Monday, 21 May 2018

Top Rated Florida Foreclosure Attorneys Expose Common Fallacies About Foreclosures

By Susan Carter


If you default making mortgage payments for a considerable while, you are bound to receive a foreclosure notice from your bank. This is a legal document that would inform you about the intention of your lender to regain ownership of your property. It is best to act fast and seek the expertise of a lawyer the instant a notice is issued. In fact, it is even better to seek legal advice as soon as you realize that you have an imminent problem. The right Florida foreclosure attorneys would see to it that you are able to make informed choices.

Sometimes, it makes clear sense for a property owner to fight back. If you are in the military or you have a defense, then you should certainly fight the foreclosure notice. Additionally, you need to work with a lawyer to get the notice annulled if you have a defense, your loan servicer made mistakes or you require your loan to be modified. It goes without debate that anyone who wants to keep his or her home should not just wait until it is foreclosed.

The lawyer you choose would help you to differentiate facts from baseless fables. First, you must understand that filing for bankruptcy can only delay foreclosure. The court will issue a temporary stay on any foreclosures that are currently in motion against you. Because the stay will not be permanent, your problem will return sooner or later.

It is also false to argue that lenders are happy when homes are foreclosed. This is a myth that ought to be debunked. The truth is that lenders will want their clients to succeed. Your bank is not your enemy and just like any other business, it has to recover the money spent on financing your home purchase and also ensure that the predetermined profits are realized.

There are certain situations where one may assume that all is lost. Again, this is nothing but a misconception. Foreclosures are intimidating, though they are not unstoppable. Your lawyer would evaluate the unique circumstances of your case and inform you about the best way forward. A case is only lost when a homeowner decides not to do anything about the notice.

There are legal expenses that a lender will incur when going about the process of foreclosing your home. According to the mortgage document that you signed before receiving financing, you are obligated to pay for these expenses. It is hence a myth that you do not have to pay the relevant legal fees if you lose ownership of your property.

Lenders will foreclose properties with the aim of recovering their money in full. In case the sale of your home does not enable them to recover what they have lost, then you will have to settle the difference. In addition, you also have to settle the related interest rates. Claiming that you break all ties with a home once it is foreclosed is hence a fable.

Clearly, not fighting foreclosure may not relieve you of all financial stress. In fact, in most cases, property owners who opt to do nothing find themselves literally jumping from the frying pan into the fire. It is therefore in your best interests to find a competent local attorney to represent you.




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