Foreclosure Lawyer Clearwater, FL

Being unable to pay your mortgage and facing possible foreclosure may call for the help of a foreclosure lawyer Clearwater, FL, can depend on. The prospect of losing your home can be terrifying, and those who are struggling to make ends meet may be experiencing a rollercoaster of emotions, shame, fear, and disappointment. It’s only natural that during the process, you will be left with several questions over what to do next and how best to manage the situation you have found yourself in. We know that you will have questions, which is why contacting Carolyn Secor, P.A. for a consultation should be one of your top priorities.

What is the foreclosure process?

According to federal law, a lender can not initiate foreclosure proceedings against the borrower until the mortgage has been delinquent for at least 180 days. However, it is the lender’s responsibility to contact the borrower 36 days after the missed payment to discuss alternative options to ensure the borrower can remain current on the account. Your lender is also likely to send you a letter informing you that you are behind on your payments. Florida is one of the few states where lenders must take legal action to proceed with foreclosures. The borrower will then have 20 days to respond to the court notice. During the legal process, the lender will ask the judge to grant a motion in favor of the lender, allowing them to foreclose on the home and put it up for sale.

Is there a way to prevent foreclosure from happening so that I can remain in my home?

When a person wants to prevent the loss of their home, it’s imperative to consult with our Clearwater, Florida foreclosure lawyer. If you are delinquent in making your payments, you may likely be struggling with debt, and our team can assist with getting you back on track. There are a few options to avoid foreclosure, but bear in mind that not all of them will allow you to stay in your home; they include:

Filing for bankruptcy
Selling your home and paying off the mortgage
Considering a loan modification
Seeking assistance from a debt consolidation firm

What is an automatic stay?

Once a person files for bankruptcy, they are granted what is known as an automatic stay. The automatic stay protects debtors from further actions that creditors could take. Meaning, creditors are no longer able to make attempts to collect a debt or engage in the process of foreclosure.

What happens to the foreclosure if I file for bankruptcy?

Much of the time, it’s in your best interest to file for bankruptcy before foreclosure. Once you file for bankruptcy, the automatic stay is granted, and foreclosure actions must come to a halt. If you want to keep your home, are behind on your payments, and are struggling to catch up, bankruptcy may be the right option. Determining the right chapter to file will be critical but know that typically Chapter 13 bankruptcy is the most common way to retain your home. However, to do so, debtors must have a consistent income that qualifies for the wage earner’s plan.

What Not to Do When Dealing with Foreclosure

Make Payments to Outside Parties

When dealing with forclosure, you may be contacted by foreclosure rescue companies that will promise to remedy the entire situation if you make a mortgage payment to them instead of your mortgage servicer. This is never a good idea; some of these predatory companies may take the payments and cease contact without doing anything to stop the foreclosure process, which will only put you further behind and increase your chances of losing your home. You should only be making mortgage payments to your servicer, so be aware of who you’re sending money to during this time. If you’re receiving constant harassment from predatory companies, let your foreclosure lawyer in Clearwater, FL, know.

Ignore Communication Attempts

You will likely receive letters and phone calls from your mortgage servicer throughout the entire foreclosure process, and it’s important not to ignore any of them. Your servicer will likely want to discuss your options and help you make the best possible decision in the end. Likewise, don’t ignore any correspondance from the court or your foreclosure trustee — any letters or documents you receive from these sources will contain important dates and information about your rights as a homeowner. Keep any of the documents you receive and make copies for your foreclosure lawyer in Clearwater, FL.

Procrastinate

As soon as you know you’re dealing with a foreclosure, do not wait to take any action. Many people make the mistake of procrastinating until the last minute to make any attempts to save their homes, at which point the damage is usually done. If you start making decisions and working with the professionals at Carolyn Secor, PA, early on, you stand a much greater chance of having more options or stopping the foreclosure altogether.

