Florida Foreclosure Defense Lawyer
Changes to Florida bankruptcy law require a lender to attend bankruptcy court and work with you, your lawyer and the bankruptcy court judge to modify the terms of your loan. This is a huge boon to the state of Florida and its citizens.
The legislature created a law that mandates lender participation because it was no longer willing to let its residents be forced into long, protracted battles with lenders. The Florida foreclosure defense lawyers at Nowack & Olson are proud to have helped create this law for the benefit of all Floridians.
How To Avoid Foreclosure In Florida
If you are unable to act in time, your home could be foreclosed on. Some people feel as though they have no other options once they are on the brink of defaulting on their loans, but this isn’t necessarily the case.
A strategic bankruptcy filing might allow you to stay in your home and keep you from being evicted. The lawyers at Nowack & Olson have more than 40 years of combined experienced helping Florida families. We will help you assess your situation and file for bankruptcy when it is warranted.
The foreclosure process is often filled with stress and uncertainty for those who are in the middle of it. At times, it can seem as if your whole future is up in the air: where you will live, how your credit will be affected, and exactly when you will have to vacate your home could all be up in the air.
What You Can Expect
It can be dangerous to expect that your lender will put off foreclosure proceedings. While some lenders may not act immediately, the backlog of Florida foreclosures is dwindling. That means as soon as 60 days after your first missed payment, proceedings could begin.
Whether or not your foreclosure is supervised by a court, you will receive a legal notice of foreclosure if the process continues. Ultimately, your home could be sold at a public auction.
The sooner you are able to recognize that you might be in danger of a foreclosure, the better off you will be if you can get the help that you need. Call our lawyers today at 866-907-2970 or email our law firm to get started. For the convenience of our clients, we have offices in Fort Lauderdale, Miami, Boca Raton and Jupiter.
Stop Foreclosure On My Home
Many people contact us wondering if bankruptcy can help them avoid the loss of their homes. The fact is that every situation is different and must be evaluated carefully.
Maybe you are just several months behind on payments. Maybe you have received a notice of intent to foreclose. Maybe your house has just gone on the auction block.
Your home is extremely important. Many of our clients learn that once they stabilize their income and deal with less important debts — like credit card debt and large car payments — they can manage their mortgages. Other people find that they need to transition to a home they can afford.
What Options Do I Have For Saving My Home?
At Nowack & Olson, PLLC, our lawyers work with clients who are afraid of foreclosure on their homes.
- Foreclosure is a process that isn’t complete until your house is sold. Until a foreclosure sale has occurred, you have options for fixing the problem.
- If you file for bankruptcy, the automatic stay will give you time to consider your options, and work out a deal that fits your situation, like a short sale. It also allows you to discharge most credit card and medical bills.
Saving Investment Properties From Foreclosure
In more than 40 years of combined experience, the bankruptcy and real estate lawyers of Nowack & Olson have helped thousands of people in Florida resolve their financial concerns and keep the property they care about.
You Have Options If You Are Underwater On An Investment Property
These days, it is fairly common for an investment property to be worth less than the mortgage used to buy it. It is important to handle this situation carefully because it can have implications for your ownership of the property, the amount of debt you owe and your tax liability.
You may be pressured to short sell the property to get rid of it. However, that can result in significant tax liability. In addition, if the sale does not cover the entire deficiency, you may still be on the hook for payments.
Chapter 13 bankruptcy may provide the best option for property owners. Often, you can reduce the mortgage to the actual value of the property, and then integrate it into your repayment plan. This ensures that you are not paying more than the property is worth, and that the lender cannot take action to collect the debt or remove you from the property outside your bankruptcy plan.
A Solution That Will Fit Your Full Debt Picture
If you believe you can get back on a regular paying schedule, but you need to rebalance the mortgage debt load, Chapter 13 bankruptcy is for you. It, too, brings foreclosure proceedings to a complete halt. Better yet, it allows you to negotiate a new monthly payment and a lower interest rate. As with Chapter 7, you will see dischargeable debts erased. Life goes on as before — easier, even.
If you have no reasonable hope that you will be able to get on a regular mortgage payment schedule, you can buy time by declaring Chapter 7 bankruptcy. Filing an emergency petition — some call it the bare-bones or skeleton petition — will bring any scheduled sale to an immediate halt. This is called the automatic stay feature of bankruptcy.
Contact Our Experienced Florida Foreclosure Lawyers Today
Whether you are considering bankruptcy due to job loss, credit card debt or because your adjustable rate mortgage cause your payments to skyrocket, the experienced Florida foreclosure defense lawyers at Nowack & Olson can help. For more than 20 years, our law firm has had a record of success in bankruptcy courts — ensuring their clients the best possible results for their unique bankruptcy cases. We know what you’re going through, and we have solutions to match your problems.
