Are You facing Foreclosure?

I read somewhere the other day that it is estimated that it costs a community on average $20,000 for every foreclosure. This figure is made of law enforcement costs, city services & dropped home values. I found that to be a staggering number considering that 11.7% of Floridians alone are behind in mortgage payments.

In reviewing numerous loan documents and researching endlessly it is obvious that during the “glory” days predatory practices were rampant. Everyone chasing the all mighty dollar at the expense of the poor borrower just trying to have a descent home to raise their families. (We are not addressing fraud or the intentional abuses that took place. That’s another article another day).

Let’s say you are a little behind in your payments, anticipate not being able to make your payments very soon due to a hardship or you have already received a Notice of Default or a Notice of Foreclosure. What do you do?

You need to find a good attorney that has experience in RESPA & TILA, knows how to communicate with lenders and knows there way around the court system.

There are a lot of Mortgage Brokers out there attempting to fill a void of minimal loan volume by getting into the loan modification business. They are using their used car salesman techniques to sell borrowers on their abilities to negotiate with their banks. There may be some out there that are doing good work so don’t assume nor am I suggesting they are all bad. However, please do your homework. It is best, in my opinion, to utilize the services of an attorney.

With all of the research that I have done the one that I have found and interviewed that appears to be 100% on the right track with helping homeowners is Affordable Foreclosure Defense, Inc. (www.affordableforeclosuredefense.com) This is a well established attorney in the Ft. Lauderdale, FL area and is very knowledgeable on RESPA and defending foreclosure actions. I myself am utilizing their services and am very satisfied. They do offer a free consultation and I have no doubt that after speaking with them you will be as impressed as I am.

Whoever you decide to trust to negotiate on your behalf just remember to do your homework and make an informed decision. Your home is your most valuable asset.