Abandon the House

Your first reaction when facing foreclosure may be to pack up and move before the phone calls and letters even start. The fact of the matter is, you may still be eligible for foreclosure assistance from Carolyn Secor, PA, if you’re still living in the house. What’s more, you may miss out on the chance to live in your home for free during the foreclosure. If you want to take advantage of the few benefits you may still have during this time, don’t be too eager to get out of the house right away. Talk to your foreclosure lawyer in Clearwater, FL, before making any drastic decisions and find out when the best time to move would be.

Handling a Foreclosure Notice

Receiving a foreclosure notice is devastating. Many people do not know that options are available to keep them in their homes. Knowing how to access these options is the key to keeping your property. Contacting the bank is a good start, but even when the bank can violate specific state and federal laws pertaining to foreclosure. You may be unfamiliar with such statutes, and contacting a foreclosure lawyer in Clearwater, FL is an option you should consider.

Carolyn Secor, PA has over 20 years of experience with foreclosure law and is an attorney you can trust to help with your legal proceedings. Here are just a few things you should not do if you have received a notice of foreclosure.

Receive Bad Advice

Family, friends, and coworkers who have been through a similar situation mean well when giving you financial advice, but it is up to you to ensure that you have good representation when trying to stay in your home.

Do Not Procrastinate

Financial pressures can leave you under a heap of stress. Such times can make you put off dealing with a foreclosure because you believe you have time. It is not wise to wait on the smoke to clear. The sooner you act, the better off you will be in the long run. If you have received a foreclosure notice and would like to know your options, contact Carolyn Secor, PA, a foreclosure lawyer in Clearwater, FL for a consultation.

Do Not Overlook Calls From Your Bank

When you are burdened with trying to figure out what to do about your home, ignoring calls from your bank can hurt you. There may be other options available to help you avoid losing your home. If you are uncomfortable talking with representatives from the bank, a foreclosure lawyer in Clearwater, FL can help provide the clarity you need to make a sound decision.

Do Not Abandon Your Property

Do not move out before the foreclosure process ends if you intend to keep your home. You can stay in your home for free during proceedings, and you will also need to be in the house to qualify for financial help.

If you have received a notice of foreclosure and need help with figuring out your options, contact Carolyn Secor, PA, a foreclosure lawyer in Clearwater, FL for a consultation today. The sooner you start, the quicker you can resolve the matter and potentially keep your home.

5 Questions To Ask Before Hiring a Foreclosure Lawyer

Many lawyers are qualified to handle foreclosure cases. Still, your counsel must be the right fit for you. When meeting with potential foreclosure lawyers, ask them these five questions to pick the right attorney for you and your defense.

1. Are You Licensed To Practice Law in Florida?

When calling or meeting with a foreclosure lawyer, you should ask this question first. Although companies advertise loan modification services, these companies often do not employ an attorney who can practice law in Florida. It is crucial to have a licensed foreclosure lawyer in Clearwater, FL, such as Carolyn Secor, PA, to defend you if the bank files a foreclosure. Only a licensed attorney can proceed with this matter in the court system.

2. How Much Experience Do You Have in Foreclosure Law?

It is crucial that your lawyer has experience in foreclosure defense because this litigation is complex. Finding an attorney experienced in foreclosure law will provide you with the best outcome for your situation.

3. Have You Dealt With My Bank in Previous Cases?

An experienced lawyer will inform you that they have worked with most banks involved with mortgages and foreclosures. Suppose the attorney does not have experience with your bank. In that case, you may want to find out if they have enough experience in foreclosure law defense.

4. What Kind of Results Can I Expect To See From My Case?

The results of a case vary according to each person’s situation. There is no guarantee for a specific outcome. Thus, you should consider it to be a red flag if any foreclosure counsel promises you a certain outcome, such as a loan modification. However, it is important to hear about a lawyer’s history of success or experience in similar cases to yours. It is vital to receive an honest and ethical consultation from a foreclosure lawyer in Clearwater, FL.

5. How Will You Communicate With Me About My Case?

Communication expectations vary from law firm to law firm. However, any foreclosure lawyer in Clearwater, FL, such as Carolyn Secor, PA, should update you regularly with the status of your case and any changes along the way. Ensure that you can contact them directly with questions and concerns about your case and that you also feel comfortable doing so.

