Sarasota and Bradenton Foreclosure Defense Attorneys

Foreclosure activity in Southwest Florida is climbing again. Rising property insurance premiums, higher property taxes, adjustable-rate resets, storm damage and job loss have put many Sarasota and Manatee County homeowners behind on their mortgages for the first time in more than a decade. You worked hard and saved to purchase your home. When unexpected circumstances put it at risk, the foreclosure attorneys at Cole & Cole Law, P.A., located in Sarasota, combine nearly 70 years of experience with practical strategies to defend your right to keep it.

How foreclosure works in Florida

Florida is a judicial foreclosure state. Your lender cannot take your home without filing a lawsuit and obtaining a judgment from a circuit court judge. You are served with a summons and complaint, and you generally have 20 days to file a written response. If you do nothing, the lender can obtain a default judgment and the property is sold at a public auction. If you do respond, the case proceeds like any other civil lawsuit: you can raise defenses, demand documents, and require the lender to prove that it actually owns your loan and that its numbers are right.

The most important thing to understand is that inaction is what causes homeowners to lose their homes. Nearly every option described below requires that you still be in the process.

Foreclosure defense strategies

Our firm explores every avenue for protecting your home and your finances, including requiring strict proof from the lender, loan modification, forbearance, reinstatement, short sale, deed in lieu of foreclosure, and bankruptcy. If you have a property in foreclosure or heading toward foreclosure in Sarasota or Bradenton, Florida, our attorneys can help you.

Requiring the lender to prove its case

A foreclosing party must prove that it holds the promissory note and has the right to enforce it, that it complied with the notice and cure provisions of your mortgage, and that its accounting of what you owe is accurate. Mortgage loans are bought, sold and securitized repeatedly, and the paperwork does not always follow. We examine the chain of assignments, the endorsements on the note, the pre-suit default letter and the full payment history in every case.

Loan modification

If your loan balance is greater than the value of your home, or you can no longer afford your monthly payment under your current mortgage, you may be eligible for a loan modification as an alternative to foreclosure. This is a complicated, document-intensive process, and lenders routinely misplace or reject submissions. An experienced foreclosure attorney can help you work through the paperwork, assist in obtaining an appraisal, and negotiate with the bank or mortgage company. Information you will generally need to assemble includes:

• Current income for everyone in the household
• Monthly expenses
• Recent changes in income
• Hardships you have suffered
• Unforeseen circumstances that caused the default

During the negotiation process our attorneys can prepare sample re-amortizations of your loan, seek to adjust or fix the interest rate, and ask the lender for other concessions in order to arrive at a monthly mortgage payment that you can afford.

Loan forbearance

Forbearance gives you a temporary reprieve from making payments on your loan while your lender agrees not to foreclose during the forbearance period. It does not erase what you owe, but it can give you a much-needed break if you have fallen behind because of a short-term setback such as a hurricane, a medical event or a gap in employment.

Reinstatement and payoff

Most Florida mortgages allow you to stop a foreclosure by bringing the loan current before the sale occurs. We can demand a written reinstatement figure, audit it for improper fees and charges, and negotiate the payoff amount.

Short sale and deed in lieu of foreclosure

If keeping the property is not realistic, a short sale or a deed in lieu of foreclosure can resolve the case on negotiated terms and, importantly, can include a written release of the lender’s right to pursue you personally for any shortfall. We insist that any such agreement address deficiency liability directly and in writing.

Using bankruptcy to save a home

Chapter 13 bankruptcy stops a foreclosure sale immediately and allows a homeowner to cure mortgage arrears over a three-to-five-year plan while making the regular monthly payment going forward. In appropriate cases it can also remove a wholly unsecured second mortgage. Richard J. Cole, III is Board Certified in Consumer Bankruptcy Law by the American Board of Certification, so foreclosure defense and bankruptcy strategy are evaluated together rather than in isolation.

Deficiency judgments in Florida

A lender that forecloses may also seek a deficiency judgment for the difference between the amount you owed and the amount the property brought at the foreclosure sale. Under Florida law, a claim for a deficiency following the foreclosure of a residential mortgage must generally be brought within one year of the certificate of title. Deficiency exposure is the most frequently overlooked risk in a foreclosure, and it is one of the main reasons to have counsel involved even after you have decided to let the property go.

Areas we serve

Cole & Cole Law, P.A. is located in Sarasota, Florida and represents homeowners, landlords and property owners throughout Sarasota County, Manatee County, Charlotte County and DeSoto County, including Sarasota, Bradenton, Venice, North Port, Osprey, Nokomis, Englewood, Palmetto, Lakewood Ranch and Siesta Key.

Frequently asked questions about Florida foreclosure

How long does a foreclosure take in Florida?

It varies. A contested residential foreclosure in Sarasota or Manatee County commonly takes many months and can take well over a year. An uncontested case in which the homeowner never files a response can conclude far more quickly.

Can I stay in my home during a foreclosure?

Yes. You remain the owner of the property and may live in it until the foreclosure sale occurs and a certificate of title is issued, and in most cases for a period after that.

Is it too late to fight if I have already been served?

No. Being served with a foreclosure complaint is the beginning of the case, not the end of it. Contact us as soon as possible, because the deadline to file a response is short.

What if I already missed the deadline to respond?

Contact us anyway. Depending on the circumstances, there may be grounds to set aside a default or a default judgment.

Will a foreclosure or a short sale hurt my credit?

Both affect credit, generally for several years, and the specifics depend on your overall credit profile. We can explain how each option is likely to be reported and how it compares to the alternatives in your situation.

Talk to a Sarasota foreclosure defense lawyer

If your property is in foreclosure, is heading toward foreclosure, or you have received a notice of default, call Cole & Cole Law, P.A. at (941) 365-4055. Please bring your loan documents, the lawsuit papers if you have been served, and any correspondence you have received from the lender or its attorneys.

The information on this page is general in nature, is not legal advice, and does not create an attorney-client relationship. Results depend on the specific facts of each matter.