The Lyons Law Group, P.A.—a trusted Tampa Bay real estate law firm—has been defending clients against foreclosure since 2008. Our many years in business have provided us with a unique insight into the types of errors that homeowners commonly make when their house is being foreclosed upon. We’ve outlined four of these pitfalls below to help you avoid making the same types of mistakes in your own foreclosure case.
1. They ignore communications from the bank.
Before the bank can file a foreclosure lawsuit, they’re generally required to reach out to the homeowner and notify them that their loan is in default. Receiving a notice like this can be scary, but sticking your head in the sand and hoping that the problem goes away on its own won’t help (and could actually make things worse). If your bank is calling or sending you letters, pay attention to them and promptly address the issue.
2. They neglect the property.
Oftentimes, when a homeowner believes their house will be foreclosed upon, they lose all motivation to take care of the property. (In some cases, they even go so far as to purposely damage the property—this is illegal and highly inadvisable.) But if you let your home fall into disrepair, it could make it more difficult to sell the property, which could negatively impact you later on in your case.
3. They don’t save money.
Have you ever heard of retail therapy? Many people like to go shopping when they’re feeling stressed, and few things are more stressful than a pending foreclosure. But if there’s a chance that your home could be foreclosed upon, it’s important that you start saving as much money as you can. If you end up being able to save your home, you’ll need to be able to afford the monthly mortgage payments. And if you have to leave your house, you’ll need to pay for the associated moving costs.
4. They try to solve the problem on their own.
Whether due to pride, cost concerns, or another reason entirely, homeowners often do everything they can to avoid hiring an attorney to defend them against a pending foreclosure. In many instances, by the time they realize they need professional help, certain deadlines have passed, preventing them from pursuing legal remedies previously available to them.
That’s why it’s so important to consult with an attorney early in your foreclosure case. Real estate attorneys usually have experience with a variety of foreclosure defense options—such as case dismissals, loan modifications, short sales, and cash for keys—and they can recommend the approach that’s most appropriate for your specific situation. They’ll also be able to let you know if any deadlines are approaching so that you don’t miss one and ruin your chances for success later on. Plus, an attorney will likely have much more success negotiating with your bank and arguing before a judge than you would on your own.
At The Lyons Law Group, P.A., we offer free initial consultations to potential clients who are facing a foreclosure. We have offices in New Port Richey, FL, and Spring Hill, FL, making us an excellent option for residents of Pasco and Hernando counties. Contact us today to schedule an appointment.