Foreclosure is a complex issue that is nearly impossible to manage alone. Contacting an attorney and working with them will best help you to defend yourself, your home, and your funds. Here are some strategies for foreclosure defense in Boca Raton.
1. Consider a Loan Modification
This is the simplest, easiest way to avoid foreclosure. Modifying your mortgage is the preferred way for all parties to deal with an unpleasant situation. The homeowner and lender renegotiate terms, such as changes in interest rate, reduction / elimination of late fees, reducing monthly payments, or forbearance to temporarily extend or halt monthly payments.
This, in the long-term, saves everyone money and allows for more affordable payments.
2. Check the Chain of Title
The chain of title must be clear and unambiguous, providing a record of ownership without lapses. Your bank should be able to provide a consistent record with no defects. Otherwise, this can invalidate their claim on your property.
3. Promissory Notes Are Key in a Foreclosure Defense in Boca Raton
In the Supreme Court case known as Carpenter v. Longan, it was ruled that there must be a deed of trust that follows where a promissory note goes. Much like the chain of title, there cannot be lapses or unambiguous information or records.
Some courts are able to challenge the ability to transfer the promissory note, as it has likely been securitized or sold to another entity.
4. Bankruptcy May Be an Option
Filing for bankruptcy can be daunting, yet powerful. Utilizing a Chapter 7 filing, you can declare that your home is an unsecured asset, putting the burden of proof on the lender to show a valid chain of assignment. With a Chapter 13 filing, you can file an Adversary Proceeding and sue the lender.
For Assistance With Foreclosure Defense in Boca Raton, Contact SEM Law Group Law
This can be a scary time for you and your family, facing foreclosure and feeling unsure of what you can do or how to defend yourself. Contact our experience attorneys at SEM Law Group Law at 561-939-8042 for assistance with foreclosure defense in Boca Raton to see how we can help you today!