Fort Lauderdale Foreclosures
Florida leads the nation in foreclosure filings. This guide explains the Fort Lauderdale Foreclosure Process with an explanation of each step in a typical Fort Lauderdale foreclosure case and how a foreclosure attorney may help.
Mortgage Late Payments
Often times, banks will offer a 10-day grace period for late payments. If you make your payment within that window, you might be out a late fee, and perhaps a ding on your credit report, but the bank isn’t likely to begin Fort Lauderdale foreclosure proceedings.
Normally, after about three to four months of missed payments, the bank will send a Notice of Default, essentially telling you to “pay up, or else.”
Time Is Of The Essence
Pro tip: If this is your situation, talk with your lender to learn what options are available, or speak with a foreclosure defense attorney. Once the complaint is served, you have 20 days to respond.
The Foreclosure Notice
Most folks believe that once you receive a foreclosure notice, you’ve pretty much lost your home. Simply not true. This notice is merely the first step in a process that may take weeks, months, or with an experienced lawyer by your side even years to unfold.
By understanding the Fort Lauderdale foreclosure process, you can often gain more control over the outcome.
Help with foreclosure from the Fort Lauderdale foreclosure lawyers at The Herman Law Group is just a call, click, or email away.
Fort Lauderdale Foreclosure Complaint
The foreclosure complaint describes the mortgage, promissory note, foreclosed property, default, amount due, as well as the defendants.
The complaint contains the lender’s requested “relief”, where they’ll ask the court’s permission to sell the property, and perhaps seek a deficiency judgment, should the foreclosure sale proceeds not cover the entire debt amount owed.
Do Not Delay
Pro tip: Once you are served, you must file a motion or an answer with the court within 20 days. A letter is not sufficient. If you do not file timely, you may lose your home sooner than you hope.
Act Promptly
Pro tip: If you do not file timely, your lender will move for an early default and sale and may also obtain a deficiency judgment. Act promptly, and you may remain in your home while your Fort Lauderdale mortgage lawyer defends your case
Summary Judgment Hearing or Trial
Most of the time, lenders file a motion for summary judgment. Without an experienced lawyer to advocate many of the newest foreclosure defense strategies on your behalf, the court may grant summary judgment, and render a final judgment against you. This may result in you being evicted from your home much sooner than expected.
The local foreclosure attorneys at The Herman Law Group have defeated many hundreds of summary judgments and many times, the lender’s motion is denied. The Fort Lauderdale foreclosure would then proceed to trial.
Trial
At trial, the lender will present its evidence and witnesses in an attempt to prove its case and foreclose your right to the property. The Broward county foreclosure attorneys of The Herman Law Group have extensive trial experience having handled over 250 highly contested trials and we will fight for you on your day in court. Before choosing a lawyer ask, does your Florida foreclosure attorney vigorously defend your rights at trial? We do.
Homeowners who lose at trial will have a final judgment of foreclosure entered against them.
Seeking A Quick Trial
Pro tip: Your lender will seek a summary judgment or trial quickly. Your attorney will again determine the basis and the arguments for your responses. If summary judgment can be avoided, then the matter will be set for trial. The time and expense of trial may again prompt more meaningful loan modification or settlement discussions with your lender.
Judgment
Lenders who prevail at summary judgment or at trial are granted Final Judgment of Foreclosure, where the court sets a Foreclosure Sale Date. Typically, the sale is no less than 30 days but the court can, at its discretion, extend the time for the sale. Sale dates of 60 – 90 days are not uncommon.
Appeal
Judgment is not always the end. Don’t be fooled by the bank or lawyers that don’t try cases. The lawyers of The Herman Law Group have extensive experience in appealing unfavorable foreclosure judgments on behalf of borrowers. Our goal is to keep you in your home and ultimately prevail in your foreclosure case. The Herman Law Group maintains an extensive foreclosure appellate practice and is able to provide cost effective representation beyond trial and judgment for a low monthly payment.
Prompting Settlement Discussions
Pro tip: Many times lenders are worried about losing on appeal. If an appeal is appropriate, the time and expense of appeal may again prompt more meaningful loan modification or settlement discussions with your lender.
Sale
Finally, when all avenues are exhausted and unavailing, the property will be put up for sale. The Notice of Sale is typically published in newspapers local to the county in question over a few weeks. The foreclosure sale occurs online and is governed by the Broward County Clerk of Courts. At the foreclosure sale, the property will be:
- sold to the highest third-party bidder, or
- revert to the foreclosing lender and become Real Estate Owned (owned by the lender).
Properties are deemed REO because its value is less than the total amount owed to the bank or lender.
The borrower has ten days after the sale to file an objection to the amount of the bid. After ten days, the clerk confirms the sale and issues a certificate of title to the purchaser.
Evicted At Any Time
Pro tip: If no appeal is filed, a court ordered sale date will be set, as early as 20-35 days after judgment. You may be evicted any time after sale, many times without any further notice. The lawyers of The Herman Law Group may be able to postpone the sale and work with your lender to determine an orderly move out with ample notice or may even be able to attempt a final modification.
Deficiency
Any debt owed by the borrower that exceeds the foreclosure sale price is known as a “deficiency.” The lender may seek a personal judgment against the debtor to recover this amount. The Fort Lauderdale Real estate foreclosure attorneys of The Herman Law Group have successfully negotiated releases of deficiency and may be able to negotiate with your lender to reduce or even eliminate any deficiency remaining.
Bankruptcy Concerns
Pro tip: While bankruptcy has a time and a legitimate purpose, there are typically many other avenues you can pursue, and bankruptcy is usually a last resort.
Around South Florida
From Fort Lauderdale to Pembroke Pines, and all the way out to Miramar, if you are a homeowner who thinks they need help with the Miramar Foreclosure Process and may need a Foreclosure Defense Lawyer, contact The Herman Law Group.