Florida Foreclosure Defense Lawyers
Understanding Your Options
The foreclosure defense attorneys at the Law Offices of Evan M. Rosen, are dedicated to putting service first. We know, as long as our primary focus is on providing outstanding legal representation and customer service, everything else will follow from there.
The very first step in putting this philosophy into action is to listen. The first question you will typically hear one of our foreclosure defense lawyers ask when you speak to us for the first time is, “how can I help you?” That will eventually be followed up with, “as it pertains to this property, what are your goals?” Once we have a firm grasp on your goals and the situation you are presently facing, we can then begin to take the time necessary to compile all the relevant information, in order to assess the existence and strength of any issues we can utilize by applying any and all applicable law to your advantage. Along the way, typically multiple options present themselves and we will make every effort to ensure that you understand the advantages and disadvantages of all of them.
We can summarize our process in almost every foreclosure defense and loan modification case we handle as a two pronged approach. First, through the application of legal, ethical, and yet aggressive defenses in litigation, or via various methods in pre-litigation including the use of Qualified Written Requests under the Real Estate Settlement Procedures Act, we aim to create leverage against the plaintiff, lender and/or mortgage servicer. In any negotiation, the party who can gather and apply the most “leverage” often obtains the best results. It has often been said that information is the life blood of negotiations. Information as it applies to negotiations can often be divided into three main categories. Information you want to give, if it helps your case, information you want to guard, if it hurts your case, and information you want to get, in order to find out the other side’s “hot buttons.” It is through this process of “GIVE, GUARD and GET” that successful lawyers aim to gain and apply leverage to turn the bargaining strength against the plaintiff, lender and servicer.
In addition to prong one “leverage”, the other prong of our approach is to constantly educate the opposing party to help them understand why they are far better working out one of the many foreclosure alternatives with you then they are in foreclosing. We refer to this as education. Typically, once we have enough leverage to be able to show the other side how difficult, if not impossible it will be to foreclose, we prepare a Broker’s Price Opinion(BPO) along with a detailed demand letter and spreadsheet to mathematically demonstrate how a foreclosure will yield them far less for their bottom line, then will one of the many foreclosure alternatives.
The end result and the client’s goals certainly vary but the overall framework to the approach is relatively consistent. It mostly becomes a matter of how we find and apply the leverage, and what angles are available to best educate the other side. All of this is dependent on the particular facts each case presents.
Regardless of the facts of the case or the issues presented, assisting and keeping our clients fully informed so they can make educated decisions is of paramount importance to us along the way. As lawyers, we generally never try to tell our clients what they should or shouldn’t do. Instead, we much prefer to lay out all the available courses of action, the risks and rewards of each and then help counsel our clients to make fully informed decisions which are both comfortable and consistent with their goals.
We know it can be a very unsettling and emotionally difficult experience to be behind on your payments and to be served with a foreclosure lawsuit, but the foreclosure defense attorneys at the Law Offices of Evan M. Rosen are here to help! With our guidance, you will have a solid understanding of the law and facts of your case, as well as your legal options. That alone will be a relief and hopefully positive results will turn back the clock and get you back on track to reclaim your American dream!
If you or someone you know is facing foreclosure, the Florida foreclosure defense attorneys at the Law Offices of Evan M. Rosen, can help. You are welcome to read more about your options below or you can contact us now for a FREE CONSULTATION by calling 855-55-ROSEN or by filling out our online form.
Common Options If You Are Behind on Your Payments or Facing Foreclosure
This page contains an outline of some of the most common options for homeowners who are behind on their payments or facing foreclosure in today’s difficult financial climate. Whichever path or paths you choose to follow, the Florida foreclosure defense attorneys at the Law Offices of Evan M. Rosen will be there, by your side, at every step to be a strong advocate for you and your rights and to give you the guidance you need.
- Strategic default: Borrowers who have not fallen behind on their payments and are able to continue paying on their debt might make the decision to walk away from their property for a variety of reasons. They usually make this choice because they owe so much more on the loan than the property is worth that they view it as advantageous to simply stop making payments and let the lender foreclose on the property. Other people make this decision, too, including those who are unable to make their payments, but decide that they want to stay in the home for as long as possible without paying on the mortgage. The foreclosure defense lawyers at the Law Offices of Evan M. Rosen can explain all of the legal consequences of a strategic default. We can also help you significantly slow down the foreclosure process or maybe even discover grounds to have the foreclosure action dismissed based on the applicable defenses that we have in our arsenal and the facts of your case.
