Received Notice of Foreclosure?
What Now?
Foreclosure is a civil cause of action that could be brought against anyone during these tough times. Dropping home values, rising unemployment, and past "easy" mortgage terms are a combination that can impact many people before they know what hit them.
If you are served with foreclosure, there are many questions that come to mind. This is the best first advice you need to hear: Speak with a qualified foreclosure defense attorney quickly. Let me explain why.
Foreclosure is a legal action brought by your lender in an attempt to get possession of your house so it can be sold at auction. Because it is a legal action, there are set time periods in which to act. Without swift action, usually within twenty days of receiving notice, your bank can move to have the foreclosure ruled upon by a judge and the matter essentially closed.
It is extremely important that you speak with a qualified attorney quickly. They should want to know what your current financial situation is, what you think it will be in the future, what you seek to accomplish, and what are the terms of your loan(s) and the past and current value of your property.
With this knowledge in hand, the attorney can then advise you on your options. If you decide to proceed, the attorney can file an answer to the complaint and litigate the foreclosure. This can buy precious time for you to remain in your home and work out a way forward, without the swift eviction and sale that can follow an unchallenged judgment against you and for the lender.
If you've been served with a foreclosure notice there are many avenues for you to explore. Each takes time and each offers certain advantages and disadvantages. So don't sit by and let the bank run the show. You're entitled to question many aspects of your loan, especially if you have re-financed within the last three years. You're entitled to make sure that the bank has done all they are required to do and have serviced your loan responsibly. By challenging the foreclosure you have an opportunity to do just that.
Jolly Esquire, PLLC specializes in defense. We defend anyone who is up against a bigger entity, be it the government, a bank, or a homeowner's association. We can use the rules and laws already in place to put you on equal footing and allow you to explore modifying your loan, working out a cash for keys agreement, investigating the possibility of a short sale, advise on the benefits of bankruptcy, and otherwise grant the time you need to make an informed and intelligent decision about how to best proceed for someone in your particular circumstances.
Because we're a smaller firm, you can also expect personalized attention and a competitive fee. You'll always deal with the same attorney, your calls will always be promptly returned, and you'll be represented at all stages of the process with care. That's our promise to you.
If you've been served with notice of Foreclosure, call for a Free Consultation immediately: 407-894-0503
If you are served with foreclosure, there are many questions that come to mind. This is the best first advice you need to hear: Speak with a qualified foreclosure defense attorney quickly. Let me explain why.
Foreclosure is a legal action brought by your lender in an attempt to get possession of your house so it can be sold at auction. Because it is a legal action, there are set time periods in which to act. Without swift action, usually within twenty days of receiving notice, your bank can move to have the foreclosure ruled upon by a judge and the matter essentially closed.
It is extremely important that you speak with a qualified attorney quickly. They should want to know what your current financial situation is, what you think it will be in the future, what you seek to accomplish, and what are the terms of your loan(s) and the past and current value of your property.
With this knowledge in hand, the attorney can then advise you on your options. If you decide to proceed, the attorney can file an answer to the complaint and litigate the foreclosure. This can buy precious time for you to remain in your home and work out a way forward, without the swift eviction and sale that can follow an unchallenged judgment against you and for the lender.
If you've been served with a foreclosure notice there are many avenues for you to explore. Each takes time and each offers certain advantages and disadvantages. So don't sit by and let the bank run the show. You're entitled to question many aspects of your loan, especially if you have re-financed within the last three years. You're entitled to make sure that the bank has done all they are required to do and have serviced your loan responsibly. By challenging the foreclosure you have an opportunity to do just that.
Jolly Esquire, PLLC specializes in defense. We defend anyone who is up against a bigger entity, be it the government, a bank, or a homeowner's association. We can use the rules and laws already in place to put you on equal footing and allow you to explore modifying your loan, working out a cash for keys agreement, investigating the possibility of a short sale, advise on the benefits of bankruptcy, and otherwise grant the time you need to make an informed and intelligent decision about how to best proceed for someone in your particular circumstances.
Because we're a smaller firm, you can also expect personalized attention and a competitive fee. You'll always deal with the same attorney, your calls will always be promptly returned, and you'll be represented at all stages of the process with care. That's our promise to you.
If you've been served with notice of Foreclosure, call for a Free Consultation immediately: 407-894-0503
Frequently Asked Questions
Foreclosure Defense
What if I receive a foreclosure notice?
You have 20 days to answer the complaint against you. If you don't answer, or don't answer correctly, you may waive several legal defenses that can be asserted on your behalf and the mortgage company can then ask the court to rule in their favor on motion of summary judgment.
