Monday, May 10, 2010

Shuster & Saben help Lee County client resolve foreclosure with successful short sale

After listing their Lee County property for short sale, our Bonita Spring clients received an rather unpleasant surprise from their lender, Chase Home Finance. The surprise came after a knock on the door when a process server shoved a summons and foreclosure lawsuit in their hands. The clients thought that since they were communicating with the bank the bank would not begin foreclosure proceedings. After the client spoke to their Realtor and financial adviser, they knew learned that banks often file foreclosure actions against homes listed for short sale. Banks take such actions to speed up the closing of their files. The bank’s strategy is to pursue the option (foreclosure or short sale) that will minimize their losses and close their file the quickest. The client, their Realtor and their adviser understood that by hiring a foreclosure lawyer to defend the foreclosure case they would have far more time to complete the short sale because they would avoid being defaulted by the lender’s attorney. They also understood that when a foreclosure cases is defended the costs for the bank increases greatly which makes the foreclosure option much less attractive to the bank than the short sale option.

Within thee days of being hired, the foreclosure lawyers at Shuster & Saben filed and answer and affirmative defenses on behalf of the client and sent out some twenty pages of discovery requests. Our firm also let the bank’s lawyer know that the client was attempting to sell the house in a short sale. The bank’s lawyer was also advised when the client received an offer. The client appreciated that while our firm handles many Lee County cases from our West Broward office, the firm is available to meet prospective Collier and Lee County clients in Naples or at our Bonita Srings consultation location at 28089 Vanderbilt Drive, Bonita Springs.

Less than three months from the date our firm was hired our client completed the short sale. The client had the benefit of having all of their short sale documents reviewed by the firm. Our client’s cost for defense of the case was under $1,500.00. Had the client ignored the foreclosure lawsuit and been defaulted the client would have been at risk for a deficiency judgment. Due to our client’s foresight the short sale was completed and the lawsuit filed against our client has been dismissed. Click the link below to review a copy of the Notice of Dismissal and Discharge of Lis Pendens.

Lee County Foreclosure Notice of Dismissal.

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