|ANDREW C. DEMOS, P.A.
Attorneys at Law
Persons who receive demand letters or a Summons should immediately consult with an attorney for assistance. Ensure that you read all documents carefully and
provide written documentation and proof of payments. Read documents carefully and be mindful of the consequences of signing any documents as they require
stipulations to critical facts and obligations. The sooner that owners contact an attorney when a matter cannot be resolved the more likely that the matter can be
resolved in a timely and cost-effective manner.
Banks use the Making Homes Affordable program for borrowers requesting a loan modifications for primary residences and other programs to help borrowers.
Prior to foreclosure required written notification is sent to the obligor(s) of the debt. A foreclosure case begins with a Summons to each named defendant in the
case. A written response be timely and properly delivered to avoid a Clerk Default. Any applicable defenses must be properly and timely presented. Exchanging
information, known as "discovery" can be served by the plaintiff or defendant to prove or defend a case. There are many other details that must be considered and
should be discussed with an experienced Florida attorney.
There are loss mitigation programs or settlement stipulations available to owners of real property experiencing financial hardship. Owners in need of financial
assistance should first communicate in writing with the applicable servicing bank or community association and pay very close attention to deadlines and notices.
Bank loss mitigation programs are typically listed on each bank's website and may include federal or bank-sponsored programs for temporary assistance, short sale,
deed in lieu or other programs. Qualified owners may obtain a reduction in principal, fixed interest, or reduction in payments over a short-term or long-term period.
All required documentation must be timely delivered and it is recommended to frequently follow-up to ensure no further documentation or information is needed by
the bank to be able to confirm eligibility and to submit the package to the investor for approval.
Deficiency and 1099:
Owners approved may receive a waiver of deficiency judgment under certain programs and are sometimes required to contribute out-of-pocket to closing as a
condition for such waiver. Owners should consult with a Certified Public Accountant regarding a 1099 and related matters that can result from loss mitigation.
Condos and HOA's:
Community Associations may offer assistance that could include a down payment with a certain number of months to pay the outstanding arrears in addition to
other assessments and amounts that become due during a payment plan. In addition to assessment arrears the total amount demanded may include attorney's fees,
interest or late fees.
Foreclosure News & Comm
During December 2011, The Florida Supreme Court agreed to hear a case regarding a bank foreclosure that was voluntarily dismissed. The bank voluntarily
dismissed the first case after the homeowner filed a Motion for Sanctions alleging a fraudulent assignment of the Note. The bank then filed a new identical case to
foreclose and the homeowner requested sanctions in the previous dismissed case. The bank settled the case with the homeowner before The Florida Supreme
Court made its ruling. The Florida Supreme Court decided to still proceed to the merits of the case against a strong dissent of one of the Justices because "this issue
is indeed one of great public importance and in need of resolution by this Court." Pino v. The Bank of New York, No. SC11-697 (Fla. December 8, 2011)
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obtaining information for a particular situation should contact our office to discuss inquiries.
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