Can A Stop Foreclosure Lawyer In Miami Help In Avoiding Foreclosure?
Do you own a home in Miami and have received a notice of default from your lender? If your answer is yes, you should lose hope. There are still chances that you can keep your property and avoid foreclosure. But, you will need a capable legal expert in handling such situation. So, you should get in touch with a stop foreclosure lawyer in Miami immediately after you receive a default notice from your lender before it is too late.
The parties involved in a home loan
When a home loan is approved, the parties involved in the home loan are
• The borrower: It is the individual who borrows money and keeps the home as a security for the loan. The borrower is also called the mortgagor.
• The investor: The investor buys loans from lenders.
• The servicer: The borrower pays monthly loan payment to the servicer. The servicer is the third-party who manages the account on behalf of an investor or a lender against a fee. The servicer collects and processes loan payment and also initiates and monitors the foreclosure process when borrower misses out on loan installments.
Out of the four parties involved in the home loan process, other than the borrower, the rest have a common interest. So, when there is a foreclosure situation, the borrower may not in a position to handle the situation and make costly mistakes. That is why, it is imperative for a borrower to hire a stop foreclosure lawyer in Miami. An expert legal person can help the borrower to take right decision among the options available to avoid foreclosure and sail through this difficult situation.
Types of foreclosure
Foreclosures are of two types, they are Judicial and non-judicial foreclosure.
Judicial foreclosure: This foreclosure goes to the court as a lawsuit is filed by an attorney on behalf of the lender or investor. The borrower is sent a copy of complaint and if the borrower does not answer this complain, the court gives the judgment of foreclosing the property. If you have received a foreclosure complaint from the court, you should immediately contact a stop foreclosure lawyer in Miami to draft the answer to this petition carefully.
Non-judicial foreclosure: This foreclosure does not involve a court. An attorney on behalf of the lender or investor performs out-of-court steps to foreclose the property. These steps are- borrower is sent a notice of default, this notice is recorded in the local land record office, and the borrower is sent a notice of sale.