Miami’s foreclosure rate ranks at the top of major U.S. metropolitan areas this year alone. As of October 2013, Miami had almost fifteen thousand foreclosure filings. Experts estimate that to be four times the national average for troubled borrowers. And the sad part is that the year is not yet over.
The surge in Miami foreclosure cases is leaving the courts with their hands full. To cope with this, the judicial process has sped-up foreclosure cases to clear the backlog. This is to the dismay of homeowners who are left with little time and few legal options. With the market ripe for the taking, several foreclosure defense lawyers in Miami are taking advantage of this sad situation by charging exorbitant retainers, monthly fees, and contingency fees.
That is why, more than ever, it is important for a distressed homeowner to find an reputable foreclosure defense lawyer to help them fight for the home he has worked so hard for.Foreclosure in a Nutshell
Foreclosures are judicial, meaning the lender files a lawsuit in court to sell a property in order to settle debts. Once upon a time, the state of Florida had one of the longest foreclosure timelines in the US, averaging about nine hundred days before a resolution was arrived. This was until the passage of House Bill 87 that changed the landscape of Florida foreclosures. Now, homeowners in Miami and the rest of Florida have less time to consider loan modification, short sales, or to think of how to move out of their property. Foreclosure judgments are made fast and deemed final.Foreclosure Defenses
If you are a Miami homeowner at risk of losing your home, then you have to consider your options and act fast.
The first line of defense is solid legal counsel. You need to find a Miami law firm with a history of positive results to help you navigate the confusing field of foreclosures. Through your Miami foreclosure defense lawyer, you can learn about alternatives that may save your home. Here are some of them:
- Loan modifications: This basically adjusts your loan repayment terms to something more manageable. The end-goal is for you to catch-up to lapsed payments.
- Short sale: If you are in quite a pickle and you want to discontinue paying for your home, your lawyer can help you workout a short sale arrangement with your lender. You sell your home, the proceeds go to the lender, and you negotiate that the deficiency is waived.
- Refinancing: A good Miami foreclosure defense lawyer can help you contact a new lender willing to refinance your loan.
- Violations and deceptive practices: Your lawyer can help you discover violations and deceptive practices through the Truth in Lending audit.
ESQ.title is a law firm dedicated to the residents of Miami, Broward, and Palm Beach areas. We are committed to giving our clients sound legal counsel by being their first line of defense in foreclosures. This is only possible through years of experience and positive outcomes in the field of foreclosure. We are here to give you realistic options that make financial sense for our clients.