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BATES - BUCHANAN & SAVITSKY LAW GROUP, P.A.

Dawn Marie Bates-Buchanan, Esq, Susannah C. Savitsky, Esq.

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Foreclosure Defense

Don't abandon your home too soon.  Too many homeowners abandon hope and home when they may be able to either work out a realistic modification of mortgage terms, or before exploring all legal channels of challenging the foreclosure action.

 

With the advent of rocket dockets in many Florida counties, there is a tremendous difference in how foreclosure actions are handled depending on whether the homeowner, or their attorney, has filed appriopriate motions, raised defenses, and intiated discovery, or not.

 

Most foreclosures go undefended, and end badly, and quickly, for the homeowner.

Unassisted homeowners often fail to take full advantage of the real possibility of a modification of the mortgage terms.  With new Florida Supreme Court rulings granting important rights to mediation in all foreclosures of personal residences, it is vital that homeowners understand the process and have competent advice and counsel.

 

Foreclosure defense can have many goals, and encompass many avenues of legal defense. The Lawyers at the Bates-Buchanan Law Group are experienced in foreclosure law, modification rules and regulations and bankruptcy law, and, in appropriate cases, can combine forelosure defense in state court with relief under Chapter 13 of the bankruptcy Code to reduce the amount of secured debt, and provide for a reasonable period within which to repay past due amounts.

 

It is simply unethical to pursue litigation for the purpose of delay.  However, it is also simply true that you have a legal right to conduct discovery aimed at obtaining the complete file of the bank or banks involved in your case, and, therefore, as a practical matter, the very process of finding out what your actual substantive legal defenses might be can often take several months, or more, depending on whether the bank suing you, the plaintiff, has ready access to the complete file created by the original lender, a completely different company in many instances.

 

It is also appropriate, in cases where you are being sued by some company other than the original lender, to require the plaintiff to "prove up" its right to sue you, its "standing."  While it is not common, it is not unheard of for the true ownership of some home loans to have become confused, the files corrupted, and you have the right to be sure that whoever is suing you is really the current owner of the "note", the promise to pay, secured by your mortgage.

 

Many homeowners are "under water," owing far more than the present market value of their homes.  We are not economic forecasters, but we can work with you to find out whether there may be legal channels to reduce the amount of debt secured by your home (including stripping off the lien of a second mortgage where the whole equity of the home is absorbed by the first mortgage).  We can also discuss your options if you enter into a modification that does not include a reduction in the principal amount of your loan.  Depending on the cost of other housing options, even a moderately under water home may be worth keeping if the modified payment amount is sufficiently low.

 

THE WORST THING YOU CAN OFTEN DO IS NOTHING - AND END UP WITH A DEBT AND NO HOME  - CALL US TODAY TO TALK ABOUT YOUR OPTIONS!

 

If you cannot modify your loan you may be able to short sell your property and recieve a HAFA Seller's Incentive Payment, or even possibly file a bankruptcy to avoid any deficiency judgment. Confused? Make an Appointment and Ask us for more information.