Last updated 1 day 3 hours ago
If your mortgage holder has threatened foreclosure but has not followed through on it, you’re stuck in foreclosure limbo. You’re not alone—thousands of other Floridians are stuck in this no-man’s land between owning their home and being evicted. Here is an explanation of why this has happened, and tips about what you can do.
Foreclosure Limbo
Around Florida, many homeowners have found themselves stuck in the middle of the foreclosure process. They may have received notices in the mail or harassing calls from their lender, but the process has not gone beyond that. Because Florida uses a system of judicial foreclosure, all home foreclosures must use a lawsuit that is approved by a judge, leading to a months-long process that has only become longer as the courts are clogged with foreclosure cases.
After the robo-signing scandal, foreclosure cases are under more scrutiny than ever, and judges now often require affidavits from lenders in order to prove that the mortgage was correctly issued in the first place. This slows the foreclosure process even more. Additionally, many lenders are deliberately slowing the foreclosure process in an attempt to control the number of houses on the market. With so many empty homes already available, lenders worry that adding to the supply would only further damage the housing market.
What You Can Do
If your lender has threatened you with foreclosure and you’ve missed mortgage payments, but no action is actually being taken, you may have room to negotiate. Speak to a well-regarded bankruptcy attorney about your options for keeping your home, like declaring bankruptcy or starting a foreclosure defense. Above all, do not leave your home until you are forced to do so.
If you’ve stopped making mortgage payments but your lender hasn’t foreclosed on your home, you may still have time to save your home or sell it at a fair price. To learn about your options, call Gregory And Clark Attorneys At Law in Orlando today at (888) 813-3058.
Last updated 8 days ago
Thousands of homeowners around Florida are facing foreclosure on their homes. If you are in this situation, declaring bankruptcy may be a way to stop the foreclosure process and stay in your home. To learn more about the protection from foreclosure that bankruptcy can provide, read on.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes called a liquidation bankruptcy, and for good reason. To pay unsecured debts like credit cards and medical bills, the bankruptcy trustee will sell your valuable property and distribute the proceeds among your creditors. Before this happens, the automatic stay will begin. This is an injunction that prevents all creditors from taking action against you, including pursuing foreclosure. Your unsecured debts will be paid off as much as possible, and you will be released from responsibility for secured debts like your home and car; however, you must forfeit these properties. In some cases, bankruptcy filers find that they can now make their mortgage payments when they do not have to worry about credit cards or medical bills, and they opt to reaffirm the terms of their home mortgage and continue to make payments, taking them out of foreclosure.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy operates very differently. No property is liquidated; instead, you will set up a payment plan with the court that will allow you to make up missed mortgage payments and repay a portion of unsecured debts over a period of three to five years before having these unsecured debts discharged. Chapter 13 contains the same automatic stay provision as Chapter 7, providing protection from creditors during the bankruptcy process as you become current with mortgage payments. When the payment plan is complete, your home will be safe from foreclosure and your financial situation will be improved.
Don’t try to file bankruptcy on your own; instead, count on Attorney Justin Clark of Gregory And Clark Attorneys At Law to provide the legal counsel you need to make the correct choice for your situation. To schedule a free consultation in our Orlando office, call (888) 813-3058.
Last updated 25 days ago
Could Trayvon Martin’s family target the homeowners association of The Retreat at Twin Lakes instead of George Zimmerman?
In an interview for Mike Schneider's article "Homeowner Association Could be Sued in Martin Case" on Associated Press, attorney Justin Clark says, "by designating Zimmerman the neighborhood watch captain in the newsletter, the homeowners association 'is stuck' if it's sued."
"So if you're going to send out a newsletter saying, 'Hey, he is the captain. Whatever he says goes,' You have now basically rented a free police officer for your neighborhood," continues Clark, "He certainly took on that role with the homeowner association, and it seems to me that they recognized that."
According to Schneider's article, if Zimmerman were to be convicted of a crime, the door would be likely be wide open to a lawsuit - Florida courts have held that homeowners associations can be held liable in wrongful-death cases.
So who would pay in the event of such a lawsuit? Clark states that it would be dependent upon the type of insurance coverage the association has but since most homeowners associations don't have very deep reserves, the homeowners would most likely have to pay out of their own pockets through higher monthly assessments.
"I almost guarantee you there are going to be checks written," Clark said.
To read more about attorney Justin Clark's statements regarding the possibility of the homeowners association being sued in the George Zimmerman case check out Mike Schneider's article.
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Justin Clark is a civil trial attorney located in Longwood, Florida who is widely considered one of the "rising stars" in the Florida legal community. Clark specializes in foreclosure defense, mortgage & loan modifications, bankruptcy, real estate law and education law and school bullying.
image courtesy of: article.wn.com
Last updated 29 days ago
To educate yourself about foreclosures in Florida, or to learn more about your options if you’re in danger of losing your home, take a look at these links.
- Not all states use judicial foreclosure; some use a process that does not necessitate a lawsuit, known as nonjudicial foreclosure. Read this article for a comparison of these two methods.
- Home foreclosures fell in Florida in the month of February, but experts caution that this may just be an anomaly.
If you need legal advice about the best tactic for keeping your home, contact the Orlando office of Gregory And Clark Attorneys At Law – (888) 813-3058.
