by evolveAdmin | Jul 16, 2012 | Foreclosure Defense
The economy remains on shaky ground and more homeowner’s association are still aggressively foreclosing on Florida homes. An association may initiate a Florida foreclosure action if dues are not promptly paid. For example, two families are stuck in a bind after a foreclosure sale purchase of an Orlando home. The initial owners of the house are packing and ready to move after their homeowner’s association foreclosed on their home for missed dues. A third party purchased the home through an auction on the Orange County Clerk’s foreclosure website. The new owners bid $16,000 on the house and bought the home through the auction, however they were unaware that they would also be liable for the previous owner’s $200,000 mortgage. The new owners must also evict the current occupants. The family has not yet moved and they hope to stay in the house by renting it from the new owners. Some of those taking part in the online foreclosure auctions think they are getting a steal until they do more research. In many cases, they find a bank mortgage and they are on the hook to pay back an underwater mortgage. One Way to Avoid HOA Foreclosure in the First Place This story is a cautionary tale. Homeowners who have fallen behind on HOA dues have options. An Orlando foreclosure relief attorney can outline available forms of relief. One way to stay in your home is a bankruptcy. If your property is underwater, or you owe more on your mortgage than the value of your home, a Chapter 13 bankruptcy may be one way to stop the foreclosure and strip the association arrears....
by evolveAdmin | Jun 11, 2012 | Foreclosure Defense
Florida has been hit hard by the foreclosure crisis. Many in the Orlando area wonder when the glut of foreclosures will work their way through the system and home prices will stabilize. In March, Orlando experienced an increase of almost 50 percent in foreclosure filings. Florida had the second highest number of foreclosure filings in the country during the first quarter of 2012. The Orlando metro area reported 2,997 foreclosure filings in March. That means that one in every 314 homes had received a foreclosure-related filing. A foreclosure proceeding includes notices of default, auction notices and bank repossessions. However, a homeowner may be able to successfully fight foreclosure if the bank committed errors in the foreclosure process. Consulting an experienced foreclosure defense attorney is one way to find out whether any errors exist. Even if when the process has been handled correctly, other options are available. Some of the options that exist for those who are facing foreclosure include: Reinstatement Forbearance Loan modification Renting Bankruptcy, refinance and sale Each option has benefits and drawbacks. For example, reinstatement is one of the simplest options for those facing foreclosure. In a reinstatement, the homeowner only needs to request the amount that is due on that date, and does not need the lender’s approval to reinstate the mortgage. For a mortgage to be reinstated the homeowner must be able to pay the amount that is in default, usually several mortgage payments, and any fines or late fees. Homeowners can reinstate a mortgage up until the day before the foreclosure sale. The right course of action depends on your particular facts and situation. These options...
by evolveAdmin | Jan 30, 2012 | Foreclosure Defense
For one homeowner facing foreclosure in Winter Springs, the Judge tried to speed through the case and would not give him a chance to defend himself. This was because the Judge was scheduled to hear over 300 foreclosure cases in just three days. The Florida court system is struggling to manage a backlog of foreclosure cases. The overload resulted from an end to the funding that paid retired judges to hear the cases. Foreclosures have flooded the court system making foreclosure defense even more complicated. Florida Homeowners Fighting Foreclosure In 2007, the young professional had purchased his home in Winter Springs, but was now faced with foreclosure after losing his job. He had been able to pay his mortgage from savings for months while searching for employment. However, when his savings ran out, he could not make his mortgage payments. Then the bank filed for foreclosure. The system works the same for every resident: a foreclosure is filed with the court and the homeowner receives a summons and complaint. If the homeowner submits an answer to the complaint, then a court date is set and the court will make a decision after from hearing from both parties. However, when one judge hears 300 cases in three days very little time is spent on each case. Tips if Facing Foreclosure Steps can be taken to avoid becoming part of the foreclosure system. If you fall behind in mortgage payments, contact the mortgage company. Speak with the loss mitigation department to determine if restructuring options exist. If an agreement is reached over the phone, a written letter of confirmation should be completed and signed...
by evolveAdmin | Dec 5, 2011 | Foreclosure Defense
It’s no secret that Florida and the rest of the country has suffered through and continues to suffer through a tough economy. The Great Recession has claimed the livelihoods and homes of many throughout Orlando as savings and even retirement accounts have been tapped into to make ends meet. At the same time, far too many homeowners faced foreclosure because of improper behavior on the part of their mortgage servicers. Sadly, Orlando foreclosure defense attorneys see it all the time. But, finally, the federal government has taken notice of these wrongful foreclosures and is giving Orlando-area homeownes, as well as homeowners throughout the U.S., a way to fight back. Independent Foreclosure Reviews Available Borrowers whose primary residence was in the foreclosure process at some point between January 1, 2009 and December 31, 2010 are eligible to seek an independent review of their foreclosure proceedings if they believe they were wronged by their mortgage servicer. The reviews are available to customers of 24 major mortgage servicers including Chase, CitiBank, Countrywide, GMAC Mortgage, Bank of America, IndyMac, U.S. Bank, Wachovia, Washington Mutual and Wells Fargo. Borrowers who are found to have suffered financial injury may be entitled to monetary compensation. Qualifying financial injuries include, but are not limited to the following: The balance of the mortgage at the time of foreclosure was more than the borrower actually owed The borrower was complying with the terms of a mortgage modification agreement, but the servicer still proceeded with a foreclosure sale The foreclosure action took place while the borrower was protected by bankruptcy The borrower properly requested assistance or modification and was waiting on a decision when the foreclosure sale happened The...
by evolveAdmin | Nov 28, 2011 | Foreclosure Defense
The length of time between initial filing and completion of a Florida foreclosure continues to grow. On average, the process now takes 749 days, or a little over two years. By comparison, the national average is 366 days. Only two states have longer completion periods than Florida – New York takes the number one spot at 986 days with New Jersey coming in a close second at 974 days. The long processing period is largely due to the fact that Florida foreclosure laws, unlike those in most states, require judicial approval of foreclosures. Combine that with the fact that Florida is home to a disproportionately large share of the country’s foreclosures, and you have a perfect recipe for big backlogs and long waits. The duration of a Florida foreclosure proceeding is not expected to shorten any time soon, as initial filings continue to grow. October’s initial filings were seven percent higher than the same time last year. October also marked the third straight month of increases in foreclosure filings after a temporary slowdown caused after regulators discovered that mortgage companies and loan processers had behaved improperly. Long Wait Gives Florida Homeowners Options The long delay can, in many cases, be a good thing for Florida homeowners facing foreclosure. The two-year window gives homeowners time to consult with a Florida foreclosure attorney and work out a plan to either save their home or minimize the financial impact of the foreclosure. Some homeowners may want to pursue loan modification. The federal government has recently relaxed rules for entry into federal loan modification programs, and lenders are showing increased willingness to work with homeowners...