Foreclosure Law in Vero Beach
At Lulich & Attorneys, our team knows how Vero Beach foreclosure law works. We can help clients fight foreclosure, examine additional options, and find a way to keep them in their homes or protect their credit. We represent homeowners and lenders. We strive to be both compassionate and aggressive for our clients.
You can learn more by speaking to a Vero Beach foreclosure lawyer during your initial case consultation today. We can explain our services and how we help clients meet their goals.
How Lulich & Attorneys Helps Clients Manage Vero Beach Foreclosures
When it comes to Vero Beach real estate law, our team from Lulich & Attorneys knows what to do. We are an attorney-led title company that handles buying, selling, document preparation, planning and zoning concerns, evictions, foreclosures, and more. We believe in both providing compassionate understanding and aggressive representation. Everyone deserves an attorney to fight for their rights and best interests. We step in and do so.
Our service area includes Vero Beach, Sebastian, and other parts of Indian River County in Florida.
We also have team members who accept cases based on:
When you call us for a real estate law case or because you face foreclosure, we can help you understand your rights and options during the initial conversation. We can cover the next steps based on the details of your story. We listen to our clients and serve as advocates for them throughout the legal process. We understand this is a challenging and frustrating time. Yet, you do not have to navigate it on your own.
Our advocates know how Florida foreclosure laws work, the process, and the alternatives. We often help our clients identify a solution to these cases that work. We can find answers that work for your family, your financial future, and the bank. Let us go to work for you today.
Protecting Our Clients’ Rights During the Vero Beach Foreclosure Process
When our team goes to work on a case, our goal is to get the best possible outcome for our client. This is true whether they are a homeowner, lender, landlord, buyer, or seller. We understand the case from their point of view and want to help them fight for their home or protect their investment.
Regarding foreclosures, we understand the protections available for each party created by Florida law. Homeowners want our help to fight the lender, and lenders want our help to navigate the process and move through the proceedings as required under the law. It is not always clear when, how, or where to file foreclosure proceedings or the options a homeowner has to fight them.
Most of the homeowners we represent have legitimate reasons for not paying their mortgages. They have medical emergencies, lost jobs, or other major life interruptions that cause sudden financial concerns. We work to identify how things could change for them and the options that could help them keep their home.
Options to Protect Your Home
While we recognize lenders must protect their investments, we also want to help homeowners stay in their homes. We know how to weigh the possible options, including making payment arrangements to catch up or work out new financing. Our work with other clients and lenders allows us to learn the most common ways homeowners can avoid foreclosure.
Often, we help our clients negotiate a new mortgage or create a repayment plan they can stick to. It is often possible to avoid vacating your home and losing all the money you invested. Foreclosure cases do not have to end with a court order, either. This is especially true since this does not benefit the homeowner or the lender in most cases.
It is in everyone’s best interest if the homeowner can continue paying their mortgage and keep their home. Our lawyers identify and explain the strategies that could work for your family. Getting more time to pay, temporarily pausing proceedings, avoiding foreclosure with a new agreement, or selling the home may be possible.
Understanding Florida’s Foreclosure Laws
Foreclosure is the process a bank, mortgage company, or another lender pursues when a homeowner does not pay their mortgage. This process can begin in some cases 120 days following a missed payment. Formal foreclosure proceedings usually follow other attempts to secure the unpaid amount—usually offering a one-size-fits-all payment plan or demanding payment immediately.
Florida has numerous laws that protect both parties during this process. This includes offering several ways for homeowners to slow down or stop foreclosure. Our team understands the options available for homeowners, even if they do not have the cash to make up the missing payments right now.
Florida’s foreclosure laws generally give homeowners an opportunity beyond paying immediately or losing their homes. Our team can determine which of these options fits your situation if we represent you.
Some options we use to help our clients avoid these proceedings include:
- Forbearance agreements with the lender, which could allow you to skip several payments
- Working out an agreement to pay the interest and other portions of the missed payments
- Repayment plans and renegotiated mortgages
- Refinancing the mortgage, possibly with help from a family member or another co-signer
- Selling the home by taking advantage of the hot real estate market
- Short selling the home, with an agreement the bank will not seek compensation for any lost income
- Other strategies our team suggests based on the circumstances
Whether we work for the homeowner or lender, our goal is to find a solution that works best for everyone. While we follow the laws and represent lenders through foreclosure proceedings, we believe there are often better outcomes for everyone involved. Foreclosures are expensive for lenders. Ensuring a mortgage company gets the money it needs without having to force a family from their home is always a positive solution.
Navigating the Vero Beach Foreclosure Process
Florida law clearly outlines the necessary steps to foreclose on a home in Vero Beach. These rules are strict, and lenders must follow them to take the homeowner’s house. This is true despite the agreements signed during the closing that allow the lender to take the property if the borrower defaults on the mortgage.
