Clearwater, FL (PRWEB) January 25, 2010
With so many Borrowers in Florida facing foreclosure, many of which are confused on what actions to take, The Lit Law Group, P.A., a foreclosure defense firm, has listed the Ten Largest Mistakes of Distressed Borrowers. Much more than half of foreclosures come about without any communication among the borrower and the lender. Even with all of the government programs created to aid troubled property owners, many are nonetheless confused about their options.

Most of the clientele I meet with are unaware of their alternatives or have been misguided by rumor. The majority of my day is spent educating homeowners and attempting to alleviate them of the pressures they are facing. I really feel that most homeowners dont understand the complexities of the Mortgage Market and do not know where to go for assistance, states True Estate Attorney Brian Lit of The Lit Law Group. 95 % of our practice is committed to assisting distressed house owners. Obtaining a decision maker and supplying the suitable documentation to a Mortgage Loan Servicer is usually a daunting and frustrating activity for most homeowners.

Lawyer Brian Lit and Senior Lending Executive Craig Sylvestre, co-host the Fighting Foreclosure show on NewsTalk 820 am WWBA Tampa. Educating the neighborhood on current market news and how to far better safeguard themselves from the Florida Actual Estate crisis is what the show is all about, states co-host Craig Sylvestre. There is so much misinformation out there, troubled borrowers require a spot to get the appropriate answers. he added.

The number one mistake is to do nothing at all at all according to the list:

DO Nothing With 50% of borrowers creating no try to communicate with their lenders, a lot of borrowers are faced with the possibility of severe deficiency judgments that might total hundreds of thousands of dollars. Upon the forced sale of the property, the Lender will seek the difference in the quantity owed versus what is recouped from the sale of the property (also identified as the deficiency).

The second most frequent error that consumers make, is to speak to the bank on their own with no seeking counsel.

Mr. Lit stated to a media representative: Unless you are really nicely-versed in the terms and recommendations related with the Mortgage sector, there is a great danger in contacting the Lender on your own. There are a lot of programs accessible to borrowers facing foreclosure and the Lender does not have the very best interests of the borrower at heart when attempting to collect a debt.” The detailed list is offered for interested consumers to help stop foreclosure in Tampa on the The Lit Law Group’s corporate internet web site.

The Lit Law Group, P.A., a Florida based Actual Estate Law Firm, was mostly established as part of a legal outreach to aid property owners deal with the complexities of negotiating modifications of their existing loans (Loan Modifications) and/or operating with the homeowner to sell their property exactly where the quantity may not be adequate to spend the total of all liens and costs of the sale (Quick Sales). For more information concerning the Lit Law Group, P.A., please go to or speak to, The Lit Law Group, P.A., 2364 Boy Scout Road, Suite 200, Clearwater, FL 33763 at 727-388-8332 or by way of email at info@litlawgroup.com

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