Can an attorney "stop" my foreclosure?
If you can't pay your mortgage in some form or another, no attorney can make the bank let you keep your house forever. Fighting foreclosure isn't about "winning your house" or "stopping" the foreclosure. Beware of any attorney that tells you otherwise. Foreclosure defense is about granting you more time in your home by holding the foreclosing entity accountable for all the legal requirements the law says they need to satisfy in order to foreclose and providing you with all the options available going forward.
If I may ultimately lose my house, what's the point?
By making the lender produce documents they should be able to produce, and challenging any discrepancies in those documents, your attorney will learn of the quality of their case against you and litigate the issues of the case, putting the foreclosure on hold. During this time you can stay in your home, negotiate with the lender, investigate options, and have an opportunity to improve your financial situation. If you can meet the existing terms or modified terms of your loan, then YOU can stop the foreclosure with your attorney's help.
What about modifying my mortgage?
With so many foreclosures happening at once, banks are overwhelmed. Many times, the department of your bank that can modify your loan doesn't even know that the department that does foreclosures has started a cause of action against you. It takes time to negotiate with the bank and fighting the foreclosure can provide that time.
What is summary judgment?
Summary judgment is when either side of a law suit goes to the judge and says that there is no issue of fact to be decided, so please just rule in my favor. If you don't answer the complaint within the time allowed, then the judge may have to agree and grant the bank's request. If your attorney does file an answer and asks to see the bank's documents, then there is an excellent chance that a factual issue can be raised, and the judge will grant more time to settle that issue. With house notes and deeds changing hands at such a rapid pace, it is not unusual for the bank to not be able to produce the required documents and for the judge to then not grant their motion, buying you time.
What if I financed within the last three years?
Then your lawyer can examine the loan documents you received from that loan or re-finance. There are laws that describe how that loan should have been executed. If procedures were not followed, it may be possible to have the bank pay for your attorney's fees, but only if you raise the claim within three years of taking that loan.
If I owe more than the house is now worth, can I just walk away?You may, but rest assured the bank will ultimately seek a deficiency judgment against you for the balance owed. This also applies if your home is foreclosed and sells for less than you owe at auction. In such cases, there are other options, which we can advise you about.
You have 20 days to answer the complaint against you. If you don't answer, or don't answer correctly, you may waive several legal defenses that can be asserted on your behalf and the mortgage company can then ask the court to rule in their favor on motion of summary judgment.
Can an attorney "stop" my foreclosure?
If you can't pay your mortgage in some form or another, no attorney can make the bank let you keep your house forever. Fighting foreclosure isn't about "winning your house" or "stopping" the foreclosure. Beware of any attorney that tells you otherwise. Foreclosure defense is about granting you more time in your home by holding the foreclosing entity accountable for all the legal requirements the law says they need to satisfy in order to foreclose and providing you with all the options available going forward.
If I may ultimately lose my house, what's the point?
By making the lender produce documents they should be able to produce, and challenging any discrepancies in those documents, your attorney will learn of the quality of their case against you and litigate the issues of the case, putting the foreclosure on hold. During this time you can stay in your home, negotiate with the lender, investigate options, and have an opportunity to improve your financial situation. If you can meet the existing terms or modified terms of your loan, then YOU can stop the foreclosure with your attorney's help.
What about modifying my mortgage?
With so many foreclosures happening at once, banks are overwhelmed. Many times, the department of your bank that can modify your loan doesn't even know that the department that does foreclosures has started a cause of action against you. It takes time to negotiate with the bank and fighting the foreclosure can provide that time.
What is summary judgment?
Summary judgment is when either side of a law suit goes to the judge and says that there is no issue of fact to be decided, so please just rule in my favor. If you don't answer the complaint within the time allowed, then the judge may have to agree and grant the bank's request. If your attorney does file an answer and asks to see the bank's documents, then there is an excellent chance that a factual issue can be raised, and the judge will grant more time to settle that issue. With house notes and deeds changing hands at such a rapid pace, it is not unusual for the bank to not be able to produce the required documents and for the judge to then not grant their motion, buying you time.
What if I financed within the last three years?
Then your lawyer can examine the loan documents you received from that loan or re-finance. There are laws that describe how that loan should have been executed. If procedures were not followed, it may be possible to have the bank pay for your attorney's fees, but only if you raise the claim within three years of taking that loan.
If I owe more than the house is now worth, can I just walk away?You may, but rest assured the bank will ultimately seek a deficiency judgment against you for the balance owed. This also applies if your home is foreclosed and sells for less than you owe at auction. In such cases, there are other options, which we can advise you about.
