Daytona Foreclosure Defense Attorney — Get Help Now to Save Your Home from Foreclosure
How can I save my home from foreclosure? Is there anything I can do to stop a foreclosure in Florida? Are there any options for catching up my mortgage payments or forgiving the past due payments? You may find yourself asking these questions over and over if you are facing losing your home in foreclosure. However, there is one more question you need to ask yourself. Do I have a valid foreclosure defense that can stop the foreclosure lawsuit?
Our Daytona foreclosure defense attorney can review your case to determine if you have a foreclosure defense. If it appears that the mortgage company may win the lawsuit, the attorney can discuss several other options for stopping foreclosure, including filing a Chapter 13 bankruptcy case or requesting a loan modification.
If you have questions about foreclosure defense in Daytona, we urge you to call our law firm right now to speak to an attorney. You may reach us by calling (888) 316-2131. Our Daytona real estate lawyer wants to help you save your home from foreclosure.
Are There Valid Defenses to Foreclosure Lawsuits?
While most people are legitimately behind on their mortgage payments, some homeowners are current or almost current on the payments. Mortgage companies are not without fault. Some property owners pay their mortgage each month, but the mortgage lender made a mistake or an employee is embezzling because the payments are not recorded on the account.
Our Daytona foreclosure attorney can help you file a request for proof of payments so that you can compare the mortgage company’s records against your records to determine when the error occurred. Another defense may be that you were not served properly with the foreclosure complaint or the company did not follow the proper foreclosure procedures in Florida. Mortgage companies must follow strict laws to obtain a mortgage foreclosure judgment to sell the property through a foreclosure sale.
Each Foreclosure Case is Unique
Until our Daytona foreclosure defense attorneys meet with you to discuss your situation, it is impossible to know if you have a valid defense to the foreclosure. Many defenses may apply in some foreclosure cases, but the attorney must analyze the entire case before determining the best defense strategy to use that may stop the foreclosure.
Options for Stopping a Foreclosure
Let’s assume that you do owe the past due payments on the mortgage loan and you do not have any other means of paying the past due payments in a lump sum. Are there other options for stopping a foreclosure action?
A loan modification or refinance may help. With a refinance, you must apply for a new loan with your current lender or another lender. If you are approved for the loan, the proceeds of the new loan pay off your current mortgage lender to stop the foreclosure. However, you owe the same amount if not more on the new mortgage.
With a loan modification, the lender agrees to change the terms of the loan permanently. You might be able to negotiate a lower interest rate, longer terms, and a lower monthly payment. However, if you cannot resume making the monthly mortgage payments, a loan modification does not help.
The third way to stop a foreclosure is to request a forbearance agreement. With a forbearance agreement, the lender agrees to reduce the monthly payment or suspend the mortgage payments temporarily. If your financial hardship is temporary, a forbearance could be an option. However, as with a refinance and a modification, if you cannot afford to make the payments, skipping a few mortgage payments probably will not resolve your problem.
You may also apply for a short sale if you have an interested buyer and want to sell your property to get out from under the mortgage. The lender agrees to accept a payoff that is less than is owed on the loan to release the mortgage. There are several factors the bank must consider before approving a short sale. In addition, the process can take months.
Filing a Chapter 13 Bankruptcy Case
Another solution you might want to explore is filing a Chapter 13 repayment plan. Through a Chapter 13 bankruptcy case, you can catch up your past due mortgage payments in the repayment plan over 60 months. At the same time, you get rid of most, if not all, your unsecured debts and might be able to restructure your car loan to lower the monthly payment. A Chapter 13 case can get rid of your debts while allowing you to keep your home and avoid foreclosure.
Another benefit is that by filing a Chapter 13 petition, you can immediately stop a foreclosure sale. The automatic bankruptcy stay prohibits creditors from taking any further actions to collect debts. Therefore, filing bankruptcy provides immediate foreclosure relief.