Miami Home Loan Modification Lawyer
Sometimes, homeowners simply wind up underwater, either through mistakes in money management or through no fault of their own. Either way, if things get to that point, it can feel hopeless, but very often lenders will be willing to work with homeowners on modifying their loans. This type of arrangement can be mutually beneficial, so if properly understood and done right, a loan modification can help give you breathing room you may badly need.
Foreclosures In Florida
Florida foreclosures are judicial, which means that they occur when a lender wins a suit in civil court against the homeowner. Despite some 2013 changes to the state’s foreclosure law permitting expedited proceedings and ruling many foreclosures to be final, many cases still move quite slowly, meaning that a homeowner still usually has a reasonable amount of time to seek a loan modification. Sometimes, though, the homeowner is notified late or otherwise winds up having less time than one might expect.
In such an instance, it may be possible to delay the foreclosure, either by filing for bankruptcy if appropriate (the automatic stay stops all lawsuits) or by attempting to file affirmative defenses to the foreclosure. While obviously one should never waste the court’s time, any defense that is grounded in reality is one that should be attempted in order to buy time. For example, it is not uncommon for lenders to submit foreclosure paperwork with the wrong lender’s name attached – perhaps the paperwork was never changed after the mortgage was purchased by another lender. It is a defense to allege that the action to foreclose is defective because of this.
Modifying The Loan
Assuming enough time, actually modifying the loan is a reasonably straightforward process, with a simple meeting between the lender and the debtor sometimes being enough to accomplish the process. It is important to keep in mind that in some cases, you may actually attempt to modify your home loan even before you go into default, and it does sometimes succeed given that foreclosure proceedings can be quite expensive even for lenders. A loan modification attorney can be of great help, however, no matter prepared you might be.
If you have already filed bankruptcy, you may be eligible to take advantage of the Mortgage Modification Mediation (MMM) program offered through the federal Bankruptcy Court in your district. In this program, a mediator can help the lender and debtor work toward a modification of the home loan that serves as an effective compromise – keeping the debtor from being foreclosed upon and keeping the lender from having to go through a difficult and time-consuming court proceeding to get a judgment. This may be an effective option in your case if you wish to hang onto your property.
Don’t Delay In Seeking Legal Help
The threat of losing one’s home is one of the most terrifying many people can think of, but it does not need to happen, at least not without a fight. Contacting the Miami home loan modification lawyers at Nowack & Olson, PLLC will put you in touch with a group of attorneys who want to help everyone in these situations obtain the most appropriate result. We will work hard for you. Call us today or use our web form to set up an initial consultation and get some questions answered.