- Short sale: Under certain circumstances, a lender will allow a property to be sold for fair market value even if it is less than what is owed on the loan. A knowledgeable lawyer and negotiator such as the foreclosure defense attorneys at the Law Offices of Evan M. Rosen can help make this option feasible. Some of the issues that we negotiate for our clients in the short sale process include: 1) obtaining a waiver of a deficiency judgment, 2) making sure you do not have to come out of pocket with any cash, 3) asking for positive credit reporting information, 4) getting the lender to execute a full satisfaction and release of the mortgage, and 5) persuading the lender not to issue a 1099 tax form for the amount of the debt that was forgiven or help you obtain tax advice to figure out one of the many ways to make this a non-taxable event.We will also work with a number of qualified real estate brokers and agents to help you list, market and find a suitable buyer. Through these relationships, we can also help you find a new home to rent or buy. Since Evan Rosen is also a fully licensed real estate title insurance agent, we can even help you close both transactions.Short sales are now much more standardized since the government established the Home Affordable Foreclosure Alternative (HAFA) program. HAFA can provide a lender with incentives to approve a short sale. It can also provide $3,000 in cash incentives to help you pay for your move. Not only do we clearly understand the law in Florida regarding short sales and foreclosure defense, but we also know the details of the HAFA program that allow us to find every possible benefit for our clients.
- Deed-in-lieu, Consent Judgment, or “cash for keys”: An arrangement know as a deed-in-lieu involves an agreement where the borrower turns over the deed to a property in exchange for the lender executing a satisfaction and release of the mortgage and a waiver of any deficiency. This procedure can be a good choice for all of the parties under certain circumstances because it avoids the costs, aggravation, time and uncertainty that go with a foreclosure action. Similar to a deed-in-lieu, a consent judgment arrangement may be necessary in some instances due to bankruptcy or title concerns. Some lenders have “cash for keys” programs that provide the borrower with cash incentives and/or assistance with moving costs to encourage the borrower to walk away from the property. The government’s HAFA program also encourages deed-in-lieu arrangements by providing incentives to the lender and $3,000 toward moving expenses for the borrower.
- Loan modification: Asking a lender to modify the terms of your loan can be a very technical process, and it can also cause a lot of frustration for the average borrower. The foreclosure defense attorneys at the Law Offices of Evan M. Rosen can make this process easier for you, regardless of the type of loan you have. When dealing with a loan for a primary residence, we understand the intricacies of the Home Affordable Modification Program (HAMP), and we can use the program to help you modify your loan or as a tool to create leverage if the servicer refuses to follow its guidelines. In an effort to cut a borrower’s monthly payments to 31 percent of their total monthly income, HAMP, in certain circumstances, requires the servicer to reduce rates, extend the terms of the loan and/or forbear on part of the principal in certain cases. Similar to HAFA, HAMP contains restrictions, and complications can arise when implementing the net present value analysis and the “waterfall” test. Fortunately, the Florida foreclosure defense attorneys at the Law Offices of Evan M. Rosen are very knowledgeable with all aspects of HAMP, and we can use that knowledge to maximize your chances of achieving a successful loan modification.Also of paramount importance in obtaining a loan modification, is the application of our two pronged approach. We have been able to obtain various kinds of loan modifications including principal reductions, interest rate reductions, principal forbearance, and loan duration extensions as a result of the application of leverage while educating the lender, servicer and plaintiff in the case. We have also had cases dismissed!
- Bankruptcy: There are very potent protections available under bankruptcy proceedings if you are facing foreclosure. Simply filing for bankruptcy stops all pending legal actions against you, including a foreclosure case. Also, bankruptcy courts have appeared to give even more weight to the standing defenses and securitization defenses. In fact, bankruptcy court can be a much more favorable venue to bring those defenses if there is a good faith doubt as to who actually holds your note and/or mortgage. Another advantage of bankruptcy is that you might be able to cancel all of your debts and stop collection efforts while still hanging onto most, if not all, of your property. Some people have described bankruptcy as hitting the reset button on your financial affairs. Although that might be true, the process itself can be complex, making it important to get competent legal counsel. The qualified foreclosure defense attorneys at the Law Offices of Evan M. Rosen can help you make the most of every potential debt-relief and asset-protection tool available to you under the law.
- Combination of options: Just by the nature of our approach, we typically start with foreclosure defense in pre-litigation or in litigation to develop leverage which then, along with education, creates the opportunity for some foreclosure defense alternative options. Some clients want to pursue a strategic default in order to gain time in the home without paying the mortgage, only to then utilize the protections of the bankruptcy code at the last hour, in order to stop the foreclosure, discharge the debt on the house as well as a multitude of other debt. Most of our clients utilize multiple approaches in some fashion, so if this is what suits you and your particular case best, the Florida foreclosure defense lawyers at the Law Offices of Evan M. Rosen can help!
Contact Our Florida Foreclosure Defense Attorneys Today
The information provided on this page is just an overview to help you understand the most common options for property owners facing tough decisions in today’s challenging market. 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 855-55-ROSEN or through 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!