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Bankruptcy Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789

407-740-7379

E-Mail Eric A. Lanigan HereE-Mail Roddy B. Lanigan Here
real estate

mortgage workouts

Foreclosure

Winter Park Foreclosure Law

Foreclosure DefenseWinter Park, FL Foreclosure Lawyer Eric Lanigan and Roddy Lanigan of Lanigan and Lanigan, P.L., ask clients not to wait until the last minute to handle a Florida foreclosure defense. Planning, time and options remain open  when a foreclosure lawsuit is addressed immediately.

It’s in your best interest to set a meeting to talk to the Lanigans about what to do as soon as the foreclosure notice is received.

When you’re served with Florida foreclosure papers, it’s likely that a worst case scenario may be running through your head: “I’m going to lose my house. They’re going to evict me from my home. Where will my family live?”

Eric Lanigan says, “take a deep breath and act on the paperwork. Don’t sit on it. Call an experienced Florida foreclosure attorney. Do something to protect your best interests. They’re not kicking you out the moment that you’re served with foreclosure papers, but you have to do something and react and make decisions.”  

Winter Park, Florida foreclosure attorney Eric Lanigan and Roddy Lanigan tell clients  to respond to any foreclosure notice and contact the lender to discuss options. If you’re ignoring phone calls from your lender and from collection companies then you need to begin communication. Yes, call an attorney, but you should be talking to the lender.

People with mortgage payment problems shouldn’t miss any opportunity to negotiate or work with the bank or lender to try to find an alternate payment plan. 

Talk to Your Lender

Take the initiative to try to make changes or negotiate with the lender. Options will disappear and your family home or your business property can end up in foreclosure when you do nothing.

If you’re in the midst of a financial challenge and have to respond to a foreclosure suit, contact Lanigan and Lanigan, P.L., to decide on a plan of action. There are many ways to defend the suit and keep your home. Don’t sit on the notices or start packing up to move. Foreclosure is the last thing your lender wants so find out how to prevent this from happening.

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Foreclosure Attorney Orlando

There are many options for defending a foreclosure. The first step is to hire the best foreclosure attorney in OrlandoRespond to being served with foreclosure papers that you can find. The second step includes a courtesy call to your lender as soon as you know a house payment will be late.

Before throwing in the towel on your home, meet with Eric and Roddy Lanigan. You can find out if you are eligible for a mortgage workout. A mortgage workout is a method for renegotiating your mortgage with additional benefits that may include lowering your principal balance, eliminating a second mortgage, a lower APR in order to lower your monthly mortgage payment. 

You don’t want a foreclosure suit filed against you because of its effect on your credit. By contacting Winter Park foreclosure attorney Roddy Lanigan or Eric Lanigan you can work out a solution. It’s better to work something out with a lender to save your home before it’s too late. Find out what can be done before you give up hope. There’s always another solution but you won’t know if you don’t make an appointment. Contact foreclosure attorney Eric Lanigan or Roddy Lanigan who can provide a thorough review of your foreclosure situation.

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Orlando Foreclosure Options

Orlando foreclosure options include the following:

  • Negotiate a workout
  • Refinance
  • File for Chapter 7 bankruptcy
  • File for Chapter 13 bankruptcy
  • Reduce principal
  • Walk away
  • Interest rate reduction
  • Fight foreclosure in court
  • Take out a reverse mortgage
  • Give up your house
  • Short sale
  • Reinstate your mortgage
  • Make up missed payment

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Basic Foreclosure Information

Don't lose your home to foreclosureMany very intelligent people who own a home believe a common misconception that the bank owns their home. There is basic foreclosure information you should know. This is one that simply isn’t the case. The bank does not own your home. You own your house.

The bank lent you the money to buy it. In exchange for loaning you the money to buy that home you gave them a mortgage which is a secured interest in the property that you own. Whether or not you discharge that debt, or surrender the home in bankruptcy, the bank still has to get the title ownership of that home from you. That’s what foreclosure is: Getting the title back from the homeowner who defaulted on the loan.

