In light of the current economic downturn, foreclosure has unfortunately become a reality for many of those who have been uniquely affected by the unprecedented decline of the real estate market, loss of employment and/or poor investment decisions. However, regardless of the particular impetus for foreclosure, the decision to seek competent, legal advice can enable a homeowner to remain in his or her home, avoid a final judgment of foreclosure and/or limit his or her long term liability exposure.
Without question, the most important aspect of avoiding and/or minimizing the impact of foreclosure is the decision to act. One of the biggest mistakes that a homeowner can make is to ignore the situation. The particular time at which a homeowner seeks advice often dictates what avenues are available to them. If you have already been served with a foreclosure complaint, you have twenty (20) days from the date of service to file your written response or face the prospect of a default being entered against you. If a default is entered, the bank will ultimately take the property back following entry of a final judgment of foreclosure and sale at public auction. Moreover, entry of a final judgment of foreclosure can also have serious, long lasting ramifications on a homeowner beyond the loss of their property in the form of a deficiency judgment and/or impact one’s credit. Accordingly, it is imperative that a homeowner seek the advice of counsel promptly in order to preserve not only all available options for loss mitigation but also to protect and safeguard valuable rights affecting future income, credit worthiness and income tax consequences.
The Florida courts are now requiring mediation in home foreclosure proceedings. This allows you the opportunity to speak directly and privately with your lender to try to reach a resolution before foreclosure occurs. Mr. Orsatti has considerable mediation experience and can represent you at these mediation proceedings.