The five secrets about the foreclosure process in Florida
First Things First - Just because you were served doesn't mean that foreclosure is imminent. Foreclosure is Florida is a civil lawsuit, and in a civil lawsuit, you have legal right designed to protect you. You also have the right to fight the foreclosure in a Florida Court of Law.
Secondly, fighting the lawsuit is precisely what the lenders' lawyers DON'T want you to do. Many of the foreclosure cases are handled by the lenders' lawyers on a flat fee basis. This means that the more effort that they are forced to put into processing a foreclosure lawsuit, the less profitable it is. Because of this, these lawyers may use strong-arm tactics to convince the homeowner that the homeowner cannot win the lawsuit.
Both the lenders and their lawyers make mistakes.
The lenders often transfer loans, lose documents or cannot find documents, fail to prepare or prepare improper transfer documents. The lenders' lawyers, who are typically handling high volumes of cases for small amounts of money, also make mistakes such as missing deadlines and failing to file important paperwork. These things happen more often than you may think and any of these or other mistakes may strip the lenders of the right to foreclose on your house, cost them thousands of dollars to fix, or slow the foreclosure process.
The last think a lender wants is to take possession of another house in a soft real estate market.
In our current real estate market, no foreclosing lender wants to be stuck with another house that they can't get rid of. If they're convinced that you can give them more money than they could get through foreclosure, I will try to use that leverage to help keep you in your home. The good news is that Florida homeowners have the right of "redemption" - paying off the debt - at any time before the sale is final in order to fend off foreclosure.
There are many ways to settle foreclosure cases.
You may be able to negotiate the terms of your loan, convince the bank to give you more time to bring your loan current, sell your home and move out on your terms, or work a creative deal that gets the bank some money and keeps you in your home. If you do not wish to keep your home but are concerned about any further liability on the debt, you may be able to negotiate a deed in lieu of foreclosure or consent judgment where terms are added such that further liability on the loan is waived. Remember, the more time you have, the better chance you have to find that money and pay off your loan or renegotiate your foreclosure. You may have options, but you must be prepared to fight for them.
If you are not yet represented by an attorney and want to fight your foreclosure, call me at (305) 441-7888. (HABLAMOS ESPAÑOL)