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The 5 most important things you need to know about Foreclosures in the USA! - Reyes Law Group

The 5 most important things you need to know about Foreclosures in the USA!

Foreclosures are devastating, it’s important to know your rights!

1)   Just because you can’t pay doesn’t mean you have no rights, … quite the opposite!
Many homeowners have long assumed that if a lender seeks to foreclose, they owe the money and have no defense.  Moreover, as terrible as it is to lose a house to foreclosure, many think the easy route is to put their biggest financial headache behind them and just “walk away” right?  As CNN Money put it a few years ago – “Wrong!”  The fact is that “turning over the keys”, “walking away”, or delivering a “deed in lieu of foreclosure” seems to be a formula for years of financial headaches.  And the worst part – it is “self-inflicted”!

2)   If you’re trying to do a loan modification or looking to simply turn over the keys, banks won’t proceed with the foreclosure – wrong!
There are now countless real-life stories across the national mortgage foreclosure “landscape” of people simply walking away, only to be shocked later as a lender pursues and obtains a “deficiency judgment” against them – in many cases years later!  Lenders obtain “deficiency judgments” for the difference between what the borrower owed and what the bank sold the property for at auction.  These are ticking, financial “time bombs” that can explode years after borrowers lose their homes.  Despite what lenders may say, in Florida, lenders have 5 years under the old foreclosure law (and one year under the new law) to file and pursue a deficiency judgment against you.  And once in hand, they have up to 20 years to collect, with interest.  With a certified copy of that deficiency judgment, they look to collect from other “non-homestead” properties, wages, and other assets.  And since many lenders will often discount and sell these judgments to collection agencies, you can be assured of continuing collection efforts for years.

3)   Being sued is not the end, … it’s only the beginning of the battle!
While a mortgage foreclosure lawsuit may seem debilitating to many a homeowner or investor, it may serve as a real starting point.  By defending against the foreclosure lawsuit, you put the bank to the test.  At the Reyes Law Group, we understand the bank has the burden of proving their case, not the property owner.  This means the lender has to show they have a right to the note and the right to foreclose.  Considering the financial debacle created in the lending industry over the last decade, you’d be surprised how difficult it can be for a bank to “prove their case”.  Don’t be lulled you into inaction.  The Reyes Law Group can help you aggressively litigate your case, negotiate your loan modification, and/or short-sale transaction, because you too deserve a passionate voice to help you fight to defend your property and/or preserve your rights!

4)   In a foreclosure lawsuit, it’s the bank’s burden to prove they’re entitled to foreclose you (& not that you can’t pay!)
Mortgage foreclosure lawsuits seems to be the culmination of a slow, drawn out financial death.  The thought is debilitating to many a homeowner or investor.  Yet, by defending against the foreclosure lawsuit, you put the bank to the test.  At the Reyes Law Group, we understand the bank has the burden of proving their case, not the property owner.  This means the lender has to show they have a right to the note and the right to foreclose.  Considering the financial debacle created in the lending industry over the last decade, you’d be surprised how difficult it can be for a bank to “prove their case”.  Don’t be lulled you into inaction.
5)   A lawsuit can lead to a settlement if you approach it tactically and with strategy.

The logical and prudent strategy is to consult with a lawyer that focuses on mortgage foreclosure defense and seeks to defend and preserve your rights using the legal system.  In a substantial portion of residential mortgage foreclosures, the homeowner and property owner has a valid defense to at least part of the claim.  Either they are not in default at all, or the extent of the default is significantly less than claimed, or the mortgage is subject to attack.  Asking a well-meaning neighbor, relative or friend who has no expertise to offer on this topic, may likely cause more harm than good.  Since your home or investment is likely the single, biggest financial investment you’ve made, a real understanding of the legal and financial quagmire is vital.  Having a strategic or tactical approach to confronting a foreclosure lawsuit is critical.  When sued for foreclosure, you’re not looking for lawyers that sort of know what to do, you want an advocate that will work to “defend your property, preserve your rights!”

Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Stephan LopezMelissa J. UlloaPhillip A. Ortiz and the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan ModificationsCriminal DefenseCivil Rights ClaimsFamily LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993  Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 S Pine Island Rd #210, Plantation, FL 33324

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The Reyes Law Group BLOG is intended to provide information to firm clients, friends and potential clients about various legal related topics. Nothing in this BLOG should be construed as legal advice or a legal opinion. Readers should not act upon the information contained in this BLOG without seeking the advice of legal counsel.

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