Florida Foreclosure Law E-Book
Florida Foreclosure Law E-BookSimple Guide toFlorida Foreclosure Lawby:florida Law Advisers, P.A.1Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Table Of Contents.3.3.4.4.5ALTERNATIVES TO FORECLOSURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5.6INTRODUCTIONFIGHTING THE FORECLOSURE OF YOUR HOMEPREDATORY LENDINGSUING YOUR LENDER FOR TILA VIOLATIONSROBO-SIGNINGDEED IN LIEU OF FORECLOSURELOAN MODIFICATIONROBO-SIGNING.67STRATEGIC DEFAULT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8HOW BANKRUPTCY CAN STOP FORECLOSURE . . . . . . . . . . . . . . . .8.9AUTOMATIC STAYCHAPTER 13 BANKRUPTCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .REMOVING A SECOND MORTGAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10IMPORTANT DISCLAIMER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1129Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
IntroductionHome foreclosure is a common problem in Florida; however, every homeowner’s situation is unique andrequires personalized attention. Our Tampa foreclosure defense lawyers always listen carefully to ourclients in order to develop a detailed step-by-step strategy designed around their specific needs.Homeowners have a lot of options when it comes to fighting foreclosure and we want to make sure ourclients choose the best strategic plan for their family. Whether you want to keep your home and preventforeclosure, or walk away from your home without being responsible for any of the debt, Florida LawAdvisers can help.Our Tampa foreclosure defense attorneys have years of experience helping homeowners in all types offoreclosure defense and loan modification matters. Our foreclosure defense lawyers will carefullyevaluate your individual situation, advise you of your options, and develop a comprehensive legal strategyto help solve your mortgage problems.Our initial consultation is free and we offer flexible payment options to all of our clients. Florida LawAdvisers, P.A. wants to provide you with solutions, not add to your financial burden. We will work withyou to develop a payment plan that you can afford. We accept many forms of payment and offer ourclients the choice of either a low cost flat fee or low cost hourly fee. Regardless of the option you choose,you will find that Florida Law Advisers charges less than many of the competing home foreclosuredefense law firms in the Tampa Bay Area. Contact us today by telephone, web form, email or chat toschedule your free consultation and see how we can help you.3Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Fighting The Foreclosure Of Your HomeAs a homeowner, you have many legal rights that you can and should assert against your mortgagecompany. With skilled and aggressive legal representation on your side, you may be able to stop theforeclosure and even successfully countersue your mortgage company. The foreclosure defenseattorneys at Florida Law Advisers, P.A. have years of experience protecting homeowners and fightingunscrupulous mortgage companies. The lender will be fighting vigorously to foreclosure on your home,and you should have an aggressive Tampa foreclosure defense attorney on your side to protect yourrights. If you have been threatened with foreclosure contact us today to learn about your rights and howyou can countersue your mortgage company.At Florida Law Advisers, P.A., we take an aggressive approach to defending clients faced withforeclosure. We carefully scrutinize all of the mortgage documents and loan terms to identify any possibleviolation that we can use to fight the foreclosure. Our attorneys have years of experience helpinghomeowners in the Tampa Bay area stay in their homes, and can readily lending violations committed byyour mortgage company. If we do uncover that your lender has committed lending violations against you,we will aggressively seek the maximum penalty allowed under the law.Predatory LendingPredatory lending refers to unfair, deceptive, or fraudulent practices used by a lender during the loanorigination process. Predatory lending imposes unfair and abusive terms on unsuspecting homeownerswhich can have devastating consequences. Fortunately, there are many laws in place to protecthomeowners from predatory lending, such as The Real Estate Settlement Procedures Act, Truth inLending Act, Equal Credit Opportunity Act, and The Home Ownership and Equity Protection Act.If your lender engaged in predatory lending during your mortgage origination you may be able to sue yourlender and stop the foreclosure of your home. Predatory lending violations may entitle you to void themortgage and apply 100% of the payments you made directly to principal, thereby eliminating all theinterest charges. In addition, you may be able to sue and recover damages for the harm caused by thepredatory lending practices. If you suspect that you were the victim of predatory lending, do not hesitateto contact Florida Law Advisers, P.A. for legal assistance.Examples of predatory lending include: Excessive fees Steering borrowers toward less beneficial loan programs, such as adjustable rate mortgages Unfair prepayment penalties Hidden mandatory arbitration clauses in the mortgage agreement Unnecessary