This article will help you understand:
- Why it’s in your best interest to hire a lawyer for your foreclosure case.
- The options that are available to you if you’re facing foreclosure.
- What happens if you still owe money to your lender after your property is sold
Can I Handle A Foreclosure Lawsuit Without An Attorney?
You always have the right to defend the lawsuit by yourself, but it is significantly more difficult when you don’t know the ins and outs of the process. While you can try to manage your foreclosure case on your own, it is easy to mess up.
Dealing with a foreclosure is hard enough. Dealing with a foreclosure case on your own is even worse.
At Dubyak Law Firm, P.A., we understand the stress you are under if you are facing foreclosure on your home or property. Our goal is to work with you to find the best possible solution, and then to make reaching that outcome as easy as possible.
Attorney Jeremy Dubyak is experienced in foreclosure cases. He has worked for some of the largest foreclosure defense law firms in the state of Florida for over a decade and has over a thousand foreclosure trials under his belt. We strongly recommend hiring a foreclosure lawyer who is knowledgeable about foreclosure proceedings to help with your case.
What Are The Options For Homeowners Across Florida Who Are Facing Foreclosures?
If you are facing a foreclosure, your options are usually straightforward. You can either defend the foreclosure, or try to delay the time that it takes to lose your home.
You may also have the ability to modify your loan through the loan modification process that all lenders must have available to borrowers. Lenders are required to at least review your case for internal loan modification.
Another possible option is to refinance with another lender. At Dubyak Law Firm, P.A., we have connections with multiple lenders that can review you for an outside loan process. In addition, we can look into a repayment plan, a kind of modification of your current loan to catch you back up. We could also help you with selling your property, or even the short sale of your property.
If your case involves inheriting property, or a parent left property to you in a will, we can help you with the probate process. This will ensure you are the legal owner of the property. From there, we can work on a loan modification with the lender, or sell it again.
Also, if you inherited the property and there was a reverse mortgage on the property, you have the opportunity to buy the property. Your purchase price could be 95% of the appraised value of the property, 95% of the amount still owed on the reverse mortgage, or the lesser of the two options.
A final option is to file bankruptcy, which will put an automatic stay on your foreclosure proceedings. A foreclosure proceeding is a state court issue, but bankruptcy is a federal court issue. Because the federal court gets to determine what happens in state court, the federal court can pause a foreclosure proceeding.
In Florida, we have the opportunity for a mortgage modification program through a bankruptcy proceeding. This is a mortgage modification mediation process. If needed, we can work through a bankruptcy to get your mortgage modified to hopefully allow you to stay in your home. However, this process is dependent on the amount of debt that you have and if bankruptcy is right for you.
Are Any Options Still Available If I’m Already In A Foreclosure In Florida?
All of your options are still available as long as you have not already lost your home to foreclosure.
During the foreclosure process, there will be a final hearing, either through a motion for summary judgment or a non-jury trial. At that time, if the bank has already received a final judgment against you and a sale date has occurred on the property, then you are likely out of options.
However, if a mistake was made during the process, it might still be possible to save your home or get it back. For the most part, you have options up until the house is gone or sold at foreclosure.
Could I Still Have Future Liabilities To The Lenders After The Sale Of My Home?
It is possible that you could still have liabilities to the lenders after the property is sold, but that would be an additional lawsuit.
If you owe more than the selling price of the house at the foreclosure sale, you would have a deficiency judgment between those two numbers. For example, if you owed $100,000 on your loan and your home only sold for $80,000 at the foreclosure sale, you would technically still owe $20,000.
However, in order for the bank to get that $20,000, they have to sue you for deficiency judgment. They must show the court that (1) you had a foreclosure sale, (2) that you still owed money, and (3) that there was a difference between the amount owed and the sale price.
The bank also has to get a certified appraiser to show that the home sold for a fair market value. Without this, they are not entitled to a deficiency judgment. This entire process must be completed within one year of the foreclosure judgment.
Although you could still owe money, it is not a guarantee. Deficiency judgment is a complicated process with a lot of steps for the bank to take, and this process would need to be addressed separately from the foreclosure.
With the guidance of a skilled attorney for Foreclosure Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Foreclosure Law in Florida, an initial consultation is your next best step.