THE FORECLOSURE SCENARIO

In Florida, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. With many homes decreasing in value the past several years and many homeowners facing much higher mortgage payments caused by the resetting of their Adjustable Rate Mortgages (ARMs), this scenario has become all the more common across the state

If you have been served with a Foreclosure Complaint, be aware that you have only 20 days in which to file your legal response . During this time you may wish to consult with an attorney to prepare any defenses you may have to the law suit. If you fail to file or assert defenses in a timely fashion, you may forever waive or lose the ability to assert them under Florida law.

If you find yourself in this situation, the Law Firm of John Loring Bischof, P.A., offers you a  consultation to examine your rights and assess the validity of the foreclosure suit being brought against you. There is no obligation for this consultation, but it is recommended that you contact a Florida attorney to protect your interests immediately if you are served with a foreclosure action.

AVAILABLE OPTIONS

Because of the ominous tone of a foreclosure complaint, many homeowners are unaware that there can be valid legal defenses to a foreclosure action. Among these defenses are the lender’s failure to credit payments, violations of Truth in Lending procedures, failure to attach necessary documents and failure to obtain proper service. In some instances, other remedies may be available, including reinstatement of the note or renegotiation of the loan’s terms. It is always beneficial to know and understand your rights when faced with the potential foreclosure of your property. Attorney John Bischof can assist you in identifying these rights.

WHAT IS THE TIMELINE?

If you do not file a timely answer to the foreclosure complaint, a Clerk’s Default could be filed against you in as little as twenty (20) days. If you file a timely answer with defenses, a hearing date will be set for the judge to consider the merits of each party’s case. Depending on the availability of the court and the parties, it may take several weeks to a month to hold this hearing. Afterwards, if the court finds merit in your defenses, another hearing may be set to consider additional evidence. If, after the exchange of information, the court orders the property to be sold at auction, it will generally occur 30 – 45 days after the last hearing between the parties. Technically, until the property is sold, there is still the chance of saving your property from a foreclosure action. Your Florida attorney can guide you through this often confusing process.

HOW CAN I GET HELP?

If you wish to contact us to schedule a free consultation or to retain our services, please call us at 850-894-2900 or e-mail us at john@mytallahasseelawyer.com. You can also fill in the box below to provide us with specific information about your circumstances. We always strive to contact you the same day.

FORECLOSURE RESOURCES

Mortgage Forgiveness Debt Relief Act

CHAPTER 702 FLORIDA STATUTES: Foreclosure Of Mortgages, Agreements For Deeds, and Statutory Liens

Informational Links

Worst foreclosure rates found in 4 states

http://www.businessweek.com/ap/financialnews/D94Q2BSG0.htm

http://www.tampabay.com/news/politics/state/article922561.ece

http://www.panhandleparade.com/index.php/mbb/article/florida_foreclosure_moratorium/mbb7712253/