Tampa Florida Foreclosure Defense Attorney
So, your home in Tampa Florida is slipping away from you and you face the fear of a foreclosure? You are not alone; hundreds of Floridians have the same battle to fight every day. Not taking any action is not a solution to a looming foreclosure. Home owners get 20 days in which to respond to a foreclosure notice from the day it has been served. Firstly, understand that it is not as if banks want to own your home. It is a tool for the bank to force you to pay.
Florida and Foreclosures
Florida is a state where the property acts as a security for a loan. The mortgage is considered as lien on a home or property. The law in Florida needs the use of ‘judicial foreclosure’, wherein foreclosures are under court supervision. The lender has to start a foreclosure process by filing a foreclosure complaint, and the filed foreclosure complaint must be with a ‘Lis Pendens’, which is documentation that a notice has been issued on a foreclosure that is pending. A foreclosure (which is uncontested) takes anywhere between 180 and 200 days in Florida.
The ‘Right of Redemption’ statute in Florida allows a home owner who has faced foreclosure to reclaim property after paying the total amount and costs. The ‘Deficiency Judgment’ provision in Florida is used if a property is sold in an auction for an amount lower than the remainder or balance that is owed.
Waiver and Estoppels
A waiver happens when the lender misleads homeowners or causes some sort of misunderstanding as a consequence of which homeowners don’t perform as per contract. An estoppel occurs when a mortgagee’s conduct causes the mortgager to believe that the terms of the mortgage is not going to be enforced and consequently act on such beliefs.
Bankruptcy and Foreclosure
If an individual faces loss of his or her home by way of a foreclosure can gain permanent or temporary relief in a bankruptcy court. A petition needs to be filed before sale which automatically stalls proceedings of foreclosure.
Because homeowners across the US and particularly Florida are now used to foreclosures, many homeowners have started to see it as emancipation from mortgages. By strategic default, a homeowner deliberately fails to pay mortgage though he or she has the means to do so. But, you should be very clear about the option because it could negatively impact your financial future.
‘Produce the Note’ Option
A homeowner has the right to challenge a lender or a loan firm to prove that they own a loan legally. If the mortgage trust deed or note can’t be produced, they can’t go ahead with the foreclosure. An owner needs to show original records to show he or she is entitled to repayment.
Modification of Mortgage
Sometimes, methods such as modification of mortgage can make it easier for you to bear the burden. The modification could be in the form of extending term of payment or reducing interest rates. A short sale also helps banks collect money that would not have otherwise been collected.
If you have any questions about foreclosure defense Tampa Florida or would like to speak to us about your options, please contact us at (813) 518-7411.
We represent clients during stressful and difficult times in their lives. We are empathetic, responsive, and push for a quick resolution. We look forward to helping you resolve your issue quickly, fairly, and in a way that will help you to return to the stable, predictable life that you deserve.