refinances that provide no benefit to the homeownerWhen you visit our firm for your free consultation we will provide a thorough review of your case andexplain the legal options available to you. If you were the victim of predatory lending we can take legalaction to defend your rights and seek justice for the harm caused by the illegal lending practices. Ourforeclosure defense attorneys are dedicated to fighting predatory lending and protecting homeowners inour community. We carefully scrutinize all of the mortgage documents and loan terms to identify anyevidence of predatory lending. If we do uncover that your lender has engaged in predatory lending we willaggressively seek the maximum penalty allowed under the law.4Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Suing Your Lender For TILA ViolationsIn 1968, Congress enacted the Truth in Lending Act (TILA) to protect borrowers from unscrupulouslenders. The act is designed to promote the informed use of consumer credit by requiring standardizeddisclosures, which highlight the terms and cost of the loan. TILA requires that mortgage companiesdisclose all pertinent terms, costs, and fees associated with the mortgage by using standardized forms.If a mortgage company does not disclose certain terms and costs of your mortgage using thestandardized forms, they will be in direct violation of the Act. These violations may give you the right to: Sue for damages caused by the violation Rescind (cancel) the mortgage Sue for statutory damages Recover attorney fees and court costs associated with enforcing your TILA rightsRobo-SigningRobo-signing is the practice of a bank employee signing documents and affidavits without verifying that theinformation contained in the document or affidavit is correct. Many foreclosure documents require the signer topersonally attest that they have reviewed the document before signing it. Failing to review the document oraffidavit before signing it can call into question the banks legal right to foreclose on a home. Robo-signing hasbecome a pervasive problem in the mortgage industry, with widespread use reported by many of our country’slargest mortgage companies. If your bank is threatening you with foreclosure you should contact a Tampaforeclosure defense attorney to investigate your case for evidence of robo-signing.Florida is a judicial foreclosure state, which means that a lender must go to court and receive court approvalbefore foreclosing on a home. If the foreclosure documents are invalid a court has the authority to deny thelender the right to foreclose on the home. For instance, the court may deny the lender’s petition to foreclose onthe home if a mortgage document or affidavit is suspected of being robo-signed. Attempting to foreclose on ahome after robo-signing essential documents is an irresponsible practice that judges seek to correct for thehomeowner.At Florida Law Advisers, P.A., our attorneys tactfully question the validity of mortgage documents by callinginto question a lender’s right to foreclose. If a homeowner is able to cast doubt regarding the bank’s validity ofthe foreclosure process, the lender may be more willing to negotiate and withdraw the foreclosure case. Bychallenging the validity of the mortgage documents, lenders may discover their case was on thin grounds andit’s in their best interest to negotiate. In negotiations, lenders may offer to reduce the principal balance, lowerthe interest rate, and modify the mortgage so that its terms are more beneficial to the homeowner.5Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Alternatives To ForclosureIf you are struggling to keep up with your mortgage it is important to know that you have options and aforeclosure does not have to be one of them. Our foreclosure defense attorneys have helped manyhomeowners avoid foreclosure by taking advantage of alternatives to foreclosure. At Florida LawAdvisers, P.A., we explain all of the foreclosure alternatives that our clients have so that they can choosethe path that is best for their family. Our Tampa foreclosure defense lawyers will answer all of yourquestions and discuss the potential benefits and consequences that may arise with each option.Whether you decide to pursue: a deed in lieu of foreclosure, short sale, loan modification, bankruptcyprotection, or legally challenge the foreclosure, Florida Law Advisers, P.A. can help. Our Tampaforeclosure defense attorneys can develop a comprehensive legal strategy based on your specificsituation to help solve your current mortgage crisis.Deed in Lieu of ForeclosureA deed in lieu of foreclosure is when a homeowner voluntarily gives title of the property to the mortgagecompany. A deed in lieu of foreclosure can help homeowners who are interested in walking away from theproperty avoid the consequences of a foreclosure. Lenders will often accept a deed in lieu of foreclosure tosave money on legal fees and bring closure to the matter much quicker than filing for foreclosure. If you areconsidering negotiating a deed in lieu of foreclosure with your mortgage company, before calling your lenderyou should contact us to schedule a free consultation with a foreclosure defense attorney. A deed in lieu offoreclosure is not