Foreclosure defense can usually prolong foreclosure a long time. In many cases, people will stay in their homes at least a year before a sale date is even set on their home. This means that some homeowners may want to prolong the foreclosure process while they work out a solution to keep their home, or as a means to save money before they eventually move out of the house.
How long does foreclosure defense take?
In the state of Florida, after 3 months the bank can begin foreclosure proceedings and serve you with foreclosure paperwork. When you hire a foreclosure defense attorney, they can file a Notice of Appearance with the court and your bank's attorneys and begin defending your foreclosure immediately. There is very important paperwork that needs to be filed at the beginning of your foreclosure case, an "Answer" to the Summons and Complaint.
If you don't already have a foreclosure defense lawyer and you are in foreclosure, the first 20 days are the key time to retain one. Banks will have teams of lawyers working for them, you should be protected as well. If you have already decided that you are willing to lose your home, a foreclosure defense attorney can help you navigate the legal process for the best solution. Many homeowners vacate their property very early in the process. Consult with your attorney to understand your situation better and decide if you need to vacate your property, and to understand how much time you have left. A good foreclosure defense attorney can often keep you in your home for years while you're in foreclosure with the bank.
You don't have to lose your home
If you would like to stay in your home, your foreclosure attorney can continue fighting with the bank to reach a solution for you. The may be able to negoitate a loan modification which could include a lowered interest rate, a principal reduction, and more. A good foreclosure defense attorney will be experienced in loan modification negotiation and work to get you a loan modification to end the foreclosure process.
Prolonging Foreclosure
When people find themselves underwater on their homes, they sometimes decide that foreclosure is the best option and that walking away from their home isn't necessarily a bad thing. This could mean that the homeowner's only goal is to prolong the foreclosure process as much as possible. A licensed foreclosure defense attorney can fight your foreclosure to keep your home longer. If you have a sale date on your property, your attorney may be able to postpone it. Working directly with a foreclosure attorney and discussing your options is the best line of defense you can take when facing foreclosure. Protect your family's assets, and your home with a foreclosure attorney who is ready to help you.
Other options
If you decide to stay in your home, your attorney can work with the banks to get an affordable loan modification. If that doesn't work, your attorney may discuss a deed-in-lieu of foreclosure or a short sale. This path can allow you to sell your home or walk away without owing the bank any taxes, penalties, or legal fees, but it's not always easy to get your lender to agree. Make sure you have an attorney review any agreement before you sign it to make sure you aren't going to be held responsibile for a deficiency. Either way, a foreclosure defense attorney is the only person who can help you make an informed decision if you are in foreclosure.
Beware of foreclosure defense scams
Although many lawyers are here to help, you should beware of those that are only looking to take advantage of an already stressful situation. There are a number of things you should look for when hiring a foreclosure defense attorney. Anyone that guarantees results or promises a certain outcome in your foreclosure case is probably not trustworthy.
If you'd like more information on what to look for, get our foreclosure defense attorney checklist and keep it nearby when interviewing a lawyer.
