Frequently Asked Florida Foreclosure Defense Questions

FLORIDA FORECLOSURE FAQ’S

For most Florida homeowners, foreclosure, short sales, loan modifications and other financial difficulties start with many questions.

We’re here to help!

Find answers to basic questions here on our website. For answers specific to your circumstances and needs, contact us for a Free Case Evaluation.

Florida Foreclosure Terminology

More information coming soon.

Florida Foreclosure Litigation Timeline

More information coming soon.

What are the alternatives to foreclosure?

More information coming soon.

What is a securitized transaction?

In short, a securitized transaction is where the original lender sells the loan to Wall Street.

This often arises in a Florida foreclosure lawsuit where the homeowner is being sued by some New York trust they never heard of.  The process is not illegal but it is extremely procedural, meaning, the paperwork had to be done a certain way.

Thousands of homeowner foreclosure cases are springing up not just in Florida, but across the country, are based on faulty securitization.  When plead correctly and brought by attorney with experience in this area, they are very effective.  The banks have made a lot of mistakes and if you have your paperwork reviewed by an experienced auditor and a knowledgeable lawyer, there is a good chance you will get great results.

Challenging a loan based on the law of negotiable instruments, New York trust law and the requirements of trust pooling and servicing agreements is very complex.  To be effective, a homeowner should turn to attorney versed in these highly specialized areas of commercial and real estate law.

If you are a Florida homeowner being sued for foreclosure by a New York Trust, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer with Eannarino Law, P.A. Law at (561) 275-1500.

What is an assignment of mortgage?

This frequently arises where an Assignment of Mortgage is attached to a Florida foreclosure complaint.

An assignment of mortgage is a document transferring ownership of real property from one party to another.  In Florida, to transfer ownership of land, the document must be notarized and recorded in the county clerk’s office where the property is located. The party who assigns is called the assignor and the party who receives the transfer of title (the assignment) is the assignee.  In Florida foreclosure cases, the property owner typically sees the assignment for the first time when it is attached to the foreclosure complaint.  This document was likely prepared by the law firm representing the plaintiff or the bank in the law suit against you.  Sometimes they are filed with the clerk, other times they are not filed yet filed but described in the complaint to be filed.  So long as they are signed prior to filing the lawsuit, most courts will grant the plaintiff bank standing to sue you.

To complicate matters, if you are being sued by a foreign trust, you are likely part of a complicated “securitized transaction” by a trust holding hundreds or thousands of mortgages on behalf of investors.

Learn your options and how affordable it may be to defend your Florida foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer from Eannarino Law, P.A. Law now at (561) 275-1500.

What is my Loan-to-Value (LTV)?

More information coming soon.

Why won’t the bank modify my mortgage?

More information coming soon.  Read more about loan modifications here.

What is a short sale?

A short sale is the term used to describe a real estate sale in which the seller receives less than the amount owed on the mortgage. The bank or other lender agrees to forgive the difference (or portion thereof) between what is owed and what is realized from the sale. In markets with declining home values, short sales may be the best way for the lender to realize the value in a home. Short sales are also appealing to Florida homeowners seeking to avoid foreclosure after receiving a notice of default.

At our Palm Beach, Florida law firm, our attorney help homeowners protect their interests during the short sale process. We explain the tax implications and talk about potential consequences on future credit scores. Our lawyer can help clients decide whether a short sale is right for them.

Why a Lender Might Approve a Short Sale

Florida homeowners who sell property for less than its outstanding mortgage must obtain approval from the lender or make up the difference themselves. There are numerous reasons why a bank might approve a short sale. If the homeowner is several payments behind, the lender may see a short sale as a way to get something out of the house. If the home is in an area of steeply declining values, the lender may decide that it is better to get some money now than even less later after foreclosing on the property. Importantly, short sales allow lenders to avoid the costs of the foreclosure process.

Why a Lender Might Reject a Short Sale

Lenders are not always eager to accept short sales in lieu of full payment. Short sales require more paperwork and take more time than conventional home sales. There may be additional loans on the home — frequently the case in difficult economic times — that require permission from multiples lenders, not just the primary mortgage holder. The bank may be facing a big loss on the property because there is little home equity and a steeply declining market. Nevertheless, short sales are generally a better financial result for lenders than foreclosure sales.

Florida Short Sale Lawyer Attorney | How does a Short Sale Work?

A short sale is a real estate transaction in which the property is sold for less than what is owed to the lender or bank. Whether or not the lender approves the sale depends on several factors, including the borrower’s home equity, the condition of the local real estate market and whether the lender believes it could recoup more with a foreclosure after a mortgage default.

Short Sale Process

At the Eannarino Law, P.A. Law Firm in Palm Beach County, our attorney advise clients about the benefits and disadvantages of a short sale. We also help them understand the process, which includes:

  • Listing the home with a broker:  Most lenders require the property to be listed for a specific period of time before considering a short sale.
  • Proposing the sale to the lender: After receiving a formal offer that appears reasonable in light of the comparable sales in the market, the seller must propose the short sale to the lender.
  • Drafting the hardship letter: The lender will usually require a hardship letter that describes why a short sale is necessary. The lender may need to review other documentation of hardship, such as pay stubs and bank statements. The lender will also require a signed purchase agreement from the proposed buyer.
  • Obtaining an appraisal: The lender will typically do its own evaluation of the property’s value to ensure that approval or denial of a short sale is based on a professional assessment of the market value of the property.
  • Reviewing the proposal: There are numerous reasons a lender may not approve a short sale. Our lawyer can advise clients about the probability of a successful short sale.
  • Approving the sale: This may take as long as six months, depending on the lender and market conditions.

