You are behind on your mortgage payments, you don’t have the money to catch up and a foreclosure seems imminent….. does this sound familiar? If so, unfortunately you share the same worrisome position as thousands of other Florida home owners that were impacted by the housing collapse of the mid to late 2000′s. However, prior to a foreclosure judgment being rendered, your best option may be to give the property up entirely and start anew. The legal terminology used to specifically describe this alternative to foreclosure in Florida is a “deed in lieu of foreclosure”. You may have heard the term thrown around here and there, but you may be wondering what are  its legal ramifications, and how can you determine if this is the best solution for your particular scenario.

First off, a “deed in lieu” is tantamount to you, the borrower, saying to the Lender (often times the bank), “I cannot make the mortgage payments anymore, so I am going to give the property back to you.” Essentially, the bank agrees to take back ownership of the property (repossession of the deed), and in exchange, the borrower is relieved from any further payments or obligations on the subject property. Deed in lieu’s can allow the defaulting borrower to get out from underneath the cloud of an impending foreclosure in Florida, and avoid the strain and heartache of the often times long and drawn out foreclosure process. Furthermore, while a borrower’s credit score will inevitably take a hit upon the initial filing of a foreclosure action, a deed in lieu can help mitigate the significant financial damage that  comes along with an actual foreclosure judgment. Not only can a deed in lieu be in the best interest of the borrower, but often times they can be beneficial to the lender as well. As previously stated, the full Florida foreclosure process can be a painfully slow one, and not just for the borrower. This increased time inevitably leads to increased costs for the lender. Thus, under the right conditions, a “deed in lieu” may be the most viable alternative to foreclosure for both parties.

However, it is absolutely imperative that any time a deed in lieu is sought, that the borrower FIRST obtain a “waiver of right to deficiency judgment” from the bank PRIOR to signing a finalized agreement for a deed in lieu. This waiver ensures that the  lender cannot later come back and require you to make up the monetary difference if they end up having to sell the property for less than what was owed.

Overlooking even the smallest of details, such as failing to obtain the aforementioned “waiver of right to deficiency judgment”, can result in severe financial implications felt long after the foreclosure process has come and gone. For these very reasons, it is crucial that you consult an experienced team of Orlando foreclosure attorneys that can help ensure your rights are being fully honored and protected.

Call the experienced Orlando foreclosure attorneys at The Freedom Law Firm - we’re here to help you stay in your Orlando home! Call any time, day or night. We have the experience and knowledge needed to answer your Florida foreclosure questions.  407-883-2618.

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While Florida’s Brevard County has been in RealtyTrac’s “Top 10 Metropolitan Areas with the Highest Foreclosure Rates” before, never has it obtained the #1 spot – until now. In November, Brevard County moved to the top of RealtyTrac’s list, with one in every 158 homes in the county facing some sort of foreclosure action during the month, according to RealtyTrac’s U.S. Foreclosure Market Report.

A Florida foreclosure action can mean many things from a default notice to the filing of the foreclosure lawsuit to the court-ordered sale of a foreclosed home in Florida. Many believe that Brevard County’s move to the top of RealtyTrac’s list was not due to a dramatic increase in filings, but rather to a decline in foreclosures nationwide. In essence, the foreclosure rate everywhere else in the country is improving, which pushes Brevard to the top of this list.

According to the Clerk of Court’s office, 534 new foreclosure lawsuits were filed in Brevard in October of 2011, the last month when complete numbers were available. While this number is up from 411 in October of 2011, it is much lower than the peak of 919 foreclosures filed in December of 2010. Still, there are thousands of Florida homes working their way through the court system across the state.

In Florida, you have several alternatives to foreclosure if you act before the foreclosure case is filed. These Florida foreclosure actions, best acted upon with the assistance of an Orlando foreclosure attorney, include: bankruptcy, refinancing, loan modification, and short sale. However, if you wait too long, your options become more limited. That’s why it’s important that you contact an Orlando foreclosure defense attorney as soon as possible. Call 407-883-2618 to get in touch with one of our Orlando foreclosure defense lawyers at The Freedom Law Firm today.

