- Loan Modifications. A loan modification is a change that your lender can make to your loan that can change your monthly payments to make them more affordable. A change in interest rate, or a change that extends the repayment period for your loan could potentially lower your monthly payments and make your mortgage more affordable. Some ways that a bank can modify your loan includes lowering your interest rate, extending the term of the loan (turning a 15-year mortgage into a 30-year mortgage, for example), or turn your variable interest rate mortgage into a fixed-rate mortgage. However, to qualify for a loan modification, you may need to prove to your lender that you are facing a financial hardship. A legitimate financial hardship can include the loss of a job, the death of a spouse, or a disability or illness suffered by either you or your spouse. If you think a loan modification could help you prevent foreclosure, Legal Counsel, P.A. employs a foreclosure defense lawyer in Orlando, Florida who may be able to help you appeal a denied loan modification application or negotiate with your bank or lender for a loan modification. You may be required to submit quite a bit of information to the bank to prove that there is a hardship. Our foreclosure defense lawyer at Legal Counsel, P.A. may be able to assist you with this process.
- If your financial hardship is likely to be temporary either due to the loss of a job, a divorce, due to the death of a spouse, or due to health reasons, you may be able to ask your lender for a forbearance. During a forbearance, your lender may permit you to stop paying your mortgage or permit you to pay less each month for a specific period of time. After this time period has ended, you’ll be required to resume normal payment amounts and may be required to make up for the missed payments. Legal Counsel, P.A. employs a foreclosure defense attorney in Orlando, Florida who can review your situation, determine whether forbearance is the right option for you, and negotiate with the bank to prevent foreclosure.
- Repayment Plan. If you couldn’t make payments on your mortgage because you lost a job or were laid off, but now you can pay your mortgage again, you might find yourself struggling to both pay for the months you couldn’t make payments and to stay current on your payments. Some lenders and banks may be willing to put you on a payment plan so that you can make up the missed payments. The past due amount may be spread out over a longer period of time, like a year, and these payments may be made in addition to your regular mortgage payments. If you have fallen behind on your mortgage and believe that a repayment plan could help you, Legal Counsel, P.A. employs a foreclosure defense lawyer in Orlando, Florida who may be able to assist you.
These are some of the ways you might be able to prevent the foreclosure process from beginning by working with your bank or lender. But what happens if your bank has already begun the legal process of foreclosing? What if you’ve already been sued? Legal Counsel, P.A. employs a foreclosure defense lawyer in Orlando, Florida who can also help you either slow down the foreclosure process or offer you defense to stop the process. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Foreclosure Defense in Orlando, Florida
In Florida, in order for your bank to foreclose on your home, it must file a lawsuit against you in court. You’ll receive a summons. In order to fight your foreclosure, you must answer the summons or the court will enter what is known as a default judgement against you and you’ll lose your home. When fighting your foreclosure in court, there are several valid defenses you may be able to use to prevent the bank from taking your home. What are they?
- Ask the lender to produce the note. In order for a bank to foreclose on your home, it must have its paperwork in order. This means that the lender and bank must show that you owe it money. In some cases, banks have lost the paper trail with mortgage notes and promissory notes, resulting in home owners winning their defense against foreclosure.
- Errors. Sometimes mortgage servicers make errors. If the bank failed to credit your payments to your account, assessed you late fees or penalties when it shouldn’t have done so (or levied very high or abusive late fees), or if the bank violated the terms of your mortgage agreement, you may be able to fight foreclosure.
- Your lender failed to send you a letter of default. Before a lender can begin the foreclosure process, it must send you a letter of default telling you that you have missed payments, stating what you owe in missed payments and late fees, and giving you a period of time to rehabilitate the loan. If the lender failed to do this, the lender may not be able to foreclose.
- Lender failed to offer loan modification options. If you have certain types of federally-backed loans, like a VA loan, USDA loan, or FHA loan, the bank may have been required by law to offer you a loan modification, forbearance, or repayment plan options. If your lender failed to offer these options, you may be entitled to fight your foreclosure and ask the lender to offer you these alternatives.
- Chapter 13 Bankruptcy. If you other debt obligations are making it impossible to keep up with your mortgage payments, Chapter 13 bankruptcy may be an option that could prevent foreclosure and put you in a better financial situation to repay your mortgage. During Chapter 13 bankruptcy, your debts will be restructured so that you can keep your home.
These are just some of the options you might have when it comes to foreclosure defense. If you are facing losing your home, fight back. Legal Counsel, P.A. employs a foreclosure defense lawyer in Orlando, Florida who may be able to help you. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
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