Many people have been in foreclosure for a long time and have lost their homes to the bank. You need to know that you can file a foreclosure lawsuit to get your house back. The question is, “How do I file a foreclosure lawsuit?” If you’re considering hiring a foreclosure lawyer in Florida, you should know that the process has pros and cons.
The good news is that a Florida foreclosure lawsuit can be a relatively easy way to recover your property, but it does come with some downsides.
A way to get out of your current home loan without paying a ton of money? If you’re thinking about doing this, you must know all the pros and cons of hiring foreclosure lawsuits before making your final decision. This post will look at the pros and cons of hiring foreclosure lawsuits in Florida. Are you considering hiring a foreclosure law firm to help you with your foreclosure problem? If so, you’ll need to know the pros and cons of this option.
You have 180 days from when you notice the default to file the lawsuit. If you use the mortgage company itself, you can file a suit under federal law. It is called a Truth in Lending Act (TILA) violation. It is important to note that in a foreclosure lawsuit, the bank only has to prove you are in default on the mortgage. You then must prove how much you lost due to the bank’s actions.
In many states, you can sue your lender for wrongful foreclosure or unlawful detainer if they have already sold the property during the foreclosure process. It is called a “wrongful foreclosure lawsuit,” and you can hire a lawyer to help you pursue this option. The pros and cons of hiring a Florida Foreclosure Defense Attorney are outlined below:
Pros:
The pros of hiring a Florida Foreclosure Defense Attorney are outlined below:
It’s a Win-Win Situation:
A foreclosure lawsuit is one of the few ways a homeowner can win their Home back if they don’t want to settle for a short sale or bankruptcy. In this case, the homeowner wins the property back if they successfully prove their rights were violated. The upside is you don’t need to accept a short sale or bankruptcy.
You don’t have to worry about Selling the House:
If you decide to hire a foreclosure lawsuit attorney, you won’t need to sell the house. You may not even need to move out. It is great if you have a young family planning on moving.
You could end up with Equity in your Home:
The downside is losing the house if you fail to win the lawsuit. But the upside is if you succeed in winning your case, you can gain a lot of equity in the property and perhaps pay off the loan.
Entitled to Compensation for your Damages:
If you lose your home, the bank can take everything you own, including your car. If you file a lawsuit against them, you have a fighting chance to get back some of your money.
Cons:
The cons of hiring a Florida Foreclosure Defense Attorney are outlined below:
There is a Cost Involved:
Hiring a foreclosure lawsuit attorney is one of the few ways a homeowner can win their home back. But it is a costly and time-consuming process. It means you will have to spend money on legal fees. You might also consider asking family members for help with the costs.
You might not recover the full Value of the Home:
The downside is if the lender sells the house to someone else, you won’t recover the full amount of the mortgage loan.
You might lose your property if you can’t prove your rights were violated:
If you are unsuccessful in your case, you may lose the property if the court decides it is the lender’s property. If you use the loan servicer, you must file an administrative claim with the Department of Financial Services.
Conclusion:
In conclusion, there are several reasons why hiring a foreclosure law firm in Florida is a good idea. However, hiring a foreclosure law firm is no guarantee of success. It can be very risky for you and the company you hire. The key is to hire the right foreclosure law firm. The team members of the law firm must be experienced in the field, have the resources necessary to handle all aspects of a foreclosure case, and have a good reputation.
