Facing Foreclosure in Central Florida? Let Us Work to Help You Keep Your Home.
If you are facing foreclosure of your home in Central Florida, the bank may not want you to know that you have several options available to you. At Salfi & Sprysenski, P.A., Altamonte Springs, we have a successful record of helping families just like yours fight back to remain in their home.
Foreclosure Is a Very Precise Legal Process
Before placing a home into foreclosure a bank or mortgage lender is required to follow a very precise legal process. After all, a mortgage isn't just a monthly payment plan, it is a legally binding contract, with both parties required to uphold the four corners of the agreement. If you have been served with a foreclosure lawsuit you have options the bank may not want you to know about.
Foreclosure defense options include:
Legal standing: Does the bank really own the loan or is it acting as an authorized agent for servicing the loan? In this day of mortgage-backed securities, the bank may think it has the right to repossess your property, but the loan may, in fact, be owned by another entity that is not pursuing foreclosure. We will do the research to determine whether the entity suing you has the legal right to do so.
Is your loan a part of a REMIC?: A Real Estate Mortgage Investment Conduit (sometimes called a "REMIC") is an investment vehicle that holds commercial and residential mortgages in trust and issues investment securities that pay the investors a pre-determined amount of interest. If your mortgage loan is held by a REMIC, you may have special defenses available to you. One such defense involves whether the investors of the securities received monies from insurance policies that paid your mortgage for you when you stopped making mortgage payments. These insurance proceeds leave your lender with no real financial damages to sue you for. Unfortunately, many homeowners don't realize that by foreclosing on your home, the bank is "double-dipping," and not only potentially receiving money from the sale of your property at a foreclosure sale, but also the proceeds from these insurance policies when you stopped paying your mortgage loan.
Conditions Precedent: This is a legal defense that simply asks the question: Did the bank do everything it was required to do before suing you for foreclosure? When you signed the mortgage contract, the lender also signed onto a service agreement, stipulating the precise legal procedures they must follow before foreclosing on the property. We investigate to determine whether the bank or lender does everything legally required to sue you for foreclosure.
Fraudulent inducement: People who try to work with banks for a mortgage loan modification are often told that the bank's hands are tied until the mortgagee stops monthly payments. Naturally, families often stop monthly payments in order to move into the position of getting help through the federal Homes Affordable Modifications Program (HAMP) or other bank assistance programs. Unfortunately, banks often use the missed payments as a legal ground to sue for foreclosure, rather than modify the loan. It is a fraudulent practice and is grounds for foreclosure defense.
Learn more about foreclosure defense at these pages:
Altamonte Springs Stop Foreclosure Attorney
These are just some of the options you have available to you. Every case requires an in-depth investigation of the facts to determine what defenses to foreclosure are available to you. From offices in Altamonte Springs, Salfi & Sprysenski lawyers provide legal counsel and representation for people facing foreclosure in the Orlando metro area and communities throughout Central Florida. From anywhere in Central Florida, call us toll free at 866-583-0170 or contact us by e-mail to arrange a consultation with an experienced Orlando foreclosure defense attorney at our firm today.