For many years, Fort Lauderdale foreclosure lawyer Marc Brown has advised South Florida lenders regarding the most cost-effective foreclosure strategies. If you are a lender, you need to protect your portfolio of titled assets, so it is best to handle these situations as soon as they arise. If a loan modification agreement or some other resolution with the borrower is not possible, you will want a foreclosure to be handled skillfully and efficiently.
As a lender, every piece of property that you own should be providing you with some kind of financial value. A mortgage delinquency, a situation involving an abandoned property, or any other instances where loan payments are not being made can diminish the value of your titled assets.
Real estate law changes and evolves over time. As the real estate industry changes, so do the legal procedures relating to foreclosed properties and homes owned by a lender. That’s another reason why it is important to work with a dedicated attorney who stays up-to-date regarding options for lenders and borrowers.
How Can an Attorney Work with Financial Institutions to Help Recoup Losses?
Not all law firms are skilled in foreclosures or loan modifications, so it is important to work with a law firm that has abundant experience with Florida’s foreclosure laws. The law firm of Marc Brown, P.A. represents both lenders and borrowers. Our firm delivers comprehensive counsel for the acquisition and resale of real estate collateral as well as the recovery of funds through deficiency judgements.
Fort Lauderdale attorney Marc Brown represents local, regional, and national lenders of all sizes in foreclosure matters in Broward, Palm Beach, and Miami-Dade counties. Our law firm provides exceptional representation and service to banks, credit unions, mortgage servicers, insurance companies, other institutional lenders, and private investors.
We will attentively monitor every stage of your legal proceedings from the initial filing to your appearance before a judge. As your foreclosure attorney, Marc Brown will maintain the highest professional standards and provide you with extraordinary client service.
We Handle All Foreclosure-Related Matters
Lenders who seek to foreclose on a property should be represented by an attorney who knows the challenges that foreclosures can present. Fort Lauderdale foreclosure attorney Marc Brown takes a meticulous and careful approach. Without regard to how many or how few properties are involved, our foreclosure law practice at Marc Brown, P.A. encompasses all matters related to securing, recovering, and realizing returns on commercial, retail, and residential properties.
A painstaking approach to documentation, process, and execution defines our foreclosure work and confers a significant advantage on our clients. We handle and process all of the necessary paperwork and documentation, and we will establish your right to begin foreclosure proceedings.
Additionally, our law firm can determine the costs and weigh the benefits of pursuing a deficiency judgment in the event of a financial loss after a foreclosure. Our law firm is skilled in practice areas including, but not limited to:
- Commercial and residential foreclosure actions
- Loan modifications and loan workouts
- Evictions and ejectment matters
- Deficiency judgment actions
- Title defect resolution utilizing our affiliated full-service title company
- Defense of lender liability, mortgage abuse claims and counterclaims
We provide cost-effective legal representation that is customized to your specific needs. Our law firm has initiated foreclosures and other mortgage law proceedings on behalf of numerous south Florida banks, credit unions, other financial institutions, and private investors.
Initiating a Deficiency Judgment in Fort Lauderdale
In some cases, a foreclosure sale may not fully recoup what is owed to you as a lender. You have every right to seek an attorney’s help to recover your losses. Recovering your losses in this situation is achieved by seeking and obtaining a deficiency judgment. A deficiency judgment is a determination made by a judge that the sale of the property did not produce sufficient funds to pay back the original loan in full.
The law firm of Marc Brown, P.A. provides quality legal assistance with deficiency judgments. We prepare the documentation to determine the outstanding loan balance, the sale price, and the market value of the property. Under Florida law, you have only one year after a new homeowner receives title to a property to file for a deficiency judgment.
If you believe the foreclosure of your property did not compensate you sufficiently, and if you are unsure about how to proceed, trusted attorney, Marc Brown, will explain the deficiency judgment process and the costs. You deserve to be able to make a fully informed decision regarding your property and your financial situation.
Alternatives to Foreclosure in Fort Lauderdale
Foreclosure is not the only option for lenders to recoup their money when a borrower can’t pay. They may also consider a “deed in lieu of foreclosure,” short sale, or loan modification
Deed in Lieu of Foreclosure
Establishing a “deed in lieu of foreclosure” is another possibility in these situations. A deed in lieu of foreclosure transfers the title of a property from the property owner to the lender in exchange for being relieved of the mortgage debt.
A deed in lieu of foreclosure is a last resort for a borrower when the borrower has exhausted all other options – such as a loan modification or a short sale. A deed in lieu of foreclosure can benefit both parties because it makes time-consuming and costly foreclosure proceedings unnecessary. The borrower will have to relinquish the property and relocate, but he or she is relieved of the burden of the loan.
Many lenders and borrowers see a loan modification as the best way to resolve mortgage issues. However, if a loan modification is not an option, the remaining options are a short sale, a deed in lieu of foreclosure, or a foreclosure.
A short sale happens when a homeowner, in order to avoid a foreclosure, voluntarily sells the property for an amount below what is owed on the mortgage. For example, a homeowner could end up selling the property for $175,000, even with $200,000 still on the mortgage. The remaining $25,000 – less any costs and fees that are associated with the sale – is the deficiency. A foreclosure, on the other hand, is involuntary. Short sales require approval from the lender.
A knowledgeable lawyer can help you decide if short sale, loan modification, or deed in leiu of foreclosure are right for you.
Get in Touch with a Skilled Fort Lauderdale Foreclosure Attorney
If you are a borrower who is facing foreclosure, or if you are a lender seeking to initiate a foreclosure, you need to contact a foreclosure attorney right away to discuss your options. Fort Lauderdale attorney Marc Brown is a residential and commercial property litigation attorney who has years of experience dealing with loan, mortgage, and real estate issues and representing both borrowers and lenders.
If you are seeking loan modification services to prevent a foreclosure, attorney Marc Brown will provide sound legal advice backed by years of foreclosure and mortgage law experience. At the law firm of Marc Brown, P.A., we offer a free legal consultation – with no obligation – to anyone who is seeking legal advice regarding a foreclosure.
In any matter related to a mortgage dispute or foreclosure, whether you are the lender or the borrower, you deserve aggressive, effective legal representation, and you deserve an attorney who is dedicated to helping you. In the Fort Lauderdale area, that attorney is Marc Brown.