Tags: 411, Brevard County, Clerk Of Court, Default Notice, Defense Attorney, Defense Lawyers, Dramatic Increase, florida foreclosure, Foreclosed Home, Foreclosure Action, foreclosure attorney, foreclosure defense, Foreclosure Market, Foreclosure Rates, Foreclosures, Lawsuits, Loan Modification, Many Things, Metropolitan Areas, Realtytrac

When facing a foreclosure action in Florida, one option the borrower can pursue is what’s called a “Reinstatement”.  It’s a pretty straightforward term, but it’s one that comes up often when borrowers are negotiating with the banks during their foreclosure proceedings. Simply put, it’s the lender “reinstating” the terms of the original mortgage agreement and essentially saying to the borrower (YOU) “Ok, we’ll let you stay in the house, but you have to make all of your payments from here on out.” Reinstatement of your mortgage, if agreed to by the lender, is an option that is typically going to take place before a summary judgment is granted (Although it’s not impossible to obtain one after). Summary Judgment is generally a final ruling granted by the Court in which a date and time is set for the sale of your property. For the borrower, this is not good and is precisely why reinstatements should be negotiated prior to these rulings. Reinstatements, although rare, are typically agreed upon prior to a judgment being rendered. The primary reason for this is because just about every party involved in the Florida mortgage foreclosure proceedings want this to occur. The Judge, while bound to the letter of the law, still wants to encourage settlement. The Lender/bank gets their payments caught up and they are reimbursed for all of their foreclosure costs and fees.  And the borrower, if in a financial position to do so, gets to keep their home.

However, while reinstatements can be a viable alternative to having your Orlando property foreclosed on, they occur infrequently and can be costly. If a reinstatement were agreed to, it is likely that the borrower (who was in default) would have to pay for all of the lender’s foreclosure expenses, as well as having their interest rates increased on the mortgage from that point on. Furthermore, while it has been stated that the lender is typically on board with the idea of a reinstatement, nevertheless, they still do not happen often. This is true for a couple of pretty simple reasons. First of all, if the borrower who was in default had the money to reinstate the mortgage and agree to continue making the original payments, they wouldn’t have fallen behind on their payments and wound up in foreclosure in the first place. That is why reinstatements usually only occur when a friend or relative comes to the rescue and bails them out. If you do not have the money and are not fortunate enough to have the help of a generous benefactor, agreeing to a reinstatement may not be the best option for you, as its likely you will again not be able to make the payments, and will be faced with another foreclosure proceeding in the near future.

However, even if you do not have the money and have determined that reinstatement may not be the best option for you, you should still seek out the advice of an Orlando foreclosure attorney. Doing nothing is never a good decision. Call us here at The Freedom Law Firm in Orlando. We can help answer any questions you may have and we can guide you through the complicated path that is foreclosure!

CALL TODAY! 407-883-2618

Tags: Banks, Borrowers, Financial Position, florida foreclosure, Florida Mortgage, Foreclosure Action, Foreclosure Proceedings, Interest Rates, Letter Of The Law, Mortgage Agreement, Mortgage Foreclosure, Nev, Original Mortgage, Orlando Property, Reason, Reinstatement, Summary Judgment

So I’ve heard of a mortgage, but who or what is a mortgagee?

As you may know, when buying a home, many people take out a mortgage loan in order to pay for the property. When doing so, you will sign a note for the loan, which is simply a promise to pay back the loan to the lender. Along with that promissory note, the borrower will also sign a mortgage. A mortgage, a term most people are a little more familiar with, creates a lien on the property and acts to attach the note to the property. However, outside of the business world, very few people are familiar with the term mortgagee. Unfortunately, as often is the case, many people are not even made aware of the term “mortgagee” until they have become a defendant in an Orlando foreclosure action; despite the fact that the term is included in almost every mortgage document and has a rather simple meaning. Simply put, the Mortgagee is the lender of the money i.e. the bank in most cases. The Mortgagor is the borrower aka YOU! The one being foreclosed on.

Ok? So mortgagee means the lender, why is that so important to know?

While at first glance this may seem like an insignificant detail, it can actually have a major impact on how you choose to strategically defend against the bank’s foreclosure action. In Florida, when a borrower has failed to make their payments, or has breached their mortgage agreement in some other material way, the mortgagee is generally the only one with standing to bring a foreclosure action against you. More specifically, “standing” means a party has demonstrated a “sufficient connection to” and has suffered “sufficient harm from” the action being challenged, and therefore has authorization to bring the claim. However, as we see everyday, many times the parties bringing the foreclosure actions are NOT the mortgagee, as the law requires. These third party claimants lack standing, and therefore are not legally authorized to bring that suit. So while knowing how to identify the mortgagee may seem unimportant, that little bit of knowledge and attention to detail could result in having the foreclosure case against you dismissed.

