Lawsuits filed by banking entities and other lien holders on real property constitutes foreclosure. Basically, the aforementioned firm of first right wants to regain possession and resell to recoup losses stemming from the prior mortgage.
Foreclosure attorneys in Wellington, FL, help clients navigate the legal maze presented to them by an initial complaint eventually followed by the sale. One particular firm’s mission statement is in direct support of the ‘clean slate’. But more on that later.
Some in the South Florida area may think the term Foreclosure relates to the sheriff sale. Really, the process leads up to this event. Banks sue on the notes, which are essentially financial obligations; evidence of consideration for the repayment of a principal with interest.
How Long Is the Process?
Time frame varies: From 6 months on the short term, and 1 to a year and a half on the long end. A lengthy procedure usually indicates that the defendant has utilized as many defenses, claims, and consumer complaints to safeguard their position. There is a deadline with every stage; from beginning to end. Lack of response will lead to a default judgement even if the forms state that you have up to a year. That property will then be sold in the next 60 days.
How to Negotiate
A loan modification with the lending party is possible. No deficiency liability states that you won’t anything later on. Until then, you have a right to defend yourself through counsel.
The Law Offices of Sean I. Koplow go to great lengths in defense pliability. The foreclosure attorneys of Wellington, FL, abide by truth in lending. To know more, browse our website.