The First Steps in Preparing Your Foreclosure Defense

Foreclosure is, unfortunately, a reality that many Americans have to deal with, especially as our economy and the job market continue to change. In April alone, there were more than 64,000 properties with a foreclosure filing nationwide. There are a number of housing markets where foreclosures are picking back up.

Typically, a foreclosure starts with a borrower receiving a notice of default, lis pendens, or notice of trustee sale from the servicer. If you fear that you could be facing foreclosure, having a conversation with an experienced foreclosure defense attorney is always the first step you want to take in order to proceed so as to protect yourself. Below, we discuss some of the initial steps you and your attorney will confront in order to address the issue:

Assess Your Budget

First and foremost, you must have an honest conversation concerning your financial future and be practical about assessing your income and budget so that you come to a mortgage estimate that you can afford every month. During this process, also think about any  by which you can increase your income.

Do Your Research

You and your attorney will also want to take a close look at any correspondence and documentation shared between you and your lender. This includes but is not limited to letters, mortgage documents, and notices which include any relevant clauses that could allow the lender to sell your home in order to fulfill overdue mortgage payments.

Consult the Experts

Prior to contacting your lender, you may also want to contact the Department of Housing and Urban Development and/or a realtor, as they can sometimes provide you with additional advice in preparing you to renegotiate the terms of your mortgage debt and keep your home,  or give you some idea of what the selling process might look like in the event there is no way to keep your home. 

Contact Your Lender… As Many Times As It Takes

Once you have organized all of your documents and have a good sense of your complete financial picture, you or your attorney will also need to contact your lender however many times it takes, and with significant diligence, in order to renegotiate your mortgage rate. Every time that you speak with your lender, note the date, person you spoke with, and time of the call. Also ensure that the individual with whom you are speaking is taking notes on the conversation and saving these notes in your file.

Lawyers Who Fight Wrongful Foreclosure in Florida

Lenders are often quick to start foreclosing on a property when they believe owners have defaulted on payments. However, many times they are mistaken, and have not followed the procedure mandated by law. If you fear that you could be facing foreclosure, contact our experienced foreclosure defense attorneys at Suncoast Civil Law today to receive assistance in working with your lender to provide you with the best option possible.

Resources:

nationalmortgagenews.com/slideshow/12-housing-markets-where-foreclosures-are-picking-back-up

usatoday.com/story/money/personalfinance/2018/06/02/foreclosure-how-deal/656313002/