Have you received a Notice of Default?
- 30 days: If so, you have 30 days within which to bring your loan balance current. This is often impossible unless you have been saving your money for this purpose or unless you have a rich Aunt, who will help you out in your time of need. Your lender has the right to file suit for foreclosure if you do not bring your loan balance current.
- Summons and Complaint: You may receive your Summons and Complaint as early as 45 days from the date of your Notice of Default (if you haven’t brought your balance current). This is the lawsuit and once you receive it, you need to take action!
- 20-days: Once you receive the Summons and Complaint, you only have 20 days to respond. The sooner you contact Carolyn Budnik, the better.
You know if you haven’t made your mortgage payment! We realize that some days it’s just too difficult to face another past-due notice received in the mail. However, it is vitally important that you read your mail and stay up to date on your loan’s status. Formerly, the total foreclosure process could take up to three years. Recently, the banks and the courts have sped up their processes. The time for a typical foreclosure has easily been cut in half. You could find yourself out on the street in as little as 6 months if you fail to take any action at all! Contact Ms. Budnik immediately upon receiving a notice of default. Preserve your defenses to foreclosure!
Do you Have a Reverse Mortgage?
- Has your spouse recently passed away? And have you received a Notice of Default as a result of the death of your spouse?
- You have rights! Under Florida law, if you were married at the time you and your spouse took out a reverse mortgage on your home, you had to sign the mortgage as a co-borrower. It is required under Florida’s Constitution! As a co-borrower, you cannot be foreclosed under Florida and Federal law, if you were married to your spouse at the time the mortgage was taken, if you live in the home as your principal residence and if you plan on remaining in the home.
- Do not allow yourself to become a victim of the system! Most reverse mortgage foreclosures are fast-tracked through the system because many elderly homeowners do not realize that the lenders are illegally filing these foreclosures against surviving spouses, and they assume they have no legal right to remain in their homes.
If you are in this position, please give Ms. Budnik a call. She’s compassionate and she knows the law! You have the right to live in your home until you either decide not to live there any longer or you pass away! Make your lender tow the line and preserve your family home!
Ms. Budnik offers flexible retainer arrangements and payment plans to her foreclosure clients!
There are Alternatives to Foreclosure!
Your attorney can help you determine if some of the options to foreclosure are viable solutions for you. Some of these options include:
- Loan modifications – you may be eligible to have your current mortgage note modified. In some cases, it may be possible to work with the Federal Bankruptcy Court to force your lender to work out a modification. Mortgage modification can substantially lower your mortgage payment.
- Deed in Lieu of Foreclosure – if you know you cannot maintain your mortgage payments, your lender may be willing to accept the deed on the property in lieu of foreclosing on the property. Your attorney can help negotiate this agreement.
- Cash-for-Keys – this is generally done through negotiating with your lender to turn the keys to the property over in return for them providing you relocation costs. Ms. Budnik can explain more about this program and help you determine if it is a good alternative to foreclosure.
- Short Sale – if you know the sale price of your home will not cover the existing mortgage, we negotiate with your lender to accept less than what they are owed in return for selling the home to a qualified buyer.
Carolyn N. Budnik, PLLC handles alternatives to foreclosure.