Florida Foreclosures Legal Questions

In Florida the Statute allows for the home/condo associations to foreclose on your home but because of their inferior position to the mortgage the lender's lien will remain unaffected by the association's foreclosure. The mortgage remains on the property and if not satisfied (or paid monthly) the lender will foreclose on the association.... Read More

Every state has different laws regarding homestead.  In Florida, a home is protected from creditors with the exception of mortgage liens, property tax liens, and mechanics liens (i.e. contractors who perform work on your home and improve it).  Therefore, if you had a creditor from another state attempt to foreclose upon your Florida homestead, that creditor would not be successful because the full value of your home is protected in Florida.  However, that may not be the case in other states.  You would need to check with an attorney in the state in which you would like to reside and determine what the homestead laws are and what rights creditors may have against your home in another state. Wendy Mara mara-maralaw.com This is general answer to a general question and does not establish an attorney client relationship.... Read More

The mortgages documents will state what the mortgage holder must do before filing a foreclosure suit.  Most mortgages require some sort of Notice of Default be sent to the property owner as well as a Notice of Intent to Foreclose.  You have not indicated exactly what letter was sent, but I am assuming the the letter was one or both of the previously mentioned notices.  The next step is the mortgage holder will file the foreclosure suit, and you will be formally served by the sheriff or a private process server.  Once you have been served, you have twenty days to respond to the foreclosure.  At that point, you should hire an attorney to defend you.  Based on your goal, the attorney will develop a plan of defense.  Some property owners do not want to keep the property, and then the attorney would want to minimize the damage to you by trying to work with the bank on a short sale or deed in lieu of foreclosure.  Even if the bank will not agree to either one, the attorney will try to minimize any potential deficiency judgment. On the other hand, you may want to keep the property, and the attorney may help you to modify the mortgage or come to a settlement agreement with the mortgage holder wherein you can keep current on your mortgage. Your attorney would try and have the bank either reduce or forgive late fees, attorney's fees, and costs.  If you fail to respond to the foreclosure suit, then you will be in default, and the bank can move forward with foreclosing much sooner and easier. Wendy Mara www.mara-maralaw.com This response is general information and does not constitute specific legal advice or constitute an attorney client relationship.  For more specific legal advice related to your specific facts, please consult an attorney in your area. ... Read More

Dear Sir/Madam, I would advise your contacting an attorney immediately.  You may find an attorney through sites such as lawyers.com.  You may also contact the Florida Bar as they have a referral service or contact your county bar association for a referral.  Hopefully,  you have been saving the monthly mortgage payments that you have not made in a savings account so that you can become current with your loan once everything is straightened out with Bank of America.  If you are unable to become current, Bank of America  may file a foreclose suit against you, and then you would need to defend the foreclosure suit at the same time you attempt to settle the matter and bring your loan current.  If you are foreclosed upon, you only have twenty days to respond once you have been served.  Therefore, it is imperative that you find an attorney quickly so that you are not in default.  Sincerely, Wendy Mara www.mara-maralaw.com Disclaimer: This answer is a general answer based on the information provided and does not constitute an attorney client relationship... Read More

Dear Lynne, Whether you hold a first mortgage, a second mortgage, or a third mortgage, the process for foreclosure is the same.  You would need to look at the mortgage documents and determine what type of notice is necessary, if any, and provide that Notice of Default and Notice of Foreclosure in the manner and within the time as determined by the loan documents.  Once you have provided those notices, then you may file suit in the county in which the property lies.  With that said, I would need to forewarn you.  Many properties, if  not most properties in Florida, have mortgage amounts that are greater than the market value of the property.  Being a third mortgage holder, you are in a very difficult position because upon foreclosure, the first mortgage and second mortgages would be satisfied first.  The possibility is very high that after the first and second mortgages were satisfied, there would be no more money left to pay off the third mortgage.  You could then find yourself in the position where you paid the costs of filing foreclosure and ended up with nothing.  For this reason, second and third mortgage holders often will not file for foreclosure and instead will try to work with the owners of the property in attempting to create a payment plan wherein the owners could afford to pay the mortgage in a modified payment plan.  Before you decide how to proceed, I advise you determine the market value of the property and the amounts owed on the first and second mortgages. Sincerely, Wendy Mara Disclaimer: This answer is in response to a general question and does not constitute an attorney client relationship.  Contact an attorney in your state in order to determine the state specific laws that are applicable.... Read More

A.R.S. 33-808 et seq governs the procedure for Deed of Trust sales. Before your home can be sold at a foreclosure sale, the Trustee must comply with these statutory procedures. You are far from helpless against unscrupulous lenders looking to foreclose on your home. You do have options! Do not delay. Time is always of the essence in foreclosure cases.... Read More