Have us work out the details. Don’t make the mistake of not calling one of our experienced Orlando foreclosure attorneys today! We’re here to help, just call 407-883-2618.

The Freedom Law Firm – 407-883-2618

Florida Foreclosure Attorneys – Orlando and throughout Central Florida

Tags: Bank Foreclosure, Business People, Business World, Buying A Home, Defendant, First Glance, Foreclosure Action, Many People, Money, Mortgag, Mortgage Agreement, Mortgage Document, Mortgage Loan, Mortgagee, Mortgagor, Party Claimants, Promise, Promissory Note, Third Party

Under Florida law, any person, whether an attorney or not , may represent themselves in a court of law without the aid of counsel. This type of self-representation is referred to as pro se representation, which simply means “for oneself” or “on one’s own behalf”. Although those facing a Florida foreclosure action have the legal right to represent themselves without the help of an attorney, such a choice is NOT advisable and can have serious, long-lasting detrimental effects; the most serious of which being the loss of your home.

And while it is true that some people may have an extensive knowledge of foreclosure law and procedure, it is equally true that a majority of people out there simply do not. The foreclosure process can be a long and complicated one, which is precisely why the counsel of an experienced Orlando foreclosure attorney is imperative in ensuring that you and your home are best protected from creditor levy. An experienced Orlando foreclosure attorney can navigate you through the tangled and complicated web that is a foreclosure lawsuit. If someone does make the choice to represent themselves, they are expected to be fully aware and knowledgeable of all the pertinent legal doctrines and procedures, just as a seasoned lawyer would be. Some of the doctrines a pro se litigant would be expected to know include, but are not limited to, a short sale, a deed in lieu of foreclosure, how and when to file an answer and affirmative defenses, and what comprises a motion to dismiss. If you are unfamiliar with any of these key aspects to a foreclosure lawsuit, you should seek the help of an Orlando foreclosure attorney and remember……..don’t go it alone!

We, at the Freedom Law Firm, have the experience to help guide you through this difficult process and are ready to help. Our Orlando foreclosure attorneys exist to give this advice, and hiring an attorney to help with a mortgage foreclosure is one of the best decisions a borrower can make.

Call us today for more information and a free consultation:

The Freedom Law Firm, P.A.

407-883-2618

PO Box 1987

Orlando, FL 32802

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What is a mortgage default?

“Default” is a term that essentially means “missed payments”. When a borrower skips a mortgage payment, they are given a two-week grace period in which to make the payment. After that two-week period, if a payment is not made in 30 days, the mortgage is considered to be “in default”. A mortgage in default is a dangerous thing. At the instant the bank declares your mortgage to be in default, a report (called a “Notice of Mortgage Default”) can be sent out to all three major credit bureaus and the borrower’s credit score can be immediately affected. A default left uncured gives the bank the opportunity to foreclose on your Orlando home. Most mortgages state that the lender may reclaim a property if the borrower defaults on the loan.

When a borrower skips a payment, they too will receive a Notice of Mortgage Default, and this notice is the first step in the foreclosure process. Many of our clients here at The Freedom Law Firm come to us as soon as they receive their Notice of Mortgage Default. This allows us to prepare for the foreclosure defense. Most clients do not have the ability to pay back the default amount, and they let the bank file foreclosure (In essence, they skip the payments on purpose because foreclosure defense is an easier option. This is called a “strategic default”.). That’s when we step in and investigate the bank’s handling of the loan. There are several mistakes that we almost always catch, and allowing your bank to foreclose can be the best option because we can stop the process and stall the lawsuit for years.

That being said, it’s never a good idea to skip a mortgage payment unless you’ve been made aware of all the consequences. Our Orlando foreclosure attorneys exist to give this advice, and hiring an attorney to help with a mortgage foreclosure in Orlando is one of the best decisions a borrower can make.

Call us today for more information and a free consultation with one of our experienced Orlando foreclosure defense attorneys:

The Freedom Law Firm, P.A.

407-883-2618

PO Box 1987

Orlando, FL 32802

Tags: Attorneys, Bank Foreclosure, Bank Mortgage, Borrower Defaults, Consequences, Credit Score, Dangerous Thing, Decisions, foreclosure defense, Free Consultation, Freedom, Grace Period, Major Credit Bureaus, Mortgage Default, Mortgage Foreclosure, Mortgage Orlando, Mortgage Payment, Mortgages, Opportunity, Orlando Attorneys, Three Major Credit Bureaus

Have you been served with a foreclosure notice for your Orlando home? We understand how hard it is to make payments in these slow economic times and we want you to know that you have options that can slow down and even stop the foreclosure process in Florida. The following are a few alternatives to foreclosure, best acted upon with the help of a Florida foreclosure lawyer.

