Sitting on Your Rights is Not a Solution

Sitting on your rights is not a solution

We can help preserve your rights!

On more than one occasion I’ve told folks the economic crisis is not over, the economy remains mediocre at best, and sitting on your rights is not a solution!
The signs are all around us . . .

  • The U.S. “middle class” has now been eclipsed by Canada’s “middle class” according to this article in the NY Times.
  • According to RealtyTrac, 31% of homes in Florida were underwater in the first quarter of 2014, a fact which places Florida as the state with the second highest rate of homes seriously underwater in the country.

And, now . . .

  • Existing U.S. home sales have slipped to a 20-month low, per this article in Yahoo Finance.

Keep in mind that this is all against the backdrop and commonly held view that lenders are still holding back inventory.  When you couple all of this, along with the continued tight lending, the cost of lending for those qualifying, the property appreciation slowdown, and falling sales – sooner or later, something’s got to give!  That “give” will definitely lead to more foreclosure filings. Consequently, more homeowners will be looking for a loan modification or short sale as a way of getting out from under.

By now, you’ve heard many of the real-life stories of homeowners being shocked into reality by “deficiency judgments” obtained by lenders against them.  Judgments that generally, if addressed, can be avoided.  In Florida, lenders have a one (1) year window within which to pursue a deficiency judgment.  And pursue they will.  Once obtained, these judgments are ticking, financial “time bombs” that can explode years after borrowers lose their homes. Lenders have up to 20 years to collect on the judgment!

Be aware of your rights. There are solutions that may help you to keep your home or minimize the financial impact of paying on a home that is underwater.  Either way, it will help to improve your financial situation. First, it’s important to determine whether you’re realistically a loan modification candidate, and if you are, whether the numbers make sense for you.  If not, a short-sale becomes the safety net which can help you get out from under and allow you to move on with your financial life.  The key is to negotiate terms that make sense for you.  This is where years of experience negotiating with lenders can make a big difference.

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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 Melissa J. Ulloa 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.

The hiring of a lawyer is an important decision that should not be based solely upon advertisement.  Before you decide, ask us to send you free information about our qualifications.

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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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