samedi 19 mai 2018

Leading Florida Foreclosure Attorneys Debunk Common Fables About Foreclosures

By Susan Carter

It remains crucial to seek legal advice the instant you realize that you are falling behind on your mortgage payments. If this is happening, then it will not be long before your lender legally tries to get ownership of your home. All the misconceptions around foreclosures could make the situation worse for you, especially if you decide to make any moves without seeking the expertise of top rated Florida foreclosure attorneys.

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.

Before seeking legal representation, it would be necessary for you to differentiate facts about foreclosure from mere fables. To begin with, it is not true that the foreclosure notice will disappear if you file for bankruptcy. Even though you can avoid losing your home by filing for bankruptcy, the courts will only offer a temporary stay on any foreclosures currently in action against you.

It is false that lenders make a lot of proceeds from foreclosures and would therefore want to repossess your home. This is not true and you need to understand that your bank is not your enemy. The institution merely needs to recover the money used to finance your home purchase and the preset profits.

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.

Some people claim that once they have lost a home, then they do not have to pay the legal fees for the lender. Unfortunately, this is not true. According to the mortgage document, there are clauses that make it clear that you would settle for these legal fees. If you signed the document, then you are legally obligated to make the relevant payments.

It is also misinformed to assume that you will not have any ties to a home once you lose it. It is possible to find yourself paying for a property that you no longer own. For example, if the property in question is sold for less that your outstanding balance on the mortgage, then you will have to pay the difference and also the interest rates that apply.

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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