always a straightforward procedure and homeowners may still be responsible to the lenderfor the mortgage even after giving up title to the property.Typically, unless your deed in lieu of foreclosure agreement says otherwise, your lender may have the right toseek a deficiency judgment against you. A deficiency judgment will allow the lender to file lawsuits and takecollection actions against you for the unpaid mortgage debt. At Florida Law Advisers, P.A., we take anaggressive approach with lenders to obtain agreements that will prevent our clients from facing the risk of adeficiency judgment. Our professional legal team has years of experience protecting homeowners andaggressively fighting greedy mortgage companies.Another area of concern for homeowners interested in a deed in lieu of foreclosure is the potential taxconsequences. In most deed in lieu cases, there will be a forgiveness of debt by the lender, which isconsidered a cancellation of debt by the Internal Revenue Service (IRS). If the mortgage balance is greaterthan the market value of the home, the lender can issue a 1099C for the difference between the home’s marketvalue and your mortgage balance. The 1099C reports the debt forgiven as income to the IRS, and you mayhave to pay taxes on the amount of debt forgiven. However, not all deed in lieu of foreclosures will result in thelender issuing a 1099C. You should speak with a foreclosure defense attorney to see if you may be exposed tothe added tax liability.6Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Loan ModificationIf you have fallen behind on your mortgage payment or are struggling to stay current, a loan modificationmay provide the solution you need. Loan modification creates a permanent change to one or more of theterms of your mortgage agreement. A loan modification can lower your monthly payment by eliminatinglate fees, reducing your interest rate, extending the time to repay, and lowering your principal balance.Loan modifications are intended to provide homeowners with a long-term solution to their mortagageproblem. However, obtaining a loan modification is not always a straightforward and easy process. If youare seeking a loan modification, you should not go through the process alone. Competent legalrepresentation can increase the chances of the lender approving your request and make the terms of themodification more favorable to you.Our Tampa foreclosure defense attorneys may be able to convince your lender to modify your mortgageto eliminate late fees, lower the monthly payment, extend the amount of time you have to repay, lower your interestrate, and even reduce the principal balance of your mortgage. As experienced mortgagemodification lawyers, we understand how to talk to lenders, get their attention, and force them tonegotiate fairly with us. Our aggressive approach with mortgage companies has given our clients theopportunity to avoid foreclosure and retain ownership of their home. Our Tampa foreclosure defenselawyers can help homeowners modify their mortgage, whether they are behind on the monthly payment,in default, or even up to date with their mortgage payment.Short SaleIn a short sale, the homeowner and mortgage company agree to sell the home for less than the amount owed onthe mortgage. Short sales may be a good option for homeowners who have no equity in the property and want toabandon the home without going through the foreclosure process. Short sales are beneficial to homeownersbecause they are able to walk away from the property without a lengthy legal battle, and they can minimize thedamage done to their credit score. On the other hand, lenders will avoid the costs associated with foreclosing on ahome.The decision to pursue a short sale should not be made without first obtaining legal counsel. There are many otherforeclosure alternatives that may be a better fit for your specific situation, such as a deed in lieu, loan modification,or bankruptcy. In addition, there are many potential disadvantages to a short sale that homeowners should bemade aware of.While a short sale may not be as harmful to your credit score as a foreclosure or bankruptcy filing, there will still besome damage done to your credit rating from the short sale. In addition, you may be required to sign a promissorynote to pay the difference between the purchase price and amount owed on the mortgage. The promissory note willmake you liable for the debt, and the lender can pursue collection and legal actions against you to collect theamount owed. If the lender does not require you to sign a promissory note, you may have to pay taxes on theamount of debt the lender has agreed to forgive as a condition of the short sale.At Florida Law Advisers, P.A. our foreclosure defense attorneys know how to negotiate with lenders to obtain theresults our client’s want and deserve. Our Tampa foreclosure defense attorneys have gained years of experiencefrom working with homeowners and mortgage companies in negotiating short sales and fighting foreclosure. If youdecide to pursue a short sale, we can handle all of the negotiations with your mortgage company and draft all of thenecessary documentation to help ensure your rights are protected and the process