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All initial consultations are completely free and we can contact you about your foreclosure case within 12 - 24 hours.
When the bank issues a 1099 on a short sale, you may be held accountable by the IRS for taxes on the amount of the 1099. The 1099 is saying that you had income based on the sale of the house, even if it was a short sale. Ever wonder when an the legislative orders of Congress and the President are actually going to help the troubled homeowners? Whether you have not been served with a mortgage foreclosure complaint, or the Court has already set a judicial sale date, you need an exit strategy if you want to avoid foreclosure!
In April of 2010,Judge Lynn Tepper dismissed a foreclosure lawsuit that was brought by U.S. When you get a notice of Foreclosure contact the lender immediately and determine what you can do to help make the payment. If you've read any of our blogs you're probably aware of the recent and unsettling trend of Courts letting banks slide by even when they fail to satisfy even the most elementary of foreclosure rules. At first glance you would not think home foreclosure and a personal injury would ever be related.
Foreclosure Defense: The Importance of Laying a Sturdy Legal Foundation for Your CaseThis month has been busier than ever with several victories over the bank, but one specific case stands out. When it comes to the world of Florida foreclosures, it is not unheard of for a bank to file a foreclosure complaint and then just sit around and do absolutely nothing about it. There is a large amount of useful foreclosure information here– so much that it can be overwhelming. In the mean time if you have any questions about foreclosure, please, call us for a free consult with Attorney Charles Franklin at 407-497-2690 or fill out our contact form. The better part of the last two months has been spent creating new and informative content about foreclosure defense.
Orlando Foreclosure Attorney specializing in short sales, loan modification and principal reduction. When confronted with the stresses of unrelenting creditors, you can feel completely overwhelmed. Our clever, expert team of attorneys knows how to deal with creditor harassment, and empathizes with the stress that can accompany it.
At the Mascia Law Firm, we have helped thousands of families steer their way through difficult financial times, saving hundreds of millions of dollars in debt through innovative and aggressive negotiating. Members of this Florida firm have experienced financial troubles personally, making our goal to transform lives by guiding clients to financial stability that much more affirmative. With a loan modification, the bank lowers your payment to make the house more “affordable” for you. Mascia Law Firm serves clients in Orlando and the surrounding areas, including: Winter Park, Sanford, Apopka, Clermont, Winter Garden, Oviedo, Winter Springs, Chuluota, Kissimmee, Windermere, Davenport, Maitland, Altamonte Springs, Lake Mary, Longwood, Debary, Daytona Beach, Deltona, Mt Dora, Florida.
All initial consultations are completely free and we can contact the same or following business day. Both will negatively affect your credit rating because the loan was “not paid as agreed”, however it is understood that they are the lesser evils of having a foreclosure on your record. When a homeowner is upside-down on their mortgage and wanting to move, a short sale may be a reasonable option. When a lien is placed on your property will prevent you from being able to sell it or transfer ownership without satisfying the debt that is owed.
You may qualify for a short sale if you owe more on your home than what it is worth and you are having serious trouble making your mortgage payments.
A Deed in Lieu of foreclosure occurs when the borrower gives the property to the bank in exchange for the bank canceling the mortgage. Selling a home in a short sale involves convincing the lender to remove their lien on the property for less than what the borrower still owes.
After 4 years of living in the home John manages to pay $40,000 toward the principal of the loan and he now owes the lender $160,000.
This means if the home were to sell for $150,000 John would still owe the bank $10,000 even though he already had paid $40,000 toward the loan.
If you can, keep making payments while opening a dialogue with your lender’s loss mitigation department to explain your situation. If you do get behind on your payments and the lender serves you a foreclosure summons, contact an attorney to prevent them from foreclosing on your home.
If John is liable for the $10,000 deficiency, his bank would have to file a separate lawsuit in order to get a deficiency judgment placed against him. The bank's loss mitigation department (sometimes referred to as a "home preservation specialist") will have to approve the short sale before the home can be sold. You must contact your lender’s loss mitigation department to let them know that you have endured financial trouble like job loss or pay cut. Similar to a short sale, you have to obtain and fill out specific paperwork from the lender's loss mitigation department. If they approve the deed in lieu, you will to sign the property over to the bank with a grant deed in lieu of foreclosure and an estoppel affidavit which contains the terms and agreements of signing over the property. Usually the estoppel affidavit will contain the written agreement that says whether or not you are responsible for the deficiency after the lender is given the property. A deficiency is more difficult to show with a deed in lieu of foreclosure because the property technically has not been sold. Is the short sale option not working for you because you are having trouble finding a buyer?
A Deed in Lieu of Foreclosure - when the lender allows the borrower to give the home to the bank in exchange for canceling the borrower's obligation to the loan. Find out why the average homeowner generally does not have the resources available to defend against foreclosure without an attorney. Tip: It is usually best to find a real estate agent who has successfully help perform short sales in the past. After an offer is made on the property the lender will evaluate it and determine what will be most beneficial for them.
