How To Stop Foreclosure Immediately?
Full transcript: Hi, Roy Oppenheim here. I have some questions that are being asked about foreclosure. And the first top question is how to stop a foreclosure immediately. Now people sometimes use the word foreclosure to mean different things. So we have to be careful that we’re using the same vocabulary.
Watch Video: How To Stop Foreclosure Immediately? : https://www.youtube.com/watch?v=x95849iyvrk
Particularly, if we’re talking about a foreclosure, that’s usually the beginning of the process where you are served by a process server. On occasion, it could be mailed to you by certified mail, where a complaint has been filed against you in the courts in order for you to fully pay the entire unpaid balance of your mortgage. And if that’s not paid, that you will have your house sold at an auction.
And so the foreclosure process is the process by which the court has been…the jurisdiction of the court has been invoked by a bank or by some lending institution to try and take your property away from you. So once that process begins, the question is, how do you stop a foreclosure immediately. And the two things that you can do is immediately you contact an attorney, and they can certainly begin to fight the foreclosure and they can certainly make an appearance.
They can file for a request that you have more time to either find an attorney or to file an appropriate answer and figure out what your options are. Obviously one of the first options is to reinstate the loan if you have the capacity to do that and make up the back payments. I mean that stops the foreclosure immediately. The other is to pay off the whole mortgage, but typically those aren’t options that people have, so those really aren’t fair answers but they do answer the question.
Florida Foreclosure Options: Bankruptcy
Of course, the third thing is you can file for bankruptcy. The bankruptcy will stop the foreclosure, but it won’t end the foreclosure. It’ll just buy you some breathing time. And then the question is what happens within that bankruptcy. And typically we have found and we’re not bankruptcy attorneys, is that people will end up using losing their home in bankruptcy, they’ll end up staying there for a little period of time, but they won’t necessarily end up keeping the home unless there’s some unusual circumstances
Of course, fighting the foreclosure, we find it to be the best answer because it buys you both a lot of time, it also buys you an option to see if in fact, the banks have all the legal necessities that they have to satisfy in order to be able to bring the foreclosure successfully to fruition. Many times banks do not have the necessary documents, sometimes they’ve lost the note, they haven’t endorsed it properly, they haven’t assigned it properly. A lot of times, they don’t have the right evidence, probably don’t have the right witnesses.
A lot of times the documents just get lost, and they just can’t necessarily bring the foreclosure to fruition. And thus, the case gets dismissed or it gets prolonged sufficiently so that you can figure out how to get out of the foreclosure. You may decide to do a short sale. That’s one way to get out of a foreclosure mainly, that means you’re going to be selling your home. Sometimes you do a deed in lieu, which means you’re going to actually give the property back to the bank.
But again, you’re going to lose your home. So there are ways to stop foreclosures, but that doesn’t mean it’s going to stop you from losing your home. So you have to decide what our objectives are, and that’s why they the folks here at Oppenheim Law have been doing this now for over a decade quite successfully.
Roy Oppenheim is a sought-after legal expert on issues relating to real estate, real estate litigation and commercial litigation. In 2009, he started the South Florida Law Blog to address the real estate market and foreclosure crisis. The Blog has been voted the best business and technology blog by the South Florida Sun-Sentinel. Mr. Oppenheim has been a contributor to Yahoo! Homes, featured on HuffPost Live, FOX News, and Lifetime TV, and quoted in prominent national publications, including USA Today, The New York Times, Huffington Post, WSJ, US News and World Report, The Financial Times, the National Law Journal,Florida Bar News, Sun Sentitnel and Miami Herald. Most recently, Mr. Oppenheim hosted an Ask Me Anything on Real Estate on Reddit. Mr. Oppenheim has also co-authored two law review articles: Deconstructing The Black Magic of Securitized Trusts, and The Emperor’s New Clothes.
Mr. Oppenheim founded Oppenheim Law, one of South Florida’s leading boutique law firms in Fort Lauderdale, Florida in 1989 with his wife Ellen Pilelsky, and, in 1994, he co-founded Weston Title & Escrow, a trusted South Florida real estate title company whose multilingual staff provides personal, concierge style service in the areas of real estate closings, title insurance, title searches and escrow services.
Weston Title: https://westontitle.com/