Codilis and Associates, PC, is a law firm that helps mortgage lenders and servicers mitigate losses from foreclosure and other situations. Founded in 1977, Codilis & Associates handle legal services including title curative work, litigation, bankruptcy, and foreclosure.
There are two types of foreclosures: non-judicial foreclosures and judicial foreclosures. The process for non-judicial foreclosures varies widely by state, while judicial foreclosures are fairly similar throughout the US. In a judicial foreclosure, the lender brings a lawsuit against the homeowner. The court determines whether or not the homeowner can be considered in default on their loan. Often, the lender and the homeowner will try to reach a settlement before going to court. This is to everyone’s advantage because the judicial foreclosure process can take up to a year, during which the lender is not receiving payments on the loan. However, in the event that a settlement is not reached and the court decides the homeowner is in default, it may issue a foreclosure judgment. At that point, the homeowner will be evicted and the property will be sold. If the sale of the property is not sufficient to recover the lender’s losses, a deficiency judgment may be assessed against the former homeowner for the remaining balance. Lenders should seek the services of an attorney with experience in real property, litigation, and bankruptcy. This will help ensure their interests are represented in court and that they are following all appropriate federal and state laws regarding the eviction and foreclosure process.
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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