Our lawyer can explain the details and help clients obtain and submit the documents required by lenders to approve short sales. In addition, Eannarino Law, P.A. can handle all details of helping you get the property listed through the sale and closing.  Take our Free Case Evaluation now or call us today to speak with an experienced attorney who can walk you through your personal situation (561) 275-1500.

What if the bank lost my original paperwork?

This is a myth.  Even where a bank lost the original paperwork, they can still foreclose on real property in Florida.

In Florida, lost paperwork, including lost original (“blue ink”) notes, are unfortunately not enough to stop your foreclosure without proper contradicting legal argument made by an experienced foreclosure defense attorney.  Often some copy of the paper work shows up.  Sometimes it takes longer, sometimes the banks are allowed “do-overs” and sometimes, even where the bank loses on the defendant’s motion to dismiss, the bank’s case is dismissed without prejudice allowing them to come back for a second bite at the apple by re-filing the lawsuit.

Local courts are swamped with foreclosure cases, and judges are profoundly reluctant to rule against banks.  In some “rocket docket” courts that specialize in foreclosures, judges issue judgments quite literally within seconds, and; they almost never pose problems for Wall Street.

For more information about defending your current or potential Florida foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer at Eannarino Law, P.A. Law now at (561) 275-1500.

Can I stay in my home during the foreclosure?

Yes, you will be allowed to stay in your home while defending against a Florida foreclosure action.

Many Florida homeowners facing foreclosure believe that they or their tenants will have to move out of their homes when they default on a loan or when a foreclosure lawsuit is filed. However, this need not be the case. Neither the Florida homeowner nor their tenants need to move out of the home while defending a foreclosure action. The legal expertise of the foreclosure defense attorney at Eannarino Law will help you defend your case and use the time it takes to come to a resolution for you to live in the home. The lender will not be given a sale date for the foreclosure until he can prove his case. The owner of the title can retain possession of the property until the auction takes place. In fact, certain laws even allow renters to stay on the property for an additional 90 days after the sale of the foreclosed property.

Learn your options now!  For more information about defending your Florida home from a  foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer with Eannarino Law, P.A. Law at (561) 275-1500.

How can a Palm Beach, Florida foreclosure defense lawyer help me?

An experienced foreclosure defense attorney can provide you skillful legal representation so that you can avoid foreclosure.  When you approach the law offices of the Eannarino Law, P.A. Law firm in Palm Beach County Florida, our foreclosure defense experts will help you work out proactive foreclosure alternatives and help you save your home.  They will guide you towards the best possible alternative, such as forbearance, loan reinstatement, short sale, deed in lieu of foreclosure and loan modification.  Foreclosure defense attorney at Eannarino Law, P.A. in Florida can assist you by:

  • Providing you information regarding your rights and the various options
  • Representing you during negotiations with your lender
  • Aggressively litigating your case through the judicial system
  • Making sure that you steer clear of the common legal pitfalls

Our qualified legal help can greatly reduce the complications and stress associated foreclosure litigation, while also providing alternatives to losing your home to the foreclosure process.

If you are facing foreclosure or are having trouble making the necessary payments on your mortgage, it is important to have an experienced foreclosure defense attorney on your side. For more information how a Palm Beach Florida foreclosure defense lawyer can help you, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer with Eannarino Law, P.A. Law at (561) 275-1500.

Why do I need a lawyer, isn’t the bank just going to take my home?

Not necessarily.  Banks have routinely made mistakes when prosecuting Florida foreclosure actions.

  • Is the right party suing you?
  • Has your mortgage been properly transferred?
  • Has your note been properly endorsed?
  • Does the rightful owner own and hold the original note and mortgage?
  • Have all conditions precedent needed to maintain a Florida foreclosure action been satisfied?

What does this mean to you?  This means that even if you are behind on your payments, the bank still MUST prove its case against you to a judge in a court of law before they can take your home.  Only the judge can make you leave your home. You owe it to yourself to explore your options.

Learn your options now!  For more information about defending your Florida home from a  foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer with Eannarino Law, P.A. Law at (561) 275-1500.

How can I afford a lawyer?

I can’t afford my mortgage, how am I going to afford a lawyer?

We understand that Palm Beach County Florida homeowners facing defending their foreclosure lawsuit are flush with cash to pay a lawyer.  Eannarino Law, P.A. has developed a comprehensive method of defending Florida foreclosure lawsuits in a way that is affordable to everyone.  Unlike many law firms, we will not charge you large upfront retainers and or large monthly fees while you remain in your home.  We accept a variety of payment options including direct bill, ACH, credit cards and PayPal.

Don’t give up!  The money you save while the foreclosure suit is pending could help you negotiate a better position in your case.  Learn your options and how affordable it may be to defend your Florida foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer from Eannarino Law, P.A. now at (561) 275-1500.

Learn your options now!  For more information about defending your Florida home from a  foreclosure lawsuit, take our Free Case Evaluation or call an experienced Palm Beach foreclosure defense lawyer with Eannarino Law, P.A. Law at (561) 275-1500.

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