what would seem to be a better solution that will keep you comfortably in your home with payments you can afford.
THE BANKS HAVE LAWYERS
YOU SHOULD HAVE A LAWYER ON YOUR SIDE
WE DEFEND HOMEOWNERS
WE DEFEND FORECLOSURES
Law Offices of Charles L. Neustein P.A.
777 Arthur Godfrey Road, Second Floor
Miami Beach, FL 33140
Phone: 305-531-2545
Toll Free: 888-400-2889
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