It is no secret that the real estate market in Florida can be volatile, and these swings can lead to families losing their ability to keep up with their mortgage payments. What’s more, getting behind on these payments only makes it more difficult to catch up. The unfortunate reality for people in this situation is that it often leads to home foreclosure proceedings.
It is important to remember that you have rights when it comes to the bank foreclosing on your property. With the help of our compassionate bankruptcy attorneys, you may be able to work out a deal with your lender or even rely on bankruptcy protections to keep you in your home. Talk to our Miami foreclosure defense lawyer to learn more.
In Miami, a lender must file a lawsuit in court to begin the process of foreclosing on a borrower’s home. When a homeowner falls behind on mortgage payments, the lender typically issues a notice of default. If the delinquency is not resolved in a set amount of time, the lender files a foreclosure complaint with the circuit court.
Once the lawsuit is filed, the homeowner has a limited time to respond. If no response is filed, the court may issue a default judgment in favor of the lender. If the homeowner contests the foreclosure, the case proceeds like any civil lawsuit, potentially leading to a trial.
If the court finds the foreclosure valid, it will issue a final judgment of foreclosure, and schedule a judicial auction. The home is then sold at public sale, often at the Miami-Dade County Courthouse. However, there are steps along the way that your Miami foreclosure defense attorney can take to slow this process while working on alternative solutions.
There are different strategies available to homeowners in Miami when they rely on a foreclosure defense attorney. The following are some of the most popular options.
In some cases, you can challenge the foreclosure process directly. This approach won’t erase your debt and likely cannot stop your lender from moving forward. However, there are strict requirements when it comes to this process, and you could have a lawsuit thrown out or delayed if the lender fails to comply. This often includes failing to provide you with the notice required by law.
Your attorney might also be able to negotiate with the lender for a better result than a foreclosure. This could include modifying the loan to secure more favorable terms and add your deficiency to the current balance. When keeping the home is not realistic, it might involve offering the lender a deed in lieu of foreclosure.
In some situations, the best path forward is filing for Chapter 13 bankruptcy protection under the U.S. Bankruptcy Code. The moment you file your petition, your lender is required to stop foreclosure proceedings at once. This could buy you time to make other arrangements or get caught up on your obligations.
Foreclosure is the process used by a lender to repossess a home after the homeowner defaults on their debt. In Florida, this process plays out in the court system.
Every case is different, but the foreclosure process usually lasts between 180 and 200 days. foreclosure process usually lasts between 180 and 200 days. When there are legal challenges, it can take longer.
You have the right to remain in your home.
The prospect of losing your home is extremely disheartening, but you never have to deal with the stress of foreclosure proceedings on your own. Reach out to a Miami foreclosure defense lawyer to discuss your options. Werner, Hoffman, Greig & Garcia is your ally in protecting your home and addressing your debt with dignity.
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