We Vigorously Defend Against Foreclosures.

Foreclosure can happen even to financially sound individuals. An unexpected illness or job loss can cause you to fall behind on your mortgage payments. Often when you default lenders are impossible to communicate with or refuse to let you catch up on missed payments. Merritt Law Office has been defending foreclosures since the start of the foreclosure crisis in 2007.

What is Foreclosure Defense?

For most people, closing on their home is one of the biggest and happiest days of their lives. While there are many documents passed around the closing table there are three that are particularly important: 1. The Deed; 2. The Promissory Note; and 3. The Mortgage.  When you buy a home in Florida you literally own the property. At the same time that the Deed is conveyed to you you also sign a Promissory Note, also called “the Note.” The Note is exactly what is sounds like, it is a promise to pay your lender money over time at whatever terms you have agreed upon. Finally, and most importantly, you sign a Mortgage. A Mortgage is also called a Security Instrument because it is your pledge that the house that you now own is collateral for the Note. If you don’t meet the terms of the Note by making timely payments the Lender can foreclose, meaning that they can ask the Court to enter a Judgment against you for money and to put your home up for public auction. That Judgment can then be used as a credit at the auction and the Lender can effectively purchase the home.

Avoiding foreclosure is your best defense. But this is not always possible. Unemployment can cause you to earn less income than you expected. Medical issues or loss of a family member can slow or hinder your earning potential.

Whether you want to keep the home or give it up, Merritt Law Office will tailor a foreclosure defense to your individual needs. Many times the Note can be modified to give you an opportunity to catch-up. After years of experience, we’ve also discovered that with many properties being upside-down or underwater it is in our clients’ interest to let the property go back to the lender. In some cases Bankruptcy can be considered to address the foreclosure and other financial issues.

Do I need Bankruptcy?

Whether you should consider Bankruptcy depends on your personal goals and circumstances. Do you want to keep or surrender your home? What is your income? At Merritt Law Office we take your goals and circumstances into account in formulating the best way to address your Foreclosure challenges.