Initial considerations related to your strategic alternatives
As I have been practicing in the area of foreclosure defense for over 15 years, allow me to observe that there may be as many different characterizations of strategic approaches to foreclosure defense in Florida as there are Florida foreclosure defense attorneys. That being said, in my humble opinion there are two fundamental strategic alternatives to foreclosure defense given our current economic and market conditions in Florida.
As many people currently facing foreclosure well remember the difficulties presented during the Great Recession beginning in 2007, it is important to recognize that the real estate market conditions of the current economic downturn are substantially different from those of the Great Recession.
- During the Great Recession, massive declines in the market value of homes, resulting in many homeowners finding themselves "upside down" (meaning the market value of their homes were considerably lower than the amount those homeowners owed to the Lenders under their Notes and Mortgages).
- Our current circumstances reflect massive numbers of Florida homeowners facing overwhelming difficulties in making their monthly mortgage payments, while at the same time the real estate market has been booming, with significant increases in the market value of residential homes in Florida.
Also be aware that an extended litigation timeline in your case will also drive up the amount of the final judgment in your case, including but not limited to the following:
- The ongoing accumulation of monthly mortgage payments that pile up during the foreclosure action;
- Plaintiff's attorneys' fees, which continue to accrue as your case remains active;
- The cost of homeowner's insurance imposed by the Lender in your case (called "force-placed" insurance) costs, which often cost more than a market-rate homeowner insurance policy purchased directly by the homeowner; and
- Real property taxes, which are typically paid by your Lender during the time your foreclosure case remains active.
Strategic approaches to the legal defense of your foreclosure case
1. If you have sufficient equity in your property to support a prejudgment sale of your property, you could potentially receive a lump-sum payment from that equity at the time of closing of that sale. However, you will need time to allow sajLAW to pursue an expeditious sale for the highest possible price to provide you with the largest possible lump-sum payment at closing. Please visit our Sufficient equity page to read more about how sajLAW is uniquely prepared to assist you with this strategic approach to defending the foreclosure action filed against you.
2. If you have insufficient equity in your home to justify a prejudgment sale of your property, your need time to prepare and pursue a strategic plan to reestablish your financial stability going into the future. [MORE]. Please visit our Insufficient equity page to read more about this second strategic approach to defending the foreclosure action filed against you.