Since 2013, when Florida’s governor Rick Scott signed a foreclosure bill into law, keeping your home when facing foreclosure has become a big headache, and in some cases, even nearly impossible.
Today, our foreclosure defense attorneys at DHW Law spell out the new Florida foreclosure law and explain how to stop foreclosure and avoid losing your home.
The new Florida foreclosure law, aka House Bill 87 (Florida Fair Foreclosure Act), has introduced a series of major obstacles for homeowners facing foreclosure, as the law basically speeds up the foreclosure process.
Now, it’s obvious whether you’re about to lose your home in Wesley Chapel or anywhere else in Florida that delaying the foreclosure process would be key to keeping your home, as more time = more opportunities to satisfy the debt.
However, the House Bill 87 expedites the foreclosure process and makes recovering a home after foreclosure nearly impossible in certain circumstances.
Under state foreclosure laws in Wesley Chapel, foreclosures are judicial. Meaning: the lender must file a lawsuit in state court and serve the complaint to the borrower.
How does Florida’s new foreclosure law work?
Expediting the foreclosure process may be detrimental to homeowners, as they would have less time to stop foreclosure and satisfy the debt before the courts enter a judgment of foreclosure in your case.
Under the new foreclosure law in Florida, lienholder in Wesley Chapel can now request the court to look into a foreclosure process through the expedited process instead of the typical, longer court proceeding.
This may make it nearly impossible for homeowners to keep their homes, as people facing foreclosure have less time to:
• come up with a loan modification, forbearance, or repayment plan
• agree to another option to avoid foreclosure such as deed in lieu
• set up a plan to transition out of the property.
The new foreclosure law also made foreclosure judgments final, which means the homeowner may not return his/her previously owned property if he/she was properly served in the foreclosure lawsuit, and/or when the final judgment of foreclosure was entered.
While you may still be entitled to pursue money damages against the lender in case of a fraudulent foreclosure action, the ownership of property will most likely not be regained.
How to stop foreclosure in Florida?
Still, even with the strict foreclosure law like this, homeowners in Wesley Chapel or elsewhere in Florida still have quite a few options to stop foreclosure and keep their homes.
Even if you missed more than three mortgage payments, and even if your lender has filed a Notice of Default (NOD), there are still various ways to avoid foreclosure:
• Foreclosure workout
• Forbearance plan
• Partial claim
• Pre-Foreclosure sale
• Deed in lieu of foreclosure
• Loan modification
• Short refinance
• Short sale
Depending on your particular circumstances, a foreclosure may be stopped with one or a combination of the ways mentioned above.
Only an experienced foreclosure defense attorney in Wesley Chapel can determine your best course of action to avoid foreclosure after examining your particular circumstances and learning more about your case.