This morning I read an article on MSN.Com (From Washington Post) about the New Wave of Foreclosures that is threatening the market. I was shocked, not by the article but by the author’s surprise that there was still a problem. To read the entire article click here.
The crux of the story was that despite the fact that Banks had not repossessed as many homes in February there were still more homeowners falling behind on their payments. If you leave your house every morning to go to work, this should not come as a surprise to you. Unfortunately, I speak with people everyday who are falling behind on their payments because they lost their job, got a pay cut or their spouse lost their job or got a pay cut. The bottom line is that things financially are not getting better for a lot of people and the number of people who are facing foreclsosure is going to keep growing until the economy gets better.
As such, people who are in foreclosure or potentially facing foreclosure need to be proactive. Talk to your lender before you get in trouble, see what programs they have available. Look at your budget, see where you can save some money and readjust priorities. Seek legal advice early, don’t wait until you have been served with a lawsuit. Beware of “Foreclosure Relief Scams” that tell you to stop paying your mortgage or give you some other crazy advice. Unfortunately, a lot of companies have appeared that claim to provide foreclosure assistance but do not. Be careful before you give anyone money, including lawyers! Make sure you understand what services are going to be provided before you pay a dime.
Another important thing to consider if you are facing foreclosure is possible defenses. There are many defenses that may be available to you, but you will need an attorney to help you figure out which ones make sense. Along those lines forensic audits of your loan documents can come in handy in developing defenses that can result in positive resolutions. The key is be proactive, do not wait until you have been sued to start preparing your defense.
I work everyday with families in Miami-Dade County, Florida and I am available to assist homeowners dealing with foreclosure or potential foreclosure. For some, foreclosure can be avoided through the use of bankruptcy, for others modification plans can be developed, and for others deed in lieu of foreclosures or short sales may be the best option. The key point to remember is you won’t know what your best options are until you start to explore them. Don’t wait until it is too late! Take the time to assess your situation before you fall behind or before you are served with a foreclosure lawsuit. Contact your lender, seek the advice of an attorney, be proactive!
----------------------------------------------------------------------------Matthew E. Mazur, Jr., Esq. Representing individuals and families in Miami-Dade County, Florida
in foreclosure, bankruptcy, and debt relief matters.
For Free information on Bankruptcy visit http://www.miami-florida-bankruptcy-attorney.com
For Free information on Foreclosure Defense visit http://www.floridaforeclosuredefenseattorney.com
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