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Foreclosure FAQs

  1. What is foreclosure?
  2. What are my options if I have stopped making payments or I am behind in payments?
  3. What happens after I have been served with a notice of foreclosure?
  4. Can I stop foreclosure?
  5. Why not just let the bank foreclose and walk away?
  6. Why try to defend against my foreclosure if I can’t afford the payments on the mortgage anyway?
  7. Do I have a better chance of keeping my home if I contact an attorney before a foreclosure action is filed?
  8. My bank won’t negotiate and just wants to be paid.  How can an attorney help?
  9. Do I really need a foreclosure defense attorney and who should I hire?
  10. How long does the foreclosure process take?
  11. Can I remain in my home during the foreclosure process?
  12. What is a deficiency judgment?
  13. What is a demand or acceleration letter?
  14. What is an Equity Right of Redemption?
  15. What is a loan modification?
  16. What is a deed in lieu of foreclosure?
  17. What is a short sale?
  18. What is the Mortgage Foreclosure Debt Relief Act?
  19. Why did my mortgage lender send my payment back to me?
  20. What if I am behind on other bills, including car loans and credit cards?
  21. Should I file for bankruptcy if I am facing foreclosure?
  22. Does it matter where my property is located?
  23. Do you offer payment plans?
  24. Do you accept credit cards?

1. What is foreclosure?
Foreclosure is a civil action where a lender brings a lawsuit against a borrower to terminate the borrower’s rights to a piece of property and force it to be sold. The lender will receive money from the sale in order of priority along with claims from other parties.

2. What are my options if I have stopped making payments or I am behind in payments?
A knowledgeable foreclosure defense attorney, such as the ones at the Law Offices of Evan M. Rosen, can offer several different types of options if you are in this situation. Some of these potential courses of action are outlined on the understanding my options page. Some of the options include assisting you to:

  • Stay in your home without having to pay on the mortgage;
  • Keep collecting rent or other income on the property;
  • Negotiate a short sale, loan modification or deed-in-lieu with the lender;
  • Sell the property at market value; and/or
  • File for bankruptcy protection under Chapter 7 or Chapter 13.

3. What happens after I have been served with a notice of foreclosure?
In Florida, you have only 20 days after you have been served with a notice of foreclosure to file your response with the court. However, even if the 20-day period has passed and a default judgment has already been entered against you, you might still have options that you can pursue. For more information, check out the timeline we have compiled on the Understanding the Foreclosure Process page. This information will help you understand the foreclosure process and the timeframes and deadlines involved. It is very important that you call us or another foreclosure defense lawyer if more than 20 days have transpired since you were served with a foreclosure lawsuit.

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4. Can I stop foreclosure?
Yes, you might be able to stop or at least delay foreclosure with the help of an experienced and knowledgeable foreclosure defense lawyer like the ones at the Law Offices of Evan M. Rosen We have an arsenal of defenses and a variety of options that we use to help our clients stay in their homes.

5. Why not just let the bank foreclose and walk away?
In addition to issues regarding taxes and your credit, walking away from a mortgaged property could result in the lender obtaining a deficiency judgment against you. This happens when the property sells at a foreclosure sale for less than what you owe on it. It is still highly advisable to hire a qualified foreclosure defense attorney even if you plan to walk away.

6. Why try to defend against my foreclosure if I can’t afford the payments on the mortgage anyway?
It usually makes good financial sense to hire a foreclosure defense attorney because a lawyer can help you protect your rights, limit your exposure to a deficiency judgment and maybe save you thousands of dollars in taxes and mortgage payments. A foreclosure defense lawyer might even be able to help you stay in your home for good.

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7. Do I have a better chance of keeping my home if I contact an attorney before a foreclosure action is filed?
The answer is “yes” in most situations. If you let the lender know early that you are having trouble making the scheduled payments and that you want to work out alternative arrangements, it can make it easier to agree on other options such as a deed-in-lieu or a short sale. This allows you to get started on alternative options before the lender even files a foreclosure action. Also, valuable information and leverage can be gained before a lawsuit is filed through the use of a Qualified Written Request under the Real Estate Settlement Procedures Act.  For a few reasons, it’s helpful to hire an experienced foreclosure defense attorney early in the process.

8. My bank won’t negotiate and just wants to be paid.  How can an attorney help?
A highly qualified foreclosure defense attorney like the ones at the Law Offices of Evan M. Rosen, can help you deal with the technicalities of foreclosure law and get in touch with someone at the bank who can make decisions like approving a short sale or arranging for a deed-in-lieu. We know the intricate elements of the law and federal programs, and we can help you through the complicated process of defending a foreclosure action. In many instances we actually can educate the lender about what the law requires and use their failure to follow it against them. You have a much better chance of being able to work out a favorable alternative to foreclosure and/or finding a way to stay in your home by delaying or preventing foreclosure if you hire a foreclosure defense attorney.

9. Do I really need a foreclosure defense attorney and who should I hire?
It can be a very frightening and nerve-wracking experience to be served with a lawsuit.  There is a lot on the line with a number of serious legal and tax consequences whose outcome depends on what happens during the foreclosure process. The experienced  foreclosure defense attorneys at the Law Offices of Evan M. Rosen, can ease some of that burden by being at your side throughout the process and advocating for your best interests in every possible way. We can focus on pre-foreclosure alternatives, such as a short sale, a deed-in-lieu or a loan modification. We also have an arsenal of defenses and array of options to help you achieve the best possible result in your foreclosure action. We personally took the time to write every word of our website just so potential clients like yourself have access to the most thorough information available, to help you make an informed decision not only about your case but also about the lawyers you hire. It’s certain that the banks and lenders will have a team of lawyers fighting for their interests; you too, can and should have your own team.