Note: Banks usually require the borrower to list the home for sale for a minimum of 90 days before submitting for a deed in lieu. Deficiency Judgments after a Short Sale: What Happens to the Leftover Debt after a Short Sale? One of the most difficult aspects of a short sale is persuading the lender to drop the mortgage lien so the home can be sold. An attorney can look over your situation and will help predict if the lender will even grant a short sale. The situation becomes more complicated when there is more than one lien holder involved like passed due HOA fees or a second mortgage.
If you do a short sale with terms that are not in your favor you may be responsible for the leftover debt.
A short sale happens when you get permission from your lender to sell your property for less than what you owe on it.
Let’s say you owe $100,000 on your mortgage and you find someone who is offering to buy your home for $90,000.

An attorney gives the borrower the extra time needed to find a buyer AND the leverage needed to negotiate a deficiency waiver. An attorney will review the short sale paperwork to make sure you are not getting the raw end of the deal. Since the home is being sold for less than you owe on it, the lender will probably try to sue your for the deficiency. The most important word of advice I can give you –> Do NOT play lawyer and start filing random documents with the Court. I hear this questions all the time, and I also wonder why none of that money never trickled down to the financially troubled home owners. Well, the Helping Families Save Their Home Act is just the legislation that we have all been waiting. In many cases of Foreclosure people fail to contact the Lender and make some kind of payment.
The reasons for this are vast but it's mainly due in large part to the overwhelming number of foreclosure cases bogging down our courts and the subsequent political pressure placed on Judges to cure this growing problem. This particular highlight began over two years ago when we had a gentlemen walk through our doors who was in desperate need of help. We are currently working on reorganizing everything on the site to better suit our visitors.
We have added brighter colors, more attractive pictures, and most importantly easy to follow pages when you are trying to learn the ends and outs of foreclosure. When is it too late to negotiate with the Bank to save my home?It is never too early to start negotiating with your Bank. If the Bank has denied your modification application, you should definitely complete a revised modification application once your home is placed in foreclosure.
To put it simply, “the left hand doesn’t know what the right hand is doing.” This means that their are Bank attorneys and there are Bank employees, each of whom have completely different goals. The best way to confront a creditor who is harassing you is to have an expert advocate help you through.
We devote our efforts to finding ways to defer creditor harassment, making sure creditors stay in line. However, when used correctly, bankruptcy can be positive and helpful like many other debt relief strategies. Let our expert attorneys help you and determine if a short sale is the right course of action for your case. A short sale is when the mortgage lender agrees to release their lien on a property to allow the homeowner to sell the home for less than what they owe on it.
This usually is something that is out of the borrowers control including job lost, pay cut, illness, medical emergency, divorce, etc.
A short sale happens when the bank allows the property to be sold for less than what the borrower still owes on it.
For example let us say contractor Johnny Hardluck took out a $200,000 home loan to purchase a house that held a current market value of $220,000. John's contracting work slows down significantly to where he is barely making his mortgage payments. He will need to find a buyer willing to put the time and effort in to negotiating with the bank.
The bank will be much less willing to approve a short sale if they have already spent time and money on filing a lawsuit against you to foreclose. This situation can happen when the borrower is seriously struggling to make the monthly payments but still manage to.
If the bank sees that you are current with your payments why would they have any reason to approve a short sale? You can continue to negotiate a short sale with the bank while your attorney fights the foreclosure in court. This is the difference between how much the borrower owed compared to what the home was sold for.
If John is poor and does not have any other assets the bank will most likely use the deficiency as a tax write off. The bank will have to agree to accept the money from the sale of the home in exchange for them releasing their lien on the property.
They usually will only accept a deed in lieu of foreclosure if there are no other liens on the property. The lender will also have an agreement that that says you are acting on your own (you were not tricked or wrongly influenced) when giving the property to the bank. The potential deficiency is determined when the lender compares the amount you owed them to the current market value of the home. If you are unsure of what you are looking at or the bank is trying to hold you liable for the deficiency, it would be a good idea talk to an attorney. It’s a complex transaction that requires the scrutiny and approval of multiple parties within the bank. The realtor may post the home for much lower than the current market value in order to get some legitimate offers on the property. If the offer is significantly lower than what the original borrower still owes they will most likely reject the offer.
A short sale will typically put the lender at a disadvantage because they are releasing their lien on the home for less than what is owed.
They take into account your income, the fair market value of the home, any assets you may have, and the main factor that kept you from making payments (job loss, medical issues, etc.). An attorney will negotiate with all the lien holders and ensure everyone agrees before proceeding with the deal. If the lender agrees to let the home be sold for that amount you will still owe the lender $10,000. You may have an issue where the original lender just wants their money back and agrees to take a loss but the HOA still refuses to budge.
Typically before a short sale is approved the lender will give you a thick stack of terms and agreements for the sale.
There are certain states that do not allow lenders to come after you for deficiency but Florida is not one of them. If your home is not in foreclosure and you are attempting a short sale it would still be a good idea to have a lawyer look over the legal documents to see what you are left liable for. I have been consulted by several individuals who have ruined their foreclosure defense by filing a pro se (person without legal representation) response with the courthouse.