is as stress-free as possible.7Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Strategic DefaultStrategic default is when a homeowner intentionally stops making payments on a mortgage, despite having thefinancial means to pay it. Strategic default is often in response to a sharp decrease in the property’s value,which causes the mortgage debt to be greater than the home’s market value. This is commonly referred to ashaving negative equity in the property. When dealing with negative equity, many homeowners decide that it isin their best interest to stop paying the mortgage and walk away from the property.If you are considering a strategic default, you should contact Florida Law Advisers, P.A. to speak with aforeclosure defense attorney before taking any action. By speaking with an attorney at our firm you will knowexactly how the strategic default process works, what you can expect from it, and help protect yourself fromunwanted consequences. Simply walking away from the property and refusing to make the mortgagepayments is not a good solution.Without competent legal representation, a default can result in the lender obtaining a deficiency judgmentagainst you. A deficiency judgment will allow the lender to file lawsuits and take collection actions against youfor the unpaid mortgage debt. The deficiency judgment will hold you personally responsible for the debt andcan allow the lender to place a lien on other property you own, such as a car or vacation home. The lender canseek a deficiency judgment for the difference between the sale price of the home and your mortgage balance.For instance, if your home sells for 150,000 at a foreclosure auction and your mortgage balance is 200,000,the lender may have the right to seek a 50,0000 deficiency judgment against you. With so much on the line, itis in your best interest to have legal representation by your side.8Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
How Bankruptcy Can Stop The ForeclosureIf you have fallen behind on your mortgage and your lender has threatened to foreclose on your home,bankruptcy may be able to stop the foreclosure and make your mortgage payments more manageable. AtFlorida Law Advisers, P.A. our foreclosure defense attorneys have helped many homeowners prevent aforeclosure and lower their monthly payment by filing for bankruptcy. Bankruptcy is a useful tool, but it may notbe the right solution for everyone. To find out more about how bankruptcy can prevent a home foreclosure,contact us to schedule a free consultation with a Tampa bankruptcy lawyer at our firm. During the consultationa bankruptcy attorney will review the facts of your case and help develop a comprehensive solution to solveyour financial problems.The Automatic StayFiling for bankruptcy will stop any home foreclosure action by your lender under the automatic stay provision of theU.S. Bankruptcy Code. When you file for either Chapter 13 or Chapter 7 bankruptcy, the court will automaticallyenact a stay. The stay requires all collection actions against you to stop immediately. Creditors and collectionagencies will not be able to contact you, garnish your wages, or repossess your property while the automatic stay isin effect. The automatic stay may even put a stop to a scheduled foreclosure sale of your home. In most cases, theautomatic stay will remain in effect until your bankruptcy case is discharged. The automatic stay can help provide ahomeowner with more time to catch up on their mortgage or to fight the foreclosure in court.Chapter 13 BankruptcyChapter 13 is a reorganization bankruptcy, it gives you the opportunity to reorganize your debt into a moremanageable payment. In addition, it may provide you up to 5 years to catch up on missed mortgage paymentswithout being charged additional interest from your lender.Chapter 13 may also allow you to remove a second mortgage from your home. If you have two mortgages on yourhouse and your primary mortgage exceeds the current market value of the property, you may be able to remove thesecond mortgage in bankruptcy. Once the mortgage is removed from the property it will be treated like any otherunsecured debt in the bankruptcy process.In Chapter 13 bankruptcy secured creditors must be paid in full, however, unsecured creditors do not. A securedloan is a loan that has collateral, such as a car loan or home mortgage. Unsecured debts in Chapter 13 may bedischarged without receiving any payment. Therefore, if a 2nd mortgage is treated as an unsecured loan it may bedischarged without requiring the homeowner to pay any portion of the debt. Once the 2nd mortgage is discharged itwill no longer be a lien on the property and the homeowner will be released of all liability.In order to classify a 2nd mortgage as an unsecured debt, the market value of the home must be equal to or lessthan the balance of the first (primary) mortgage. Collateral will not be left for the second mortgage if the marketvalue does not exceed the amount owed to the primary mortgage, and thus the loan will be treated as anunsecured loan in bankruptcy. The market value of the home will be determined by an independent home appraiserand reviewed by the court. Once the discharge is entered by the court, the mortgage lien will be deemed void andautomatically extinguished without any further court action necessary.9Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
