Mortgage Foreclosure in FloridaForeclosure in Florida Lawsuite

How foreclosure in Florida is effected

The state of Florida has one of the highest rates of foreclosure in the country. The process of foreclosure in Florida laws is judicial. A foreclosure in Florida for sale occurs when a homeowner stops making mortgage payments and the lender files for a foreclosure suit in the Florida courts. The period for stopping to pay the payments may range from between three to six months. This means the lender must file with the court so as to take possession of the borrower’s property. A foreclosure in Florida keys is a lengthy procedure which may take up to six months. Despite this there are ways of stopping a foreclosure in Florida.

Stopping a foreclosure in Florida process

The first step in stopping a foreclosure in Florida by the bank would be to contact your lender to try work out a payment plan. The lender would rather workout a plan for repaying the loan with the borrower rather than foreclose on the property; this is because they stand to lose more money than they would if they worked out a plan with the borrower.

The other way of stopping a foreclosure in Florida renter is by contacting a reputable Florida company that will provide counseling to stop the foreclosure. Other means of stopping foreclosure in Florida USA include refinancing the home. This is where you workout with the lender on adjusting the loan payments so that they are more affordable or getting a loan from another financial institution to finance the other one.

Selling the home is also a mitigation measure of preventing a house foreclosure in Florida. This can be done through a real estate agent who coordinates a short sale. The time frame is under a month. The real estate agent contacts the ender of the loan to negotiate a payment acceptable to them. The value of the property will depend on its location within Florida.

Court remedies for preventing a bank foreclosure in Florida

The use of redemption to prevent the homes in foreclosure in Florida has no defined period. Real estate experts set it o about ten days in Florida even though there is no definitive period written into law. If a homeowner wants to use right of redemption in Florida to get their home back, they must be prepared to incur some costs. These are the balance due on the mortgage, fees incurred by the lender, homeowners insurance, lender attorney fees and property taxes.

Lastly you can go to the court to request for a more time to pay off the loan. If the court does accept your request, you may be granted an additional month or two thereby stopping the foreclosure. You have to give a reason and proof that you will have the amount due in time for this to be granted. Stopping a strategic foreclosure in Florida by this means is therefore not applicable to all situations.

A homeowner can also prevent a deed in lieu foreclosure in Florida by filing a lawsuit against the lender. This is only the case where the borrower can prove wrongdoing on the part of the lender. Such wrongdoing could be in the form of breach of contract, violations of “Truth in Lending Act” laws, unreasonable attorney fees and invalid parties, associated with the lender, listed on the foreclosure in Florida lawsuit.

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