Homeowners threatened with losing their home through a bank foreclosure may benefit from our services. For example, when you buy a home, you usually get a bank loan and agree to repay it with monthly payments. If you fail to make the payments, the bank can start a foreclosure action, which enables them to sell your home to pay off the loan. Foreclosure laws are very detailed and strict about the process the bank must follow. We can explain your options to avoid a foreclosure sale, and help you to decide the best course of action for your situation.
Florida is a lien theory state where the real property acts as security for the underlying loan. The document that places the lien on the property is called a mortgage. In Florida, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as theCircuit Court. A complaint is filed inCircuit Court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.
Attorney Shanthy Balachanthiran will aggressively defend and litigate all residential and commercial foreclosure actions brought by primary and secondary lenders, condominium and homeowner associations and mechanics liens, and help negotiate and execute mortgage loan modifications and workouts. At Bala Law, wee fight unfair banks and predatory lending practices, while working with you and your family on a number of possible solutions to your financial circumstances including the following:
For most Florida families, their home is their biggest asset. Contacting an experienced litigation attorney with significant experience in foreclosures and quiet title actions can make all the difference when it comes to the protecting your most valuable asset and the future financial well-being of you and your family. Don’t just walk away from your mortgage! Get a complimentary consultation to evaluate all available options. Call us today at (239) 823-4541 to schedule a foreclosure law appointment.
Please refer to the FDIC Consumer Resources website for more information.
Depending on the court schedule, it usually takes approximately 180-200 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy.
Florida has a statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. There is a time limit to undertake such redemption.
Yes, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.
Foreclosure Avoidance Counseling: HUD-approved housing counseling is available to provide you with the information and assistance you need to avoid foreclosure. You may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home. If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer. Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD. There is no need to pay a private company for these services.
Please click on the link to find a list of HUD-approved housing counseling agencies in Florida. https://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfmwebListAction=search&searchstate=FL&filterSvc=dfc
The laws that govern Florida foreclosures are found in F.S. 702.01 et. seq. Please visit the following website for more information: http://www.leg.state.fl.us
Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses. This section explains the bankruptcy process and laws. Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity. All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code. There are different types of bankruptcies. The most common types of bankruptcies are as follows:
Seeking the advice of a qualified lawyer is always strongly recommended because bankruptcy has long-term financial and legal consequences. Call us today at (239) 823-4541 for a complimentary bankruptcy consultation.