The mortgage secured the loan. The title is the piece of value that the bank needs back when the mortgage default occurs by a homeowner. A lot of very smart people think the bank owns the house and that all foreclosure is or does is to turn the home back over to the bank.

Not true. You own the house. In the English system of law, you own title, you have the deed, and you own title to the home. When you own, when you have title, you have rights.

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Will I Have to Leave My Home?

When you receive a foreclosure notice from a lender you are not kicked out of your home or evicted at that point. The answer to “will I have to leave my home” is usually no, you have time to answer the lawsuit. It will be explained to you in the certified letter that comes to your home. A foreclosure suit is a process. No one is coming to lock you out of your home, but you need to act, fast and intelligently. Consult with an attorney and do not try to handle your large investment on your own. 

The bank has an attorney and so should you. 

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Simple Foreclosure Process

The simple foreclosure process is:

  • Foreclosure is filed
  • Foreclosure is answered
  • Request mediation
  • You go to mediation
  • Workout settlement in mediation (i.e., a lower monthly payment)
  • If that doesn’t work out then you continue with foreclosure
  • Consult with an attorney as soon as you know that you won’t be able to pay your mortgage

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What Happens in Foreclosure?

In a foreclosure suit, you’ll receive a letter from the court demanding payment after missing a payment. It may occur florida home in foreclosureafter missing several payments.

What happens in foreclosure typically, is that you’ll have 30 days to respond with payment to avoid foreclosure. At the end of the time period, a judgment will be entered and the lender can request sale of the property by auction.

If you want to save your home, you should come in to meet with Eric or Roddy Lanigan and determine how to defend against the foreclosure. You have to find out if your financial situation will allow you to defend the suit, repay the arrearage or if you should even try to keep the property.

There is no definite, immediate answer until your personal situation can be reviewed. It will depend on your finances, how long ago the foreclosure suit was filed. Whether or not you can afford to catch up on payments, whether or not the bank will allow you to catch up on payments at the particular point when you come in. Are there alternatives still available to you in order to stay in the home.

Don’t wait and don’t get discouraged. There may be a way to stay in your home. Immediately contact an Lanigan and Lanigan, P.L. to find out what the options are to stopping and or defending a foreclosure suit.

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What Causes Foreclosure?

A foreclosure lawsuit is filed by a lender when a homeowner or property owner defaults on a loan. This is what causes foreclosure. After missing payments, the lender will file suit with the court system. Buying a home used to mean investing with a large down payment. That prerequisite changed and prospective homeowners were offered creative financing. There were zero down, adjustable rate, interest only, low documentation loans made available.

Research into millions of individual loans that were defaulted on discovered the single most important factors were a.) negative equity in a home, b.) high interest, adjustable rate mortgages, or c.) job loss.

Ultimately, upside down homes or homes with negative equity are the cause of most foreclosures.

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Options to Foreclosure 

Lanigan and Lanigan, P.L., works with non-attorney Richard Marquez to find foreclosure. Rich negotiates and works mortgage workouts are options to foreclosureout financial options with banks, mortgage and loan companies for clients who are trying to prevent foreclosure.

Clients who want to stay in their homes may be able to qualify to do what’s called a mortgage workout. Rich finds options to foreclosure.

A mortgage workout is a renegotiation of an existing mortgage with different terms and payment plans. Sometimes interest rates can be renegotiated. Often times clients are able to have time built into their lender agreements to catch up on payments, remain in the home or business and return to regular payments when difficult economic situations pass or improve.

It’s never too late to try to save a property, even if a business or individual has stopped making payments, stopped communication and stopped making an effort to relieve the past due situation.

Contact Lanigan and Lanigan to find out whether a mortgage workout will be able to help you prevent foreclosure, get a lowered monthly payment and what the many alternatives are that may help to save your home.