Mortgage Law

Mortgage Papwerwork

Every mortgage law attorney at Pujol Law has successfully litigated and defended scores of foreclosure actions. Pujol Law has helped counsel our clients as to their best options for settling with the bank and dismissing their foreclosure case. 

If a client is in foreclosure, there are just a few options available: the loan modification, a short sale and the final judgment of (or deed in lieu) foreclosure.

Foreclosure Prevention

In Florida, foreclosures are a judicial process which means the lender must file a lawsuit in state court should the homeowner not pay their promissory note (their mortgage payment) timely. The lender initiates the process by filing a lis-pendens on the property, followed by a complaint with the court. It is served to the borrower, along with a summons.

To dismiss a foreclosure action, the borrower must make an arrangement for repayment with the lender in order to keep the home. A reinstatement of the loan is one type of arrangement:  the money the borrower is behind on, is 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 guide you through this process. We also can offer you the services of a mortgage fraud lawyer.

Loan Modification

A Loan Modification is a way for borrowers 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 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 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.

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