I am so happy to see that bank employees who profited from these programs are now being punished. This Act actually allows a tenant to reside in the foreclosed property for an additional 90 days after the property is sold at the judicial sale. As a result, I've started to notice Courts routinely looking the other way when the Bank fails to follow even the most fundamental of procedural rules. Let's say John is on his way home from work one day when his car is struck from the side by a driver that ran a red light.
He had known he was behind on his mortgage payments but was unaware that there had been a foreclosure lawsuit filed against him.

Well recently we had a client come to our office and he informed us that he recently became aware of a foreclosure lawsuit against him when he started receiving dozens of business cards from local attorneys. Just because the Bank has denied your modification application does not mean that they will always reject it. I have heard unbelievable stories of families convincing the Banks to give their homes back after the Bank had completely foreclosed! The Bank’s attorney wants to foreclose as fast as possible and move on to the next foreclosure. The lender takes all of the money made from the sale of the home in exchange for dropping their lien on the home. He finds a job opening in another state that will help him make more money but he will need to move. One exception to this was the HAFA program which was part of the governments Making Home Affordable Act. Perhaps they are dipping into the last of their savings or borrowed money from family, either way, time is running out.
At the same time, getting behind on payments to get approved for a short sale will quickly make barely manageable debt snow ball into something completely unaffordable.
Depending on the state you live in the bank can file another lawsuit to have a deficiency judgment placed against you.
Now if the bank thinks John does have assets, (like another property) they can potentially garnish his wages, file a lien against his other properties, and even freeze his bank accounts to collect on the deficiency judgment. Their loss mitigation department should be able to provide you with the paperwork needed to submit with the sale offer. Lenders are usually less inclined to approve Deed in Lieus because the responsibility of selling the home is now transferred from the borrower to them.
This is why a deed in lieu of foreclosure is usually considered to fully satisfy the debt unless specifically specified in the estoppel affidavit.
Your short sale offer must be in the Bank's best interest before the Bank will even consider your proposal.
It is tough because the bank will not tell a buyer the least amount of money they are willing to take. A good attorney will organize this information in a way that the lender will be most likely to accept. You have 15 years to pay it back through monthly payments with a 6.5% variable interest rate.
An attorney will figure out and organize a compromise between the borrower and all lien holders. An attorney is able to translate the legal jargon in this and explain how it will affect you.
John suffers a broken leg and is hospitalized for a few days before he is released with the strict recommendation of bed rest. Your financial circumstance are likely to change; a new application showing your current income and expenses may produce the winning combination for a loan modification approval. The Bank employee should want to arrange a payment plan that will transform your nonperforming loan into a performing loan. Problem is, the housing market around him tanked and his home is now only valued at $150,000. Eligible HAFA recipients required the bank to list the amount they were willing the release the home for.
They generally can help prevent your home from being foreclosed on while you locate a buyer for the short sale.
This is where you need to show the lender’s loss mitigation department that you are barely hanging on. Prior to seeking out a potential home buyer it is a good idea to talk to your bank's loss mitigation department.
Next they will set up a brokers price opinion (BPO) to determine the current market value of the home. Submitting an offer on a home is usually a long and drawn out process and can be frustrating if the bank keeps rejecting offers. It would be a good idea to obtain a written deficiency waiver to prevent the lender from suing you for the deficiency. If your home is in foreclosure you have a limited amount of time before the bank is able to just sell the home at auction.
You are basically asking the lender to wipe away any additional debt left over from when the home sells at auction. In exchange you will agree not to come after him for the deficiency if the home is sold for less than what he owes.
Probably the most important aspect will be how the leftover debt (the deficiency) will be handled.
This is a written statement from the bank saying they agree to forgive any debt from the home being sold for less than what it was worth. A skilled foreclosure attorneys should be able to prevent the foreclosure from happening giving you the time you need locate a buyer and work out a short sale agreement with the bank.
If you call the lender they have different payment options and can help you while you have that time.
It is actually not uncommon for the Bank to raise a homeowner’s monthly mortgage payment after the submission of their modification application. Never give up just because the Bank has said “no” before, chances are they will eventually say “yes”.
The Bank went through the entire legal gamut and won the home through foreclosure proceedings, but then turned around and gave the house back to the family anyway. A good Bank employee knows that the Banking business is about making money grow, not buying and selling real estate.
The lender places a lien on the property which prevents you from selling it until you pay them back. This is tough because some lenders won’t even entertain the possibility of a short sale unless the borrower gets behind on loan payments. An attorney helps by giving you more time and leverage to allow the short sale to go through. Doesn’t it sound bizarre that a Bank would raise your payment after you ask the Bank for help in lowering your payment?
The danger with this is the homeowner will be putting themselves at risk for the bank foreclosing. This is where the foreclosing party and the borrower sign a legal agreement stating the borrower will release ownership of the home to the bank as long as the bank agrees not to come after the borrower for the deficiency. Before you send your loan modification application, research to find out whether it is possible to lower your monthly mortgage payment at your current monthly income. A Foreclosure Lawyer can work diligently to investigate if mistakes were made by the Bank or their attorneys so that you can gain valuable time and powerful leverage to negotiate with the Bank.

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