The “Foreclosure Maze”

In A Foreclosure Maze? We Offer The “Stair-Step Approach”

When faced with possibly losing your home, homeowners may feel trapped in what seems like a “foreclosure maze”. Lenders are very happy to deal with overwhelmed homeowners. Many of my readers and clients should recall, we have  argued all along that challenging the bank to “prove their case” (once you have been sued) can be very effective. Time allows more options to present themselves and make a negotiated settlement possible.  Barring that, even in today’s morass of cases and courtroom bottlenecks, you can be foreclosed in 6 to 8 months. What you need is an experienced attorney to guide you through the ‘foreclosure maze’

That said, people today find themselves all along the “foreclosure maze”. Some have a still steady income that pays for a property that is “upside down”. Some have reduced incomes that now have them missing some mortgage payments. Some have lost their job and find themselves unable to make any payments. And some are strategically defaulting because they’re so far “under”, it makes no sense to continue paying.  The problem, of course, is that people make ill informed decisions that later come back to haunt them for years.  Borrowers that walk away by doing a deed-in-lieu, short-sale, or simply, abandoning the property, all without negotiating the “deficiencies”, have left ticking, financial “time bombs” that can explode years after borrowers lose their homes.  Despite what lenders may say, in Florida, lenders have 5 years to file and pursue a deficiency judgment against you.  And once in hand, they have 20 years to collect, with interest.  With a deficiency judgment in hand, 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. Now you’re stuck in the foreclosure maze indefinitely.

By seeking professional guidance, you can enhance your chances of successfully navigating this foreclosure maze.  At the Reyes Law Group, what strategic and tactical approach we take is dependent on the specifics of your circumstances. Mostly, it depends on your objectives and whether a lawsuit has in fact been filed. We generally believe that taking the conservative approach designed to help you keep your property is a logical first step.  At the same time, we’re ready to flip the switch to negotiate a short-sale since ultimately, avoiding the financial albatross is best.  We can do all this while also preparing for or engaging in defense of your home or property if a foreclosure lawsuit has been filed.  We call it the “Stair-Step” approach – that is:

Loan Modifications first – since generally most folks would like to stay in their homes, if possible. We have experienced staff who can organize and present the financial package to your lender. The goal will be to reduce the mortgage payment to an amount that makes sense and you can afford. Moreover, some homeowners may qualify for government programs for reducing mortgage payments. The key is to provide the lender with information they need to make a decision. Our staff has the experience and knowledge to work with lenders. And anyone who has tried to do this on their own knows how frustrating this can be. It’s important to present a complete package and to follow-up on an ongoing basis. We provide that service.

Short-sales negotiations next – in the case where a loan mod is not possible, this is clearly a prudent step and by negotiating key terms, should help you move on.  (Our team of negotiators & selected realtor and lender sources assure you of quality people to help maximize your chances of an approval.)

Foreclosure Litigation Defense – this is key, otherwise, lenders will be only too happy to foreclose and take title to your property.  Our foreclosure defense team brings a court-tested, zealous representation designed to assure the lenders and their counsel,  … we will work to “defend your property, and preserve your rights”.  Remember, when you call us, ask for the “Stair-Step” approach!

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 and review our credentials.

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


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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Reyes Law Group

Reyes Law Group represents clients in a multi-disciplinary legal practice involving real estate transactions and litigation with a “footprint” that covers the State of Florida. Over the firm’s first 10 years, Reyes Law Group has closed over $100M in commercial closings, representing buyers and sellers in contract negotiations, due diligence, and the related title review and policy issuance related to closings. In litigation, the firm has commercial litigation experience focused on prosecuting or defending claims such as breach of contracts, partition actions, trade secret violations, and breach of non-competes. However, our firm’s MAIN FOCUS is assisting asset and loan portfolio managers, investors and private lenders with a “ 4-PILLAR APPROACH” to the legal challenges they face with non-performing assets: 1) LOAN WORKOUTS; 2) COMMERCIAL FORECLOSURES (across the State of Florida); 3) COMMERCIAL EVICTIONS; and 4) REO COMMERCIAL CLOSINGS.30+ years’ legal experience means - WE CAN HELP!

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