CALL NOW FOR A FREE LEGAL CONSULTATION:
305-444-7662
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For many people, the idea of calling a bank to renegotiate a mortgage would be unimaginable just a year or two ago, much less the possibility of foreclosure or bankruptcy. Nevertheless, in this changing economic environment where "bailout" has become a household word, we are seeing more and more individuals eager to rework one or more mortgage loans even if that means making the "business" decision to purposefully cease making their monthly payments. Some of these honest, hardworking people are left with less time to ponder their options after being served with a foreclosure lawsuit following a change in circumstances such as a sudden drop in business, a divorce or a layoff. At some point, the reality of the situation sinks in and they ask themselves, “where’s my bailout?!?!”
Arista & Herran is a full service law firm focused on business counsel and wealth preservation. For those experiencing financial difficulties in connection with distressed real estate, we offer high quality, personalized and confidential services consisting of:
Mortgage Loan Modification
Foreclosure Defense
Click on the above links to learn more about these services, or simply call us to schedule your free consultation with one of our attorneys.
Warning: Beware of Non-Attorney Loan Modification Consultants
The flashy advertising and slick sales pitches combined with seemingly cheap teaser rates can be tempting. Some of them actually claim to be affiliated with attorneys so as to cloak themselves in a veil of legitimacy. To put things into perspective, here are a few reasons one should hire a competent attorney to help them renegotiate a mortgage loan.
- Attorneys are required to keep information confidential, and communications between a client and their attorney can be protected from disclosure in future legal proceedings by the attorney-client privilege.
- Only an attorney can represent a defendant in a foreclosure lawsuit or bankruptcy filing should it become necessary.
- Attorneys are required to place any unearned upfront fees in a Bar approved and regulated trust account separate from the attorney's own funds. The FDIC recently announced it would insure attorney trust accounts up to any amount.
- The concept of "buyer beware" never applies to the hiring of an attorney. Attorneys are regulated by the Bar which imposes strict standards of loyalty to clients and severe consequences for attorneys who fail to meet those standards.
- Attorneys are trained professionals in the arts of negotiation and advocacy.
- Attorneys can review loan documents and legally analyze the circumstances by which one obtained the loan to determine, among other things, if any error or omission on the lender’s part would entitle the borrower to rescind the loan or if any party’s conduct would support a counterclaim by the borrower.
- A loan modification offer may involve issues of contract and real estate law, often including landlord/tenant law, construction law and condominium law, which must be analyzed by an attorney.
- Attorneys can evaluate any possible criminal exposure if the loan was obtained under false pretenses.
- The loan documents, purchase and sales agreements, releases and closing documents must be reviewed by an attorney to insure that what the borrower is being asked to sign actually reflects the borrower’s understanding of what they are being offered (e.g. many non-attorneys push borrowers into agreeing to a short sale without a binding written agreement requiring the bank to forgive the mortgage balance that remains unpaid at closing).
- Attorneys are not brokers who get paid on a commission basis, so they do not hesitate to disclose risks and offer alternatives.
- Attorneys can perform post closing follow up to ensure that legal title remains intact and all liens are properly released.
- Attorneys can analyze marital, postnuptial, as well as estate planning implications of loan workouts.
CALL NOW FOR A FREE CONSULTATION: 305-444-7662
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Arista & Herran, P.L.
Gables International Plaza
2655 S. LeJeune Road
Suite 700
Coral Gables, Florida 33134
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