Avoid Foreclosure in Okaloosa County
Foreclosure, short sale and deed in lieu used to be phrases only understood by bankers and attorneys. Now, they've become part of the general lexicon and far too many of the public are learning what these terms of art mean as well.
The overall goal whenever someone owes more than a property is worth is to minimize the chance you emerge from foreclosure with the lender holding a judgment against you. A deficiency judgment gives the lender many tools to turn that court order into money. Bank accounts, wages, and automobiles are just a few of the assets that can be targeted for garnishment or attachment if you still owe the bank money after they have taken your house back and sold it. Tedious post-judgment discovery is also inevitable, where the debtor is required to list all of their assets, bank accounts, sources of income and provide documentation in the form of deeds, pay slips, bank statements and credit applications for as much as the last three years.
At the law firm of Ledbetter and Associates, we employ strategies to gain leverage in the court process and avoid deficiency judgments and persuade the bank to accept a short sale or deed in lieu of foreclosure. The strategy we employ will depend on the facts of your individual case, but can include improper assignments, wrongful rejection of tendered payments, or other equitable grounds that can justify a court in denying foreclosure. If an issue can be discovered that has to be tried before the court, thus denying the lender a quick victory merely by submitting paperwork – called summary judgment – the lender will often renegotiate the loan or agree to forgive any deficiency in exchange for obtaining title to the property.
Putting Time on Your Side
Delaying the process is sometimes a victory, as time gives debtors an opportunity to rearrange their finances, obtain additional capital, or sometimes frustrates the lender enough that it is inclined to negotiate. Preventing a quick foreclosure can also help even when the financial hurdle is too great and bankruptcy is unavoidable. A bankruptcy attorney is sometime required to preserve assets, and for many transactions it is important to have them completed well in advance of the judgment. Only by delaying the process can assets be protected that would otherwise go to a creditor or judgment holder. This firm works with several bankruptcy attorneys in the area when that is the only option for a debtor to start rebuilding his life and credit.
The Destin foreclosure attorney at Ledbetter and Associates can assist you and guide you through this stressful time and will work diligently to obtain the best possible result in your case. To get good results, the client needs to be a diligent team member, securing documents, relaying relevant facts and being as involved in the case as the attorney is.
For experienced representation that can help ensure that your rights as a homeowner are respected, turn to the experienced Florida foreclosure defense lawyer of Ledbetter and Associates. To schedule an initial consultation, call 850-312-4052, toll free at 888-398-9952, or simply contact us online.