Gulf Harbour Investments Corporation Foreclosure Defense

Gulf Harbour Investments Corporation is a fairly new company, being established on August 12, 2022. The company is based in Colorado, but it does business as a mortgage servicer throughout the country. Today, they are in the business of foreclosing on people’s homes, even when they do not have the legal right to do so.

Mortgage servicers are not the same as original mortgage lenders, even though many people confuse the two. Original mortgage lenders provide loans that allow people to purchase homes. Mortgage lenders sometimes service, or handle and oversee, their mortgage loans, but that is not always the case.

Sometimes lenders hire second-party companies to service loans for them. Like lenders, servicers can foreclose on homes, too, and they do not always follow the law when they do. Below, our foreclosure defense lawyer outlines the strategies to use in these cases.

A Repayment Plan

It may be possible to negotiate a repayment plan with Gulf Harbour Investments Corporation. A repayment plan requires you to add a bit more to your regular monthly payments and to pay them on time. Once you are current with your mortgage loan, your mortgage payments drop to the amount they were before the plan was in place. Defaulting on a repayment plan will still result in a foreclosure of the home.

Repayment plans are most recommended for people who can afford to make mortgage payments that are slightly increased. They are also best for people who have recently experienced financial hardship but it is over and they are getting back on their feet again.

A Deferred Payment Plan

Deferred payment plans are different from repayment plans, even though you must repay the delinquent amount at some point. With deferred payments, you are not required to pay delinquent amounts until a specific time in the future. Once the deferral period is over, you must then repay the delinquent amount in full. It is important to understand that during the deferral period, interest will still accrue on the delinquent amount and you are also responsible for paying it along with the delinquent payments.

Deferred payment plans are most recommended for people who are experiencing financial hardship. If you know that your financial hardship will be over at some point in the future, and you will be able to repay the delinquent amount, a deferred payment plan may be your best option.

Forbearance

Forbearance is an option that can stop foreclosure, and it is similar to the deferred payment plan. When entering into a deferred payment plan, you are still responsible for paying the current mortgage. Only the delinquent amounts are paid in the future. Forbearance suspends all mortgage payments, however, including those currently due and delinquent payments.

A Loan Modification

A loan modification can change certain aspects of your loan to make it more affordable. With a loan modification, you can change the interest rate, the term of the loan, and even the principal amount. You must apply to Gulf Harbour Investments Corporation for a loan modification and while your application is under review, it is against the law for the servicer to start foreclosure proceedings. It is also against the law for lenders and servicers to deny you a loan modification when you meet the eligibility requirements. If the company breaks these laws, it can serve as a foreclosure defense in your case.

It is always important to work with a foreclosure defense lawyer when negotiating a loan modification with Gulf Harbour Investments Corporation. A lawyer will negotiate on your behalf and give you the best chance of a successful outcome. A lawyer will also ensure the servicer is complying with the law and will know how to hold them accountable when they do not.

Lack of Standing

In Florida, foreclosure is a judicial process. This means that when a lender or servicer wants to move forward with foreclosure proceedings, they must file a lawsuit with the appropriate court. As with any other legal case, a party must have standing to file a foreclosure lawsuit. ‘Standing’ is a broad legal term that refers to one’s real interest in a case. In other words, a person or company has to have something to win or lose in the case in order to take legal action.

Lack of standing is a very common legal defense in foreclosure cases. This is particularly true when a foreclosure case involves a servicer such as Gulf Harbour Investments Corporation. Servicers often purchase large bundles of mortgage loans from bigger banks. These bundles of loans often change hands several times and when that happens, important documents become lost or destroyed. This makes it impossible for the servicer to prove that they own the loan, or that they have standing to file a lawsuit. Simply forcing Gulf Harbour Investments Corporation to prove that they own the loan can be enough to defend against a foreclosure lawsuit.

Bankruptcy

Bankruptcy is often a last resort, but it can help delay a foreclosure or even allow a borrower to keep their home. A Chapter 7 bankruptcy will likely result in the loss of the home, although Florida law allows borrowers to exempt all of the equity in their home. During a Chapter 13 bankruptcy, delinquent mortgage payments can be reorganized into a repayment plan that extends three to five years. A Chapter 13 bankruptcy gives borrowers a very real opportunity to save their homes.

Our Fort Lauderdale Foreclosure Defense Lawyers Can Advise You of Your Legal Options

Facing foreclosure is never easy. Fortunately, just because a lender or servicer has notified you of an impending foreclosure does not necessarily mean that you will lose your home. At Loan Lawyers, our Fort Lauderdale foreclosure defense lawyers can explain your legal options, help you choose the one that is right for you, and guide you through the appropriate process. Call our Florida foreclosure defense lawyers now at (954) 523-4357 or contact us online to schedule a free review of your case.