Mortgage Law

We have successfully litigated and defended scores of foreclosure actions and helped counsel our clients as to their best options of settling with the bank and dismissing their foreclosure case. We always look for an ‘end game’ which resolves the issue and dismisses the case.

If a client is in foreclosure there are only three options available, the loan modification, a short sale and the final judgment of foreclosure.  

8500+ 

Real Estate Transactions

Foreclosure Prevention

In Florida, foreclosures are a judicial process which means the lender must file a lawsuit in state court. The lender initiates the process by filing a lis-pendens on the property first and then a complaint with the court and having it served to the borrower, along with a summons.

When people take out a loan to buy a property, they sign a promissory note and mortgage and promise to pay the lender back. If they do not make the promised payments it starts a process which the banks must follow, but ultimately if enough payments are missed the lender will file a foreclosure action.

To dismiss a foreclosure action the borrower must make an arrangement for repayment with the lender in order to keep the home. Some types of arrangements are a Reinstatement of the loan, where money’s the borrower is behind are paid to bring the account current and mortgage payments are resumed. Another arrangement is a Loan Modification where one or more terms of the original note are altered to make the note more affordable to the borrower so they can avoid foreclosure.

At times, the borrower must unfortunately let the property go either through a short sale or deed-in-lieu of foreclosure. Let a qualified real estate lawyer like Pujol Law Group guide you through this process.

Loan Modification

A Loan Modification is a way for borrower's to get new terms on their loans from the lender which will generally be more affordable and allow them to stay in their home. It is mandatory for lenders to offer an opportunity for borrowers who have defaulted on their loan to participate in loss mitigation. Loan Modification is one form of loss mitigation.

We will help to initiate, prepare and submit a loan modification application to your lender. A loan modification is a response to a borrower's long-term inability to repay the loan which may or has ended up in a foreclosure action.

Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a a different type of loan is granted or any combination of the three.

Our goal is to secure an affordable monthly mortgage payment for the borrower. When a loan modification is approved for trial payments which are then successfully made, the modification becomes a permanent recast loan and the foreclosure action can be dismissed.

Short Sale

A short sale is a financial option that is sometimes available to those homeowners in foreclosure. The owner is forced to part with the home. The short sale option transaction benefits the bank by allowing it to avoid repossessing the home which is expensive and time-consuming. The seller avoids the negative credit hit that comes with foreclosure and the bankruptcy that sometimes accompanies it. More importantly the bank will forgive any outstanding balance on the loan.

Thank You

Joe Pujol Estate Planning Attorney

Thanks for your interest. I know you have a lot of options when it comes to legal planning. Pujol Law Group has been the trusted partner of the Miami area residents. I look forward to meeting with you. Schedule today!

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