Responding to a Foreclosure Summons
Foreclosure occurs when you fall behind on mortgage payments. This process is when the owner of the loan note (typically a bank or credit union) utilizes state law to sell the property, relying on the profits to repay the debt.
Unfortunately, foreclosure works differently in different jurisdictions. In some areas, banks must file a lawsuit to begin the foreclosure process. For this reason, judicial foreclosure in South Florida often necessitates the attention of a foreclosure litigation attorney in Cutler Bay.
Judicial foreclosures typically last for several months or more. The good news is that this gives defendants the chance to find another domicile or to save money to purchase another property.
Defending a foreclosure is no easy process. However, it does offer a distinct advantage in that the defense team can raise any defenses to the foreclosure without filing their lawsuit. Nevertheless, a foreclosure claim is a serious situation, making a foreclosure litigation attorney in Cutler Bay a valuable asset for the best possible outcome.
The Typical Judicial Foreclosure Procedure
The ordinary judicial foreclosure begins by a borrower getting behind on their mortgage payments. In most situation, federal law requires the lender to wait until the borrower is more than 120 days delinquent before taking foreclosure action.
The lender will then send notification of their intent to initiate foreclosure. In most situations, the loan contract will require the lender to send a letter outlining that they will take action unless the borrower remedies the missed payments. This will additionally include costs and interest.
If the borrower cannot remedy the situation, the lender files a lawsuit. This lawsuit will ask the court for the right to sell the home, applying the proceeds to the debt. The lender will provide notice of the lawsuit through a summons and complaint. However, borrowers do possess a chance to respond.
The summons and complaint offer a period of time for defendants to respond. If the borrower chooses not to respond, the lender will likely win a default judgment. The case proceeds as if the borrower remained absent from the case entirely, with an automatic victory for the lender.
Foreclosure issues concern far more than financial ruin. This legal scenario involves potentially losing a home and livelihood for an entire family. For this reason, enlisting the services of a professional and experienced foreclosure litigation attorney in Cutler Bay remains vital for the best possible outcome.
When to Enlist a Foreclosure Litigation Attorney in Cutler Bay
When it comes to a foreclosure situation, enlisting an attorney for their assistance early in the process can ensure that a defendant wields more options than what may remain apparent later in the legal action.
Lawyers can help work out deals with lenders that enable borrowers to stay in the home. This is in addition to their experience and fortitude at fighting the foreclosure in court. Unfortunately, if a defendant waits too long, the process may be too far along to stop.
By the time a defendant receives a breach letter outlining the potential for foreclosure, they must think about hiring a foreclosure litigation attorney in Cutler Bay. This situation is exacerbated when the defendant possesses no way of catching up on missed payments while wanting to keep their home.
A foreclosure litigation attorney in Cutler Bay possesses limited time to take the necessary steps to defend against a foreclosure proceeding. By waiting too long to enlist a legal professional, defendants may miss important deadlines. Even worse, if the lender completes a foreclosure before a borrower can secure an attorney, it remains almost impossible to reclaim a home.
A Foreclosure Litigation Attorney in Cutler Bay from the Law Offices of Paul A. Humbert, P.L.
The foreclosure litigation process is very complex and convoluted, even for attorneys. Court procedures vary from state to state, and nonjudicial foreclosure proceedings remain vastly different between states.
If you want to fight a foreclosure in the South Florida area, you must understand how to file documents with the court, in addition to the rules of evidence, and much more. Experienced and skilled attorneys can help navigate these regulations while advising you on all of your potential options.
With enough time a foreclosure litigation attorney in Cutler Bay could even broker a deal with a lender to avoid foreclosure altogether. To learn more about foreclosure litigation, and how our firm, the Law Offices of Paul A. Humbert, P.L. can help you, contact our professional and experienced attorneys today!