After receiving the answers to these five questions, be sure to research the law firm’s reviews and reputation to learn more about previous clients’ experiences.

Carolyn Secor, P.A. knows that each one of our clients has needs that may differ from the last, which is why we work tirelessly to listen to our clients and their needs. We want to assist our clients in strategizing the next steps in their best interest, customized to meet their needs. Get started by contacting our Clearwater, Florida foreclosure lawyer.

Need a Foreclosure Attorney?

In the State of Florida, FORECLOSURE is a legal process whereby a lender seeks to terminate the owner’s interest in a property after a loan has defaulted. When the process is completed, the lender may sell the property (at a foreclosure sale/auction) and keep the proceeds to satisfy its mortgage and any legal costs, as determined by a Court’s final judgment. Surprisingly to some, the whole legal process could take as little as a few weeks, if not defended.

After the foreclosure sale/auction, any excess proceeds may be used to satisfy other liens or return to the borrower, if a proper claim is made. On the other hand, should the proceeds fail to satisfy the judgment then the borrower may be liable for the “deficiency” balance of the difference.

What can I do to stop foreclosure?

As we explained above the law requires that a Defendant defend a complaint for foreclosure by “responding” within twenty (20) calendar days. It is important to note that it is calendar days (not workdays). Many fail to respond under the presumption that the result is inevitable, or that a defense would be “too expensive”. Another common mistake is to assume that telephonic communications with representatives of the opposing party are sufficient. It is not, as explained in your summons. Please read the summons served upon you. The legal “response” to the court is technical in nature, generally called a pleading, and must be in writing.

We can help you through this process in an affordable way. Please call us so we can review our fees and how our defense may be your “cheapest” option available to you.

Failure to respond (or answer) will result in a Default Final Judgment against you, without further notice. By law, the corresponding sale date would be set as soon as a minimum of three (3) weeks after entry of judgment. If the response is properly filed, you as a borrower, would achieve additional time within which to attempt to resolve your matter, and/or simply allow you the luxury of time to plan your next move. We have handled these types of matters for our clients for nearly twenty (20) years.

What are my options?

With a defense you may protect your property for some time while you look for solutions. Many people are unaware of the fact that while you are defending your foreclosure lawsuit you preserve all of your of “ownership”. In other words, as owner while defending your foreclosure you can still reside at the property, rent it ( and collect rents), or attempt resolution with the lender (such as short sales, modifications, etc.). In addittion to your legal defense we can assist you with these efforts as well. Our firm is also experienced in the handling of any bankruptcy matters should that be necessary to protect you.

The banks have their attorneys, you should too.–However, without a defense of the lawsuit your efforts to seek out solutions will be impeded by the lack of the “luxury” of available time. Banks will typically take anywhere from several weeks to several months to make their decisions in efforts to resolve these cases. The foreclosure process could take less time.

Unless the bank gives you written confirmation that they are putting the legal process on hold while they are “talking” to you they are typically moving the foreclosure case forward. Therefore your legal defense is important to protect your ownership interest while you work on a solution. Remember once the property goes to a foreclosure sale the property is no longer yours. So your efforts would have been wasted if you run out of time. Our lawyers will assist you in assuring such time.

The Current Crisis

With unemployment figures reaching a 25-year high, the declining economy continues to impact hundreds of thousands of families each month, struggling with their mortgage. According to RealtyTrac, 303,410 foreclosure notices were served on properties in the month of December alone. This followed the 2,854,396 foreclosure filings throughout all of 2008.

As stated above, options do exist that can prevent the trauma of losing their home or facing long-term financial loss.

Short Sales

Short sales are an alternative to foreclosure for struggling homeowners who do not want to stay in their homes but would also like to lessen the potential financial damage that a foreclosure could cause on their credit rating. If you or someone you know are looking for a “short” way out of a mortgage, keep reading and find out if a short sale is a feasible option. A short sale is an agreement from the lender(s) to allow the homeowner to sell the property for less than what is owed on the mortgage(s). An example would be an agreement to allow a sale of the home to take place for $175,000 when $300,000 is actually owed on the property.

