What Happens in a Foreclosure?
A foreclosure is when your bank files a lawsuit against you in an effort to take your home. This happens when you are behind on your monthly payments on your mortgage. If you’re undergoing financial hardship, it can be easy to get behind. The foreclosure process will usually begin with a letter from your bank letting you know that you are behind in your mortgage payments. At this point, if you don’t get caught up in payments the bank will serve you with a foreclosure summons. If this happens, it is a good idea to reach out to The Lyons Law Group, P.A. to educate you on all available foreclosure options and try to determine if going to trial is the right course of action for your unique situation.
If you want to keep your home, The Lyons Law Group will walk you through all of the options available to make this happen. In order to achieve this, our primary goal is to prove that the bank failed to meet the proper foreclosure procedures or can’t prove they actually own your loan. There are many ways that a bank can fail to prove their case and our decades of experience allows us to make that the forefront of our foreclosure defense.
We will fight the banks on your behalf to give you the results you desire out of your foreclosure defense. Some of the common foreclosure defense options include mortgage modifications, short sales, and deed-in-lieu of foreclosure. With a mortgage modification, we will negotiate with the bank to attempt to reach an agreement where you will have lower monthly payments to keep your home. This option is typically available if you owe the bank more than your house is worth and can be useful to keep your home with a lower monthly payment.
A deed-in-lieu or short sale are great choices if you’re willing to leave your home. We will handle all of the paperwork to either attempt to surrender your house to the bank debt-free or sell your house for less than you owe to end the foreclosure process once and for all. This option can be useful but requires diligence to attempt to ensure that the bank can’t come back and sue you for more money.
Avoiding a Deficiency Judgement
A deficiency judgment is when the bank will take your house back and then still sue you for the rest of the money that is owed. Unfortunately, the bank has an entire year after the foreclosure to begin the process of chasing you for more money. However, The Lyons Law Group can help attempt to negotiate a waiver of deficiency with your bank to ensure that they can’t come back after you for any more money once your case is closed.
Contact The Lyons Law Group today to find out how we can help put an end to the foreclosure at your home in the Tampa Bay area. We are conveniently located in New Port Richey, FL, and we’d be happy to hear more about your situation and show you how we can help.