Coral Springs Condo Association Attorneys
The Firm represents numerous private mortgage holders / real estate investors and handles the collection of past due mortgage interest payments through foreclosure. While we are cognizant of the current real property crisis and the fact that not all properties have maintained their values, we utilize all avenues to collect past due mortgage interest payments (including the appointment of a Receiver to collect rent payments from tenants of non-owner occupied properties) and work closely with our clients and their borrowers to facilitate payment agreements including mortgage modification agreements if needed. Should the need arise to work through the foreclosure process whereby our client takes title to a property through foreclosure, we work with our clients to assure that their transition into that of property owner is as smooth as possible.
Foreclosure Defense (Homeowners)
Economic hardships have caused many homeowners to fall behind on their mortgage payments, putting them at risk of foreclosure. The most important thing that a homeowner can do is to take steps to understand their legal rights and develop a strategy going-forward, whether that is a mortgage modification, short sale or defense of the foreclosure lawsuit
If you are falling behind on your mortgage (or if you have already done so or have already been sued by your mortgage lender), it is in your best interest to plan an appropriate foreclosure defense strategy which may include measure to delay the bank’s action as well as Bankruptcy.
Don’t ignore a notice from your bank and don’t wait until a sheriff’s deputy is knocking down your door.
Foreclosure Defense (Homeowner and Condominium Associations)
When a homeowner is sued for foreclosure, the foreclosing bank will name all junior interest holders as defendants. Because the homeowner has on-going maintenance obligations to their Homeowner or Condominium Association, and because Homeowner or Condominium Associations have separate lien rights in order to seek to collect these maintenance obligations, the Homeowner or Condominium Association will be a named defendant in any residential mortgage foreclosure action.
In situations where the homeowner has defaulted on the obligations to the bank, the Homeowner or Condominium Association must carefully monitor the Bank Foreclosure Action, and try to move the case forward as quickly as possible, because for every month that the case lingers, it represents another month in which the Homeowner or Condominium Association does not receive maintenance payments from the homeowner.
Bakalar & Associates has extensive experience representing Homeowner and Condominium Associations in collection and foreclosure matters, and can help develop a strategy to deal with these situations. Contact our Coral Springs condo association attorneys today to discuss your case.