When homebuyers want a good deal and a cheap price, they think of purchasing a foreclosure. Many think the banks will be desperate to sell these houses offering them the chance of purchasing a home at a great price. A foreclosure is a home that was once owned by a homeowner but is now owned by the bank. The title is awarded to the bank as a result of the foreclosure process.
Reasons for Foreclosures
A foreclosure typically happens when a homeowner stops making their mortgage payments.
- The homeowner could have been laid off or fired from their job.
- They could have a medical condition preventing them from working.
- They may have unpaid bills and accumulated debt.
- They be going through a costly divorce.
- Their job may have been transferred to another state.
- The house many have too many issues that they can not afford to keep up with.
If You Are Facing Foreclosure in Florida
Florida has more foreclosures than any other state. What were once long timelines from the beginning to end of the foreclosure process have recently been dramatically shortened by the courts. Foreclosures in Florida are judicial requiring the lender to file a lawsuit in state court. The lender files the lawsuit and a lis pendens, summons and complaint are served on the borrower. If the borrower loses the the case in court (which is nearly every time), the property will be sold at auction to partially or fully satisfy the mortgage debt, depending on the auction price and the amount owed.
To try to avoid foreclosure. Make every attempt to work with the bank toward getting new terms that you can live with by means of a mortgage modification. A foreclosure on your credit report can be very damaging. If your arrearages can be made up over 5 years, while still maintaining your current payments, you may be able to keep your home by means of filing bankruptcy.
Do Not Ignore a Florida Foreclosure Lawsuit – Richard S. Weinstein Can Help
By ignoring a foreclosure lawsuit, you are speeding up the foreclosure process. The mortgage lender will apply for a default judgment to move the matter to a foreclosure sale. If you have received a Breach Notice or a Florida foreclosure lawsuit, contact The Law Office of Richard S. Weinstein, P.A. online or by calling 561-745-3040 immediately.
With over 40 years experience in the practice of law, attorney Richard S. Weinstein assists clients with the important financial situations in their lives, as well as civil litigation. Whether you are dealing with bankruptcy, real estate (both commercial and residential, including foreclosures and title insurance), estate planning, probate, or business formations, sales or mergers, Richard S. Weinstein is the attorney with the experience and knowledge you need! Call us at (561) 745-3040 or visit his website at rweinsteinlaw.com.
Law Office of Richard S. Weinstein, P.A.
250 S. Central Blvd. #101
Jupiter, FL 33458
Phone: (561) 745-3040
© Copyright 2017. All Rights Reserved.