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10. How long does the foreclosure process take?
It can be a very frightening and nerve-wracking experience to be served with a lawsuit.  There is a lot on the line with a number of serious legal and tax consequences whose outcome depends on what happens during the foreclosure process. The experienced  foreclosure defense attorneys at the Law Offices of Evan M. Rosen, can ease some of that burden by being at your side throughout the process and advocating for your best interests in every possible way. We can focus on pre-foreclosure alternatives, such as a short sale, a deed-in-lieu or a loan modification. We also have an arsenal of defenses and array of options to help you achieve the best possible result in your foreclosure action. We personally took the time to write every word of our website just so potential clients like yourself have access to the most thorough information available, to help you make an informed decision not only about your case but also about the lawyers you hire. It’s certain that the banks and lenders will have a team of lawyers fighting for their interests; you too, can and should have your own team.

11. Can I remain in my home during the foreclosure process?
Yes, you can stay in your house throughout the foreclosure process until possession must be forfeited at the very end. Find out more about the foreclosure process’s timeline on the Understanding the Foreclosure Process page.

12. What is a deficiency judgment?
In situations where a foreclosure sale does not produce enough money to completely pay off the underlying debt, a lender may obtain an unsecured money judgment against the borrower. Because Florida is a “recourse” state, deficiency judgments are allowed.

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13. What is a demand or acceleration letter?
The lender sends a demand or acceleration letter to the borrower to inform them that they are in default under the terms of the mortgage, including the mortgage’s “acceleration clause.” The letter notifies the borrower that the lender is asking for full payment of the outstanding balance within 30 days. You should take immediate action and contact a foreclosure defense attorney as soon as possible if you have received an acceleration notice.

14. What is an Equity Right of Redemption?
A borrower or “mortgagor” has the right to redeem his or her property at any point during the foreclosure process by paying the outstanding balance in full. The equity right of redemption in Florida ends when a “certificate of title” is issued.

15. What is a loan modification?
A loan modification is an arrangement where the lender approves changes to the loan, including the loan’s term, monthly payment and/or interest rate.

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16. What is a deed in lieu of foreclosure?
This is a process where the lender agrees not to foreclose on a property in exchange for the borrower’s agreement to convey the property to the lender.

17. What is a short sale?
A short sale is a process that involves the lender agreeing to take less than the full amount owed on the loan as part of a sale of the property at market value. The lender agrees not to foreclose, which consumes time and could cost the lender more money due to general upkeep, decreased market value, vandalism and expenses related to marketing the property.

18. What is the Mortgage Foreclosure Debt Relief Act?
Taxpayers are generally allowed to exclude “income” from the discharge of debt on their principal residence under the Mortgage Debt Relief Act of 2007. The relief applies to debt reductions achieved through restructuring a mortgage and also to debt forgiven in the foreclosure process. The act applies to debt that was forgiven during calendar years 2007 through 2012.  It was subsequently extended by one year.  Up to $2 million — or $1 million if married filing separately — in forgiven debt is eligible for exclusion. Under most normal circumstances, you would have to report forgiven or cancelled debt as income on your tax return and it would be taxable.

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Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income

19. Why did my mortgage lender send my payment back to me?
Because they are worried that their acceptance of a partial payment could hurt their rights in a foreclosure action, banks and lenders frequently refuse to accept a payment that is less than the total amount due once a foreclosure action is commenced. The total amount due can include late fees, foreclosure costs and attorney’s fees. You should contact the foreclosure defense attorneys at the Law Offices of Evan M. Rosen, or another law firm immediately if your lender has rejected a mortgage payment.

20. What if I am behind on other bills, including car loans and credit cards?
The debt defense attorneys at the Law Offices of Evan M. Rosen, can also help you with any other unsecured debt, in addition to your mortgage. We can help with credit cards, medical bills, car payments and other debts. We also offer representation in filing bankruptcy, which might be a very powerful option for some clients.

21. Should I file for bankruptcy if I am facing foreclosure?
Bankruptcy is the right option under certain circumstances, and you should discuss it with the attorneys at the Law Offices of Evan M. Rosen Filing bankruptcy is an incredibly powerful option and will at the very least delay the foreclosure process.  In bankruptcy, you can also discharge a second mortgage that is completely “under water” and even keep your home so long as you can afford the payment.  There are numerous other ways in which the bankruptcy code can help you with a foreclosure.

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22. Does it matter where my property is located?
The foreclosure defense attorneys at the Law Offices of Evan M. Rosen are currently handling cases in Miami-Dade, Broward and Palm Beach counties. However, because we are regularly involved with other foreclosure defense attorneys across the state, you can call us for a referral or recommendation for an attorney anywhere in Florida.

23. Do you offer payment plans?
We are sympathetic to the financial hardships that most homeowners are dealing with, and we are glad to try to work out a feasible payment plan with any client. Our prices are reasonable and fair, and our focus is on providing excellent legal representation — not on how much money we can make in each case.

24. Do you accept credit cards?
We accept Visa, Mastercard, Discover and American Express.

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Contact Our Florida Foreclosure Defense Attorneys Today

To find out more about foreclosures or to inquire about how our Florida foreclosure defense attorneys can help, contact us today for a FREE CONSULTATION at 754-400-5150 or by filling out our online form. Our country’s history is filled with examples of people who have struggled financially but then have gone on to become famously wealthy.  They all reclaimed their part of the American Dream and we want to help you reclaim yours! Let the lawyers and staff of the Law Offices of Evan M. Rosen, serve you!

More Information on Foreclosures in Florida

We are a debt relief agency.  In addition to other legal services, we help people file for bankruptcy relief under the Bankruptcy Code.