Every home owner fears the lingering prospect of the bank taking back ownership of their home if they are unable to pay their mortgage payments. When the bank repossesses property because of a failure to pay the mortgage, it is known as foreclosure.
In the state of Florida, foreclosure is a somewhat frequent occurrence. The statistic is that one in every 789 properties received a foreclosure filing. That’s over 9,000 homes! Lately, the amount of foreclosure cases in the courts has been so overwhelming that extra measures have been taken to close outstanding cases as quickly as possible.
In some cases, this can mean that even though the bank and homeowner are still working together to come up with a solution, the court will still grant the home to the bank. It’s a serious time for homeowners in the foreclosure process, because the outcome is unpredictable and more likely than before to result in seizure of your home. In recent cases, judges have ruled against foreclosure extensions, and shortened extensions to speed along the process considerably.
There are federal regulations which attempt to help the homeowner maintain their property if they are unable to pay, and services which can be handled through the bank to lighten the homeowner’s burden. According to federal regulations, if a homeowner requests a loan modification, the bank must determine the outcome of the request before filing for foreclosure. A loan modification is obtained through the mortgage company with the help of your lawyer, and serves to adjust the payments required on your mortgage due to unplanned financial hardship or a change in circumstances.
Florida is continuously higher in foreclosures than many other states, causing many of the courts to become backlogged with foreclosure cases. Although effort is being made state-wide to lighten the load, homeowners are best served by seeking strong legal representation so that their case is organized in an efficient manner to be heard properly.
Ziegler Law Office