Refinancing: If you’ve been served with a foreclosure (or are expecting to be) because of a past financial problem, but have since then been able to recover and catch up financially, refinancing may be the best option to keep your home. If you have a job and have built up enough equity in the house, you may be able to refinance your home and halt the foreclosure process.

Loan Modification: If your home loan is upside down, you may have the option to ask for a loan modification. For a loan modification, there are certain requirements that must be met and the process will vary depending on your mortgage company. If you don’t feel comfortable talking with your mortgage company yourself, a Florida foreclosure attorney can work with the mortgage company on your behalf.

Bankruptcy: There are two types of bankruptcy that you can file, Chapter 7 or Chapter 13, depending on which requirements are met and what you work out with your mortgage company. One of the benefits of bankruptcy is that it entitles homeowners to an “automatic stay” of their Florida foreclosure case until the bankruptcy court rules that the state Court can proceed.

Short Sale: If you don’t qualify or don’t desire to take any of the actions above, you can contact your mortgage company to see if they will allow a short sale. This means that you agree to sell your home for less than what is owed and the mortgage company accepts that amount.

In Florida, you have several alternatives to foreclosure if you act before the foreclosure is filed. If you wait longer, your alternatives become more limited. That’s why it’s important that you contact an Orlando foreclosure defense attorney as soon as possible. Call 407-883-2618 to get in touch with one of our Orlando foreclosure defense lawyers at The Freedom Law Firm today.

Tags: Act, Bankruptcy Court, Bankruptcy Rules, Chapter 13, Chapter 7, Desire, Economic Times, Florida Attorney, florida foreclosure, Florida Lawyer, foreclosure attorney, Foreclosure Loan, Foreclosure Process, Home Loan, Job, Limited, Loan Modification, Mortgage Company, Refinance, Refinancing, Types Of Bankruptcy

In September, Florida became the state with the highest foreclosure rate in the country, overtaking Illinois. Last week, new data from RealtyTrac was released stating that for the second month in a row (the month of October), Florida once again holds the #1 spot for the state with the highest foreclosure rate. In fact, Florida is far ahead of even second-place holder Nevada.

The RealtyTrac report released last week shows that one in every 312 Florida homeowners received a foreclosure filing in October – either an initial notice of foreclosure, an auction notice, or a final bank takeover. In comparison, one in every 706 homes nationally received a foreclosure filing last month. Therefore, Florida’s foreclosure rate is more than twice the national average!

Florida County Clerks are not surprised at this data, saying that their foreclosure case load continues to grow with no signs of slowing down. Last month, lenders took back 7,301 Florida homes in the final stage of the foreclosure process, which is a 10% increase from September and a 2% increase when compared to October of 2011.

If you’re Orlando home is at risk for foreclosure, you are not alone. As you can see, many Florida homeowners are also experiencing foreclosure. However, it is important to know that you have options available to you that can help slow down and even stop the Florida foreclosure process if you contact an Orlando foreclosure attorney in time. Call a foreclosure defense lawyer at The Freedom Law Firm in Orlando today at 407-883-2618. We will provide you with a free consultation and we’ll do all we can to help you stay in your home!

Tags: Ahead, Auction Notice, Case Load, Contact, Defense Lawyer, Florida County Clerks, florida foreclosure, Florida Homeowners, Florida State, foreclosure attorney, Foreclosure Auction, foreclosure defense, Foreclosure Process, Free Consultation, Freedom, Initial Notice, Lenders, Risk, Signs, Takeover

Emotional Foreclosure Defense: “Should I Feel Bad About This?”

Am I supposed to feel bad that I stopped making my monthly mortgage payments? I want to make a strategic default but I feel ethically obligated to pay my mortgage.

First and foremost, let me say this – The banks and their attorneys to not care about you or your family. The banks care about money and only money. The bank could care less if you are kicked out of your house and you have nowhere to go. The bank does not care if you are living in the streets. Trust me, I see it EVERY day!

Your mortgage is simply a contract. A contract is a simply business and contractual obligation and has nothing to do with ethical or moral obligations.

As many contract professors and contract lawyers say “Contracts were meant to be broken!”