The lender may send a payment reminder before the payment is 30 days late. After this date, they can contact the homeowner and demand they pay the missed payment in full immediately. This is a good option to stop foreclosure proceedings, if possible. The bank expects the borrower to pay the principal, interest, and fees. This likely includes a late fee.
If the homeowner asks about a forbearance or payment agreement at this point, it is often possible. However, many do not know this. The lender only offers the option to pay in full in many cases. When homeowners connect with our team at this point, the lender often takes them more seriously. We work to stop or delay the foreclosure process while we find a strategy that works for everyone involved.
Testimonial from Mayor Robbie Brackett
The Formal Foreclosure Proceedings
New rules from the Consumer Financial Protection Bureau (CFPB) give homeowners additional protections during the foreclosure process. These rules, which went into effect in 2021 following months of foreclosure freezes brought on by the COVID-19 pandemic, require lenders to clearly outline opportunities for homeowners to avoid losing their homes.
To this end, lenders cannot begin formal foreclosure proceedings until the borrower misses at least four months of payments. This means they must be at least 120 days late with their payment.
The first step in this process is to send written notification to the homeowner of their options. The industry often calls these breach letters.
They must include certain information about the default, such as:
- The amount due
- The due date, usually 30 days from the letter date
- Their loss mitigation options
Some of the possible options homeowners may have include:
- Forbearance and deferral: Some mortgage companies allow those with short-term financial concerns to skip several months of payments and either catch up at the end of the forbearance or defer those months to the end of the mortgage. This was a common option during the pandemic and worked well for families during a medical emergency or job loss.
- Loan modifications: Lenders may renegotiate the terms of the mortgage to lower the interest rate or length of the term, reducing the monthly payment. This is often a good option for those with long-term financial concerns who continue to have a high enough income to make payments.
- Sell the home: Selling the home is often possible for those with enough home equity, especially if they live in an area with a hot real estate market.
Many lenders have streamlined loan modification options now available, as well. While the bank may not outline every option available in the breach letter, our team considers all effective strategies when managing a client’s case. Our experience allows us to offer many more options to homeowners and build creative plans to help them fight foreclosure.
Next Steps in Foreclosure Proceedings
If the homeowner does not respond to the breach letter or the foreclosure proceedings otherwise continue, the next step is for the lender to file the official complaint. In Vero Beach, this complaint goes to the Indian River County civil court. The court assigns a process server, who then notifies the homeowner of the proceedings and their deadline to respond.
Unless the homeowner acts by the deadline, the lender can ask the court to put the case on the docket. During this trial date, the bank’s representatives must provide evidence that the homeowner is in default. The bank outlines its case to sell the home and keep the profits to protect its financial interests.
With a strong case to show missed payments, the court generally rules on behalf of the lenders in these hearings.
What to Do Today if You Have Concerns About a Vero Beach Foreclosure
When a homeowner signs a promissory note and mortgage agreement during the closing on their house, they promise to pay the mortgage each month. If they do not make payments, they agree that the lender can sell the property to protect their financial investments.
However, there are often many other options to consider before it comes to this. If you have concerns about foreclosure on your home, our team is here for you. We can discuss your options based on your unique circumstances. It is often possible to work out a solution that works well for the homeowner, the lender, and others involved.
When a lender does not believe a borrower will meet their obligations to pay their mortgage, we are here to help them weigh their options, too. We know it is important to protect investments in real estate.
Frequently Asked Questions About Foreclosure in Vero Beach
Prospective clients often ask us:
Does Filing for Bankruptcy Stop Foreclosure?
Filing for bankruptcy could benefit your family if you’re facing foreclosure. Your legal options depend on what chapter you’re filing. For instance, if you file for chapter 13 bankruptcy, you can reorganize your mortgage payments in your payment plan. If you file for chapter 7, this could delay foreclosure proceedings while you weigh your options.
Can I Reduce My Mortgage Payments?
You could reduce your mortgage payments if the lender agrees. This could allow you to catch up on late payments. Our team can work with the lender if this is an option.
How Long Does Foreclosure Take?
The entire foreclosure process doesn’t happen overnight. It could take time, depending on your case’s details. We can make it go far faster and more efficiently than most non-lawyers by ensuring you don’t commit any technical errors that allow tenants to
Talk to Our Team About Vero Beach Foreclosure Law Today
At Lulich & Attorneys, we understand that foreclosure does not benefit any party. The homeowner wants to remain in their home and protect their investment, while the lender wants to get paid. An attorney working on the case gives both parties the chance at a solution. As noted, we represent homeowners and lenders, advocating for the best outcome for our clients and navigating foreclosure proceedings for them when necessary.
Contact us by calling (772) 589-5500. Learn more about our services during your initial consultation with our team.
Lulich & Attorneys Vero Beach Office
- Phone: 772-589-5500
- Address: 1612 20th Street, Vero Beach, FL 32960
- Hours: M-F 8:30PM - 5:00PM