Removing a 2nd MortgagesIf you are struggling to keep up with your monthly payments and have more than one mortgage on your home,Chapter 13 bankruptcy may provide the relief you need. Under Chapter 13 bankruptcy law, you may be able toremove a 2nd mortgage from your home and discharge the debt in bankruptcy. The discharge will release youfrom all personal liability on the mortgage and extinguish the lien placed on your property.At Florida Law Advisers, P.A., our bankruptcy attorneys have helped many homeowners prevent a foreclosureand lower their monthly payment by filing for bankruptcy. Bankruptcy is a useful tool but it may not be the rightsolution for everyone. You should contact us to schedule a free consultation with a Tampa bankruptcy lawyerbefore taking any action. During the consultation we can explain exactly how the bankruptcy process worksand what you can expect by filing for bankruptcy.How To Remove A 2nd Mortgage:A secured loan is a loan that has collateral, such as a car loan or home mortgage. In Chapter 13 bankruptcysecured creditors must be paid in full, however, unsecured creditors do not. Unsecured debts in Chapter 13may be discharged without receiving any payment. Therefore, if a 2nd mortgage is treated as an unsecuredloan it may be discharged without requiring the homeowner to pay any portion of the debt. Once the 2ndmortgage is discharged it will no longer be a lien on the property and the homeowner will be released of allliability.In order to classify a 2nd mortgage as an unsecured debt, the market value of the home must be equal to orless than the balance of the first (primary) mortgage. Collateral will not be left for the second mortgage if themarket value does not exceed the amount owed to the primary mortgage, and thus the loan will be treated asan unsecured loan in bankruptcy. The market value of the home will be determined by an independent homeappraiser and reviewed by the court. Once the discharge is entered by the court, the mortgage lien will bedeemed void and automatically extinguished without any further court action necessary.10Call: 800-990-7763 Web: www.FloridaLegalAdvice.com
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HOW BANKRUPTCY CAN STOP FORECLOSURE 8 AUTOMATIC STAY CHAPTER 13 BANKRUPTCY REMOVING A SECOND MORTGAGE 9 9 10 IMPORTANT DISCLAIMER 11 Table Of Contents 2 Call: 800-990-7763 Web: www.FloridaLegalAdvice.com. Home foreclosure is a common problem in Florida; however, every homeowner's situation is unique and
4931—70. Note that the foreclosure statute received a significant overhaul in 2012. Vermont has three methods of foreclosure: Strict foreclosure under 12 V.S.A. § 4941; Judicial sale foreclosure under 12 V.S.A. §§ 4945-4954; and Nonjudicial foreclosure under 12 V.S.A. §§ 4961-70.
foreclosure process, foreclosure starts, has followed a similar pattern, with foreclosure starts exceeding the national level in every quarter since the third quarter of 1998. Introducing Regression To investigate the high levels of foreclosure in Indiana, the determinants of foreclosure rates are examined across the 50 states and Washington,
at the Foreclosure Sale. 18. High Bidder: The bidder at Foreclosure Sale that submits the highest responsive bid amount to the Foreclosure Commissioner. 19. Invitation: This Invitation to Bid including all the accompanying exhibits, which sets forth he terms and conditions of the sale of the Property at the Foreclosure Sale and includes
Quince established a 15-member Task Force on Residential Mortgage Foreclosure Cases to recommend ―policies, procedures, strategies, and methods for easing the backlog of pending residential mortgage foreclosure cases while protecting the rights of parties.‖ AOSC09-8, In Re: Task Force on Residential Mortgage Foreclosure Cases.
THE FORECLOSURE DEFENSE HANDBOOK An EASY to Understand Guide to Saving Your Home From Foreclosure. Written in Layman's Language . . for "Foreclosure Defense Guidebook" ISBN: 978-1456470067. It might be easier . www.consumerdefenseprograms.com 6 Warning: This Book is Out of Date
100.460 Foreclosure against unit; receiver for unit; power of board of directors to bid at foreclosure sale 100.465 Circumstances in which deed in lieu of foreclosure extinguishes lien 100.470 Lien foreclosure; other legal action by declarant, association or owner; attorney fees 100.475 Personal liability for assessment; joint liability of .
a legal expert before you make any decisions with your foreclosure. 4. Chapter 13 Bankruptcy - If these other avenues fail to stop the foreclosure, homeowners can file Chapter 13 bankruptcy which legally puts a stay on the foreclosure. At this point, all creditors are legally bound to stop their collection
English Language Arts: Grade 2 READING Guiding Principle: Students read a wide range of fiction, nonfiction, classic, and contemporary works, to build an understanding of texts, of themselves, and of the cultures of the United States and the world; to acquire new information; to respond to the needs and demands of society and the workplace .
