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In Florida
alone approximately 3% of all Mortgages are in Foreclosure.
Many people do
not know what to do when they fall behind on their Mortgage.
Obviously, the most
important thing is to have a plan of attack. Oppenheim Pilelsky
has developed such a
plan and has been extremely effective in implementing that
plan. The first question of
course is whether the property in question is your homestead
and whether your plan on
staying in your home.
If
you are not sure what to do, it is important to remember
that the quicker you get rid of
your Property the quicker you are free of the burden of the
Property. Interest continues to
tick, real property taxes continue to accrue, utility taxes
must get paid as well as various
homeowner association fees. Sometimes the best thing to do
is just give the Property
back to the Bank or in the alternative to sell the Property
even if it is for less than what
you paid or less than the outstanding Mortgage on the Property.
Of course,
that all requires time. That is why it is important to
determine if your best plan is to defend the foreclosure
thereby allowing you to effectively "Buy
Time" giving
you and your professional team enough time to sell the Property.
Recently
we defended a foreclosure and the Bank had lost the Note
and had improperly transferred the Mortgage from one investor
to the other. In fact, the assignment was not
recorded in the Public Records! While we defended the foreclosure
our client was able to
sell the Property and the Bank agreed to reduce the Mortgage
payoff by $200,000.00!
The Bank even agreed not to pursue a deficiency judgment against
our client.
The
result: A HOME RUN! A SUCCESSFUL SHORT SALE! Our client
ends up getting rid of the Property, getting the Bank substantionally
paid and not having a
deficiency. The client is now free to go on with their life
without having this burden of a
bank chasing them around for the next several years.
If
you are falling behind on your Mortgage and need to plan
a strategy, please feel free to
call us and we will help you access your situation. |
