Foreclosure is the process whereby the mortgage holder (i.e. the lender) sues the borrower (i.e. homeowner) to secure title to the property in partial or full satisfaction of the outstanding balance of the mortgage holder’s note when the borrower has violated and failed to cure the material term(s) of the note, mortgage and loan agreement. The most common uncured, mortgage violation default is the non-payment of the outstanding loan debt.
The foreclosure procedure begins when a suit is filed in the Circuit Court of the county where the property is located. Thereafter, the borrower is served with the foreclosure complaint. The borrower/defendant has twenty (20) days from receipt of the foreclosure complaint to file an Answer with the Circuit Court. Failure to file an Answer within this time frame can result in a Default Judgment being entered against the borrower-defendant.
The whole foreclosure process can be financially and emotionally draining as well as intimidating. If you have been served with foreclosure papers then call Sejpal Law Firm, PA, we provide a holistic approach to our representation of homeowners involved in foreclosure actions. We understand the financial and emotional difficulties you are facing in the foreclosure process. As such, our goal is to assist you through the legal process and work out a solution to save you from further financial distress.
SHORT SALE NEGOTIATION
When a homeowner can no longer pay their mortgage, their home can then be foreclosed on by their lender. However, a short sale can be more beneficial to a homeowner. The goal of a short sale is to have the homeowner walk away from his or her predicament without a deficiency. During a foreclosure, the lender can sue the property owner for the deficiency. In a short sale, the owner can sell the property at a mutually acceptable price and negotiate to have bank to waive the deficiency. That is the primary benefit of a short sale. We at Sejpal Law Firm, PA have successfully negotiated numerous short sales which have resulted in the borrower having the deficiency being waived by the lender.
Having an experienced attorney on your side to help you weigh your options when deciding facing foreclosure is a smart move. At Sejpal Law Firm, PA we are well versed in the Florida Financial Laws who can help you face the lender and work out a resolution. We’ve handled numerous foreclosure and short sale cases throughout Florida and we can put that experience to use for you.
Knowing your rights regarding short sales and foreclosures in the State of Florida is important. At Sejpal Law Firm, PA we can help you understand what’s at stake when you can no longer make your mortgage payments.