Florida laws on commercial foreclosures are complicated, and making mistakes can mean you will wind up losing your property, so you should not attempt to fight foreclosure on your own. Fortunately, you can get help from an experienced commercial foreclosure defense lawyer who knows the options that are available and how to utilize them to stop foreclosure on your property.
Commercial foreclosure defense attorney Carlos M. Amor knows the real estate law, the system and the range of solutions available to people facing commercial property foreclosure. He provides a free consultation to examine your individual situation, by phone, via video meeting or in person, and determine the best way to help.
The sooner we start working on your situation, the better the chances of resolving your issues, so call Carlos today.
Having an attorney with a real estate law firm will provide the in-depth experience and skills needed to help prevent or stall foreclosure in Florida. Here are some reasons why we believe Carlos M. Amor is your best choice:
The defense options for foreclosure aren’t simple and require prompt action and the knowledge to prove your case. When you have Carlos M. Amor on your side, we start working for you immediately. We will:
When lenders decide to initiate a foreclosure, they will typically send you a letter stating that you have defaulted on your loan and letting you know the past-due amount, the fees, and how much you will need to pay to reinstate the loan. The lender must allow you time, usually 30 days, to pay these amounts and rehabilitate the loan in order to avoid foreclosure.
With so little time, you should consult with a foreclosure defense attorney immediately to find the best method of stopping the foreclosure.
Forbearance: If your attorney requests “forbearance” and a forbearance agreement can be negotiated, the lender agrees not to move forward with the foreclosure proceedings as long as you take action to cure the default. The lender may agree to modify terms of the loan, extend the time of your mortgage, forgive the missed payments and add them to the end of your mortgage; or you might simply be given a deadline to make the outstanding mortgage payments. In forbearance agreements, the lender has the option to resume foreclosure proceedings if the agreed-upon measures don’t occur within a specified period of time.
Negotiations with the lender to refinance or modify the loan: Lenders would rather get some money than have to go through the foreclosure process and deal with having to manage and sell property, so they may consider the possibility of negotiating refinancing the mortgage at a more favorable rate that you can pay. They might increase the number of years you have to repay the mortgage, lower the interest rate, and waive late fees to reduce the monthly payment. This option may be particularly useful in situations where your mortgage has a variable interest rate that increased, or where the loan has matured and you are facing a balloon payment. An experienced lawyer can help negotiate payments you can meet and guide you through the difficult documentation process required by lenders, which can include a business plan, recent tax statements, and a letter of hardship.
Personally guarantee the loan: This involves guaranteeing the loan by using personal property, such as your home, stocks, or savings accounts as security that you will pay the mortgage. This is useful in situations where your business is having temporary financial problems, but you expect enough money to be coming in to meet your loan obligations. However, there is risk involved, as you may wind up losing the property used as security if something goes wrong and you cannot make your payments.
Short sale: In a short sale, you sell your commercial property for less than the total amount of your mortgage, and the lender agrees to accept the sale as full payment of the debt. Short sales may have fewer financial consequences than a foreclosure, but it will still negatively impact your credit. In some cases, the lender may still be able to sue to recover the difference, so make sure your attorney can negotiate a favorable deal.
Deed in lieu of foreclosure: A deed in lieu of foreclosure typically releases the borrower from liability in turn for transferring the property title to the lender in exchange for full or partial payment of the outstanding debt. While this makes the transfer of tenant files, leases, and other obligations easier than foreclosure, it is still possible that the lender may sue for deficiency.
In situations where the foreclosure process has already begun, there may still be foreclosure defenses that can save your property. Before your property can be foreclosed upon, the mortgage holder has to win in court. Your attorney can mount a “foreclosure defense” to question whether the lender is doing everything properly according to the law and also use the courts to find alternatives to a foreclosure judgment.
When faced with commercial property foreclosure, you are bound to have questions and concerns. These can be best addressed at your initial consultation, but to get started, here are some answers to questions our clients often ask:
When you have our foreclosure defense attorney working for you, we will be available to answer your questions and concerns throughout the entire legal process.
When faced with foreclosure on your commercial property, you are likely stressed and overwhelmed. Attorney Carlos M. Amor knows your options and is here to help. He is ready to examine your individual situation and utilize the law to help prove that the lender did not follow the proper procedures or find other ways that can stop foreclosure.
Hiring an experienced attorney is one of the best ways to stop — or at least stall — a foreclosure to provide you time to come up with other legal options, so call for a free consultation today 954-453-7200.
Client Testimonial
“I have used Carlos for the last 5 or so years. He has helped me achieve 2 settlements with banks I sued, retain property out of foreclosure for good. I have used him to quiet title, evictions, getting escrow money back on deals that went bad, sending letters to people, foreclosure defense and litigation, and other real estate matter requiring a lawyer like probate cases. He is usually easy to reach on his cell, and responds quickly. He is not a rip off like most lawyers down here who charge you for paper clips and don’t know what they are talking about. I would recommend giving him a try , especially if you are using one of these rip off lawyers we have so many of in south Florida.” – Buy Wholesale (Google Review)
Carlos M. Amor is a skilled and experienced attorney and real estate broker. His legal practice in South Florida focuses on real estate litigation, real estate investments, tax deed and foreclosure auction purchases, traditional real estate transactions, short sales, foreclosure defense, and civil litigation. Carlos thinks “outside the box” and takes a practical approach to finding solutions that benefit his clients. [ ATTORNEY BIO ]