Phone: (407) 476-
Orlando Foreclosure Attorney
Orlando, Florida 32801
Foreclosure Attorney Michael Stites
Tell Our Attorneys What Happened
Open M -
Orlando FL, 32801
All initial consultations are completely free and we can contact the same or following business day.
Foreclosure can usually be prevented depending on the situation. Here are 8 ways to keep it from happening. The best way to stop a foreclosure from happening is to be proactive. The greatest foreclosure defense is one that starts well before the first payment is even missed.
Organization is important. In your Mortgage Information Binder you can keep your original mortgage and promissory note at the front of the folder. Use separators to keep track each month from the time the loan began.
Part 1 – Keep your original mortgage and promissory note
Part 2 – This is where your property tax information should go. Any records of payments will go here.
Part 3 – The property’s insurance information goes here as well as any payments you have made.
Part 4 – Month by month keep the mortgage statements here with a record proving the payment made attached to it. Payment records can be copies of checks or bank statements showing the when and where the money was withdrawn.
Part 5 – Any time you have spoken to the lender or mortgage servicer should be recorded. Record the date and time of the conversation and include a brief summary as what was talked about. If you had an email or letter exchange, print it and keep it here.
This is where you will track your previous finances. Your income and spending goes here. We want to be able to show when and how you became financially troubled. (If you lost your job, the mortgage payment requirement doubled, etc.)
Part 1 -
Part 2 -
Part 3 -
Part 4 -
This is important because you will need to find out what you are liable for if you start missing payments. You should be able to locate the cost of late charges and any other fees that may accrue from getting behind. Also look for the acceleration clause to find out what needs to happen for it to kick it. This is where the bank accelerates the loan to where you owe the entire amount immediately.
We recently had a case where the bank was trying to foreclose on an elderly woman who’s recently deceased husband had taken out a reverse mortgage on their home. The lender’s foreclosure lawsuit surrounded the fact that she was not labeled as a borrower. A closer look at the paperwork showed that she was listed as a borrower. We had the case dismissed.
Is there anything you can eliminate from your budget to make your mortgage payment affordable? If you are coming up short by two or three hundred dollars when trying to make your mortgage payments, you may be able to cut back on other things.
Things to consider eliminating:
Gym Memberships (Save $100.00+) -
Cable or Satellite TV (Save $100.00+) -
Tip: If you are looking to break contract without paying the early contract elimination fees, "move" to an area your cable provider does not service. Have the bills sent to your friends house.
Cook Food at Home (Save $300-
Cellphones (Save $100 -
Alcohol (Save $100+) -
There are a few free government programs to help you get back on your feet. A HUD approved foreclosure prevention counselor should be able to see if you are eligible for government programs such as HAMP or HARP. The counselors services are usually free and they can help guide you and your lender to an agreement. The Federal Department of Housing and Urban Development can provide a counselor for your situation. For a list of HUD approved counselors in Florida visit:
With your financial binder at your side, you should be able to discuss your options with them. If you know you are not going to be able to make a payment on time, tell them about it right away. They usually are able to set up a forbearance agreement and repayment plan to get back on track. On such and such date you will agree to make a payment of X amount of dollars or have the payments spread out of a few months.
There are a few options if you want to keep your home compared to if you want to get out from under it. Check your state laws first but here are a few options if you want to keep your home from foreclosure.
Get a New Loan to Pay off the Original -
Modify Your Current Loan -
Work out a Forbearance Agreement -
After the forbearance ends your payments will be larger for a certain period of time until you have made up what you missed. A common example where this would work well is if you lost your job but have another one lined up or if you were on non-
Establishing a Repayment Plan -
Sometimes it is better to cut your losses and start fresh. There are some situations where keeping the home just is not possible.
If you have equity in the home -
If owe more than what the home is worth (no equity) -
With either option you may be liable for the deficiency depending on the state you live in.
1. Create a Mortgage Information Binder
Created by Attorney Michael Stites & contributing editor Jared Speck
We break down foreclosure procedures into simple to understand terms. Begin here to learn basic steps in foreclosure and what you might be able to do to stop it.
Here is how to respond if you get served a foreclosure summons. (What happens when a foreclosure lawsuit is filed against you)
If you have been served with a foreclosure summons there can be serious benefits to hiring an attorney. However depending on your goals, you may be better off going without one.
Answer 3 quick questions to see if you have a foreclosure defense case.
Consults are free, even if you are asking general foreclosure questions.