A stipulation for substitution of counsel is a common motion filed during foreclosure proceedings to signal that a new attorney has taken over the plaintiff’s case. Though a motion to change counsel is generally no source for concern, chances are the new attorney will look at the case with fresh vigor, which means you should be prepared to respond in kind.
First, it’s a good idea to have your lawyer review the motion to ensure that everything is in order. Though unlikely, mistakes do happen and if a mistake was made, your lawyer will find it. The change in counsel may also be a good opportunity to reevaluate your options. In the ideal scenario, your foreclosure never goes to summary judgment and you are able to reach a reasonable agreement with your lender out of court.
A loan modification is the most common way homeowners avoid foreclosure sale. Other options are to do a short sale or deed-in-lieu. In a short sale your lender agrees to sell the property for less than the mortgage debt, while a deed-in-lieu allows you to transfer your interest in the property back to your lender. In the event you do reach an agreement, be sure to make the release of any deficiency a stipulation in your contract.
When it comes to foreclosure, the most important thing to remember is that you should always have expert legal counsel. Consult with an experienced Foreclosure Attorney to explore your options and ensure your interests are protected.
Stephen K. Hachey, a Florida real estate attorney, can help your wade through this process and determine a positive solution. Contact him at 866-200-4646.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.