Shuster & Saben Obtains Wavier of Deficiency for Orlando Real Estate Investors

Shuster & Saben has successfully saved resolved an Orange County foreclosure case filed against our Orlando clients. In the case our clients owed more than $100,000 more than their investment condominium was worth. Both of our clients signed the note, were professionally employed, and faced the real possibility of the lender obtaining a deficiency judgment and seeking to garnish the husband or wife’s wages. If our firm had not successfully resolved the case our clients faced the real possibility of having to file bankruptcy.

The first time the case was set for summary judgment at the Orange County courthouse firm attorney Richard Shsuter, traveled from our Melbourne office and successfully thwarted the lender’s attempt to obtain summary judgment. On the day before the deposition of the bank’s representative a settlement was reached wherein the lender agreed to waive all claims for deficiency judgment. A copy of the stipulation to waive the deficiency can be viewed by viewed by clicking the link below. A deficiency judgment is a judgment for the difference between the amount owned on the mortgage note and the amount the lender obtains for the property.

To view a copy of the stipulation for wavier of deficiency please click the link below:

Stipulation for Waiver of Deficiency

Shuster & Saben offers a comprehensive approach to foreclosure defense that integrates asset protection guidance with aggressive foreclosure defense by experienced litigation attorneys. Where appropriate we refer our clients to other professionals such as C.P.A.s to mitigate tax consequences of shorts sales and deed in lieu of foreclosure transactions. For high net worth individuals we also work with financial planners and to place client funds into assets that are protected from the claims of potential creditors. From the firm’s four offices in Miami, Doral, Plantation and Melbourne we defend homeowners in foreclosure in Dade, Broward, Palm Beach, Collier, Lee, Martin, St, Lucie, Indian River, Brevard and Orange Counties. For more information about our firm please visit us at www.attorneyforeclosuredefense.com

Shuster & Saben Obtains Deed In Lieu Offer for Fort Myers Client

What a difference one month and hiring a lawyer can make.

Before retaining counsel our client pleaded with his loan servicer, Bank of America, to modify the mortgage on his Fort Myers condominium. Our client requested a loan modification because he has lost his job when new construction in Lee County, Florida came to a halt. BAC Home Loan Servicing, LP told our client that because he had no current income he did not meet the income requirements for a HAMP modification and declined his request for modification of his loan. Prior to our firm being retained the lender did not offer deed in lieu to the homeowner and ultimately filed a foreclosure action against him.

After diligently searching the websites of over a dozen foreclosure law firms the client selected Shuster & Saben to defend his foreclosure case. Our client explained that reading the why we are different section of our firm's website lead him to call our office. Less than three business days after being retained our firm filed an answer on the client's behalf and served an additional twenty-one pages of discovery requests and correspondence.

Our client’s goal was to avoid a deficiency judgment and to move to another part of the country where his employment prospects were better. To achieve our client’s objective, we advised the bank's lawyer in a letter sent with the answer that if they would waive deficiency judgment our client would agree to a without recourse deed in lieu of foreclosure.

Less than thirty days later we received an offer for deed in lieu of foreclosure that offered our client:
(a) No recourse… The lender would agree to waive the entire loan balance in exchange for possession of and title to the condominium.
(b) Moving expenses of up to 2% of the outstanding loan balance. This will provide our client with approximately $5,000.00 for moving expenses.
(c) BAC Home Loans will allocate up to $8,500.00 to pay liens on the property for condominium maintenance and property taxes.

The offer to our client was received less than a month after our answer was filed. To view a copy of the offer (with our client’s name removed for privacy reasons) click here.

Shuster & Saben has offices in Melbourne, Plantation, Doral, and Miami, Florida. The firm is also available for consultation only in Bonita Springs, Florida, Boca Raton, West Palm Beach, and Stuart, Florida. Shuster & Saben handles foreclosure cases in Miami-Dade, Broward, Palm Beach, Collier, Lee, Martin, St. Lucie, Indian River, Brevard, and Orange Counties.