And trust me, most banks will go on living long after you. Those banks don’t care about you and your family getting kicked into the streets. And those banks will not even remember your name when you are gone. The banks thrive and survive off of money. Money is the bank’s ONLY concern. You need to look out for your family’s best interest!You only have one life and you best make the best out of it. Do you want to be shackled to a mortgage payment which you can’t afford for the rest of your life?

I know I have made it my personal goal to protect those family’s who are being taken advantage of by the corporate monopolistic bullies.

It’s no secret that residential mortgage foreclosures in the US are at an all-time-high. What’s more, a list compiled by BankRate.com places Florida at number one in foreclosure filings in October 2012. Yet given these facts, and despite the fact that Florida foreclosure and bankruptcy are so commonplace, many borrowers are still intimidated by the social stigma that comes with being in debt. In fact, clients have told me personally that they hesitate to defend their Orlando foreclosure because they feel their debt is “their fault” or “their responsibility”. These clients feel that somehow it’s wrong to defend a debt they incurred.

I always tell these clients the same thing: the reason you’re here is because you need help. In all likelihood, your bank has engaged in predatory lending practices and you have every right to question those practices.

When a bank sends a borrower a Complaint to Foreclose, that bank must be in possession of all necessary original documents. That bank must already have satisfied all necessary conditions precedent to demanding the full loan amount. Also, that bank must answer any and all questions and requests from the borrower before the Orlando foreclosure continues.

So my questions to the hesitant client are as follows: Is it wrong to ask your bank for proof of legitimacy? If someone wants to repossess your home, is it wrong to ask them why? Can you be blamed for making sure your bank is playing by the rules?

The answer, of course, is a resounding “no”.

Those who fail to defend a foreclosure simply because they feel like it’s wrong are skipping a very important step in the loan process: make sure your bank isn’t cheating. Simply put, banks are profiteering organizations and their goal is to make money. They have no interest in protecting the borrowers, and they are notorious for taking shortcuts and cutting corners during the Florida foreclosure process. That being said, hiring an Orlando foreclosure attorney to monitor the bank’s activities is an excellent decision. An Orlando foreclosure attorney can easily recognize these shortcuts and most likely stop a Florida foreclosure long before the bank ever gets a hold of a client’s home.

Tags: Banks, Best Interest, Borrowers, Bullies, Contract Lawyers, Contractual Obligation, Florida Bankruptcy, florida foreclosure, foreclosure defense, Living In The Streets, Money Money, Monthly Mortgage Payments, Moral Obligation, Moral Obligations, Mortgage Foreclosure, Mortgage Foreclosures, Mortgage Payment, Personal Goal, Professors, Rest Of Your Life, Social Stigma

According to new data from RealtyTrac Inc., a real estate information company that publishes the largest database of foreclosure, auction and bank-owned homes, certain banks are known for taking much longer to sell foreclosed properties than others. For example, Bank of America takes almost two months longer than EverBank Financial to sell a foreclosed property.

In addition, Bank of America has taken longer to sell its properties this year than last year. Last year it took Bank of America 5.3 months on average to sell a foreclosed property and this year they are averaging 6.7 months for foreclosed properties. Wells Fargo, Deutsche Bank, Ocwen Financial, and Citigroup have also fallen behind in selling their foreclosed properties when compared to last year. According to RealtyTrac, all of these banks took at least 20% longer to sell their foreclosed properties compared to last year (2011).

Many things can happen when an abandoned home sits on the market for a long period of time. These foreclosed properties can rack up association fees, repair costs, overdue property taxes, neighbor complaints, code enforcement fines, and more. The longer a foreclosed home in Florida sits on the market, the harder it is to sell because the deeper it falls into disrepair.

If you’re at risk of having your Orlando home foreclosed on, don’t wait until it’s too late to contact an Orlando foreclosure defense attorney at The Freedom Law Firm. Call 407-883-2618 to get in touch with one of our Orlando foreclosure defense lawyers. We can slow down the foreclosure process and even give you more time to make your payments so that you can stay in your Orlando home as long as possible. Give us a call – we want to help you and your family!

Tags: 7 Months, Bank Of America, Bank Owned Homes, Citigroup, Code Enforcement, Defense Attorney, Defense Lawyers, Deutsche Bank, Disrepair, Foreclosed Property, Foreclosure Auction, foreclosure defense, Foreclosure Homes, Information Company, Many Things, Neighbor Complaints, Ocwen Financial, Property Taxes, Real Estate Information, Realtytrac Inc, Wells Fargo