It’s important to understand that you’re not alone, and that just because you’re struggling now doesn’t mean you won’t be able to recover in the near future. Before choosing to attempt a short sale, it’s important to ask yourself if staying in your home is an option you’d like to explore, because there are opportunities, including a loan modification that may be a better path for some struggling homeowners to pursue.

Loan Modification

A loan modification would allow the homeowner, to renegotiate the terms of their existing mortgage(s) to a more affordable monthly payment(s). This can be accomplished in a number of ways that bring about both temporary and permanent solutions but ultimately allow the homeowner to keep their home.

If you think that a change in your mortgage terms, like a lower rate or lower monthly payments, might help you make it through this rough patch, it’s important to communicate with your lender, even if you’re several months behind in your payments. Many lenders have reported that in many cases where a homeowner is delinquent on his or her mortgage, they have been unable to reach the owner to discuss any options. Picking up the phone and placing a call is always in your best interest. We can assist you in this stage. We are currently handling many of these matters for clients with similar issues.

For a lender to consider a short sale, there are a number of factors that the lender will take into consideration before an approval can be secured, including:

Current hardship, which can include a change of income due to job loss, loss of hours or salary reduction, illness, death of a wage earner, or a change in marital status.
The property is “upside down,” which means the house is worthless in today’s market than what is owed.
(It’s important to note that, unlike a loan modification, a homeowner does not have to be delinquent to be considered for a short sale. However, a hardship should be demonstrated showing that the homeowner would not be able to remain current on the mortgage in the future due to mounting financial obligations.)

Why would a lender agree to sell your home at a loss?

Well, in many cases, the foreclosure process results in a losses for the lender. On a short sale or loan modification, however, these losses can be reduced, in many cases. (For example, a foreclosure on a $300,000 home could cost the lender up to $120,000 or more in losses, where they might only lose $60,000 by working with the borrower). Add to that the record losses incurred on other foreclosures, and it’s clear why lenders, in many cases, prefer to negotiate a solution.

Short Sales and Foreclosures

According to Fannie Mae, one of the largest mortgage insurers in the country, a foreclosure on your credit record will likely mean it will be between 3 and 5 years before you’re able to secure a new mortgage. The typical timeframe to buy a new home with a short sale on your record, however, is only two years.

A short sale also has a lesser impact on your FICO score compared to a foreclosure, which is very important for obtaining future credit from everything including automobiles and consumer credit to getting reconnected with local utilities and cell phones services.

When choosing a realtor look at the current inventory of listings the agent represents and ask:

How many of the properties are currently short sale properties?
Does the agent have testimonial letters from short sale sellers?
If an agent says they have sold a number of short sale properties, how many of the transactions were listings sold, not just where they had the buyer.

The next step is to price the house properly, according to the market. While many buyers would love to “steal” your property for the lowest price possible, remember that the lender is already going to incur a loss and they are not interested in losing more than they have to.

The last step is to be prepared for challenges in both the short sale process and in the market place. Remember, you have a lot of competition out there and getting a property sold can be tough, especially in a buyer’s market. However, choosing the right attorney and setting the right price can assist you in not only selling it but also in minimizing the stress of having to deal with the lender directly. We are happy to assist you in alleviating the pressures associated with this process.

Be aware that, in some cases, not all, a lender will agree to a certain price, but only if the seller agrees to accept a promissory note for some amount of the deficiency – that means money that you will be responsible for paying back. In some cases, lenders ask that sellers pay up to $20,000. However, while early last year the interest rate for these notes was in the range of 4% to 8%, lately lenders have also been extending offers with 0% and terms of repayment up to ten years.

We can help you in trying to avoid paying back any of the shortages, or if in your best interests, and unavoidable, securing the best terms.

Call today for a free consultation 727-254-1704.

Foreclosure Lawyer Clearwater, FL