Editor's note: This article was originally published in 2013, and has been updated for accuracy in 2016.
Whether you're already in foreclosure or just in fear of being served foreclosure, the question of how to stop the foreclosure process and the thought of losing your home are probably already keeping you up at night. If you're in foreclosure or in fear of foreclosure there are several steps you can take to either prolong the process or stop foreclosure in Florida.
A new foreclosure bill is being proposed by Florida legislature to speed up foreclosures in Florida. Although recently passed by a Senate committee, the bill still must pass three more committees in the Senate and one more in the House. The bill is designed to speed foreclosure cases through the court system by allowing semi-retired judges to take on foreclosure cases, as well as allowing a number of other provisions designed to help "streamline" the amount of foreclosure cases in the state of Florida. Florida already holds a quarter of the nation's foreclosure cases, and is working to expedite the judicial process of foreclosure.
The idea of holding a conciliation conference for a loan modification or a foreclosure case is relatively new. Because of the large amount of foreclosures in Florida, a mediation is no longer required by law. A homeowner can request a mediation if they choose. However, this can get expensive because both their lawyer and the bank's lawyer will have to meet in person at the expense of the homeowner. In order to expedite the loan modification process, many lawyers are requesting conciliation conferences via phone instead.
If you're a homeowner who has submitted a loan modification package to their bank and hasn't gotten a response, you may want to consider hiring a foreclosure defense attorney to help. A foreclosure attorney can not only present the loan modification package in a way that will encourage the bank to accept your offer, they can also request a conciliation conference with the decision maker at the bank. A homeowner alone will have almost no luck in trying to contact the bank and actually get in contact with someone who has the authority to make a decision on their loan modification.
Defending your home against foreclosure in Florida can be complicated and scary. If you've been served foreclosure papers, chances are you're looking into foreclosure defense in Florida. Only a licensed foreclosure lawyer can help you stay in your home and discuss your foreclosure options. Keep a list of questions to ask your foreclosure defense lawyer. In the meantime, we'll let you know what you can expect in the foreclosure process:
30 Days past due: If you haven't paid your mortgage in at least 30 days, your lender may report this to the credit bureau. Your credit report is now showing a mortgage deficiency and chances are you will be served foreclosure papers in the future if you are unable to get in touch with your bank.
Under constant sctrutiny lately, it's no secret that Bank of America took a unique approach to the foreclosure crisis. After acquiring Countrywide Financial in 2008, Bank of America took the easy way out by blaming the new guy. Instead of helping homeowners by lowering rates and extending loans like many mortgage companies have been forced to do over the past few years, Bank of America's foreclosure settlement is designed for Bank of America to take as few loses as possible. With many homeowners around the country finding themselves underwater on their homes, some mortgage lenders realized that loan modifications are cost effective and help people stay in their homes when faced with foreclosure.
What could be bad about streamlining the foreclosure process in Florida? Especially when we have so many homes in Florida currently in foreclosure. Well...a lot, actually. The fact that the foreclosure process can take so long has always been a benefit to the homeowners because it gives both the homeowner and their foreclosure defense attorney time to prepare legal documents and paint an accurate picture of the person's financial situation.
The ability of a foreclosure defense attorney to prolong the foreclosure process has always benefited the homeowner by providing ample time to present a loan modification plan to the lender in hopes that the foreclosure process could be stopped and the homeowner could keep their home.
Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.
Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.
