Stop Foreclosure – Avoid Foreclosure – Refinance – Short Sale – Lease Option

Florida Foreclosures

Foreclosures happen in Florida when an individual or group is severely delinquent in payments or can no longer make payments on their mortgage. Any number of situations can contribute to the foreclosure process beginning: an injury preventing work, the loss of a job, a divorce or other financial strains. Foreclosure is the process of the bank or lending institution getting the property back and reselling it to recoup their money.

Florida is a judicial state. This means that all foreclosures must use the court system for processing. Since banks differ and the courts are involved, the foreclosure process timeline varies slightly between individual cases. The average time frame is five to six months from the beginning steps until the finalization of a foreclosure.

Steps Taken to Foreclosure

The first steps fall under the pre-foreclosure period. The mortgage holder is late with payment, but remain in the property while the foreclosure proceedings progress.

Notice of Default

The Notice of Default is the first indication of late payment. It is a written notice sent to the mortgage holder by the mortgage lender. It will state how much money is owed and how late the payment is. A Notice of Default will state what you need to do in order to become current on your payments and prevent foreclosure from happening.

Lis Pendes

Lis Pendes is paperwork filed by the mortgage lender in the county courthouse. It states their intention to sue the property owners if they do not receive the mortgage monies. The court then creates the paperwork that notifies all parties involved about the upcoming lawsuit and the terms.

Action

Notice of Action is the next step in the foreclosure process. When a mortgage holder cannot pay the terms stated in the Notice of Default and goes further in delinquency, a Notice of Action is posted in the local newspaper. It states the mortgage lender’s written demands to be paid on their loan and their intent to take back the property if the payment is not made.

Once the Notice of Action is posted, the formal foreclosure process takes place.

Foreclosure Action

A foreclosure action, which is a lawsuit filed under the county where the property is located, is made. This states the intent of the mortgage company to evict the residents and take over ownership of the property. They will post the date and time of the auction where the property will be sold, anywhere from three to six weeks in the future.

Redemption

At any time before the auction of the property, the mortgage holder can take back the property if they can pay off the mortgage in full. If they can pay for the mortgage in full, the proceedings are halted and the mortgage holders can move in and re-assume ownership of the property.

Sheriff’s Sale

The last step of the foreclosure process is the Sheriff’s sale. This is where the property is auctioned off to the highest bidder at the county courthouse. The price is low to begin, but can escalate if it is in a hot location. Once another bidder has won the auction and the property, the former mortgage holder has terminated all of their rights to the property. Within ten days of the successful sale, the title is transferred to the winning bidder.

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Do You Need a Hardship Letter? Are You Trying to Work Out a Loan Modification? Your financial hardship letter must be able to convince your lender that the situation that caused you to fall behind on your mortgage payments was temporary, involuntary, and unavoidable and you are now able to make your mortgage payments on time. (Incarceration, High Medical Bills, Damage to Property, Payment Increase – from adjustable rate mortgage, are a few examples)

Here is one example of a Financial Hardship Letter that a Mortgage Company looks for:

If your situation is permanent, your lender may be willing to negotiate lower monthly payments or agree to take a deed in lieu of foreclosure. In most cases a lender will be willing to accept some type of payment rather than go through the expense of foreclosure.

There are many situations that can cause a homeowner to have a sudden or unexpected decrease in income or a sudden, unavoidable increase in expenses can cause a home owner to fall behind in their mortgage payments

Examples of an unexpected decrease in income include:

-Job loss
-Permanent or temporary disability
-Divorce or separation from spouse
-Death of a spouse
-Serious illness of a household income earner
-Reduction of hours or wages
-Forced to take a lesser paying job after a lay-off
-Bad year for business or business failure
-A sudden unavoidable increase in expenses can be caused by:
-Natural disaster
-Increase in property taxes
-Job Relocation

A well written hardship letter will include the following:

Your contact info (name, address, phone, account number)
Contact info for your credit counselor or attorney if you have one
Describe what situation or circumstances caused you to fall behind in your payments
Specify how much you can pay per month and how soon you can start.

If you have money saved, tell the lender you will pay them some or all of it as part of a work-out plan. You may want to include a detailed budget of your monthly income and expenses and your plan for making payments in the future.

Name:

Address:
Mortgage Company:
Loan Number:
To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. The main reason that caused us to have a hardship and to be late is (insert reason here). This occurred on or about (insert date of occurrence here).

Our situation has got better because (reason here). We would appreciate if you can work with us to lower or delinquent amount owed and or payment so we can avoid foreclosure and continued delinquency.

We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.

Sincerely and Respectfully,
Borrower’s Signature
Date
Co-Borrower’s Signature
Date

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New banking legislation means new bailouts for homeowners living in properties they can no longer afford and banks who made loans specifically to people who would not be able to afford their homes for very long. Now, everyone who did take out a conservative mortgage that they could manage will be financing the bailout of the banks and a small number of foreclosure victims.

Renters and conservative homeowners who were unwilling or unable to gamble on the real estate market over the past decade will now have to work even harder to make sure they pay their fair share of the government bailout of the banks. After hundreds of billions of dollars of inflated money already injected into the banking system by the Fed, taxpayers will now be expected to keep the Government Sponsored Enterprises afloat for a few more months as prices are manipulated upwards and private capital flees.

But after pumping the markets so full of cheap money that an artificial, unsustainable bubble was inevitable, how responsible is it for the government to keep attempting to reinflate the markets? Billions of dollars in credit lines to Fannie Mae and Freddie Mac to keep up appearances of solvency actually only hurts the average person struggling with a loan that has doubled in monthly payments on a property worth half of what it was two years ago.

Even worse, though, is the fact that rescuing these companies actually rewards the risks that the banks took during the boom years in making loans to people who had no income or ability to pay the mortgage. Instead of both homeowners and banks suffering for their poor borrowing and lending decisions, government bailouts are ensuring that banks feel less financial pain and the people experience a higher degree of economic devastation.

Inevitably, what such bailouts will lead to is more foreclosures as prices keep rising in all sectors of the economy due to the creation of hundreds of billions of dollars out of nothing. Every time the Fed injects liquidity or Congress approves more spending for one agency or another, the money is simply created out of nothing and put into an account at the Federal Reserve Bank — money which came from nothing but was created as a loan to the government by the Fed and which will need to be paid back by future revenue.

Homeowners already worried about their monthly bills will have to work even harder to pay their share of the inflation tax and keep the banking system from having to recognize its total bankruptcy. Ironically, though, it is often the individual borrowers who feel the most remorse at falling into financial difficulties; the banks, on the other hand, simply wield their political power to make sure their insolvency is paid for by the very people whose assets and communities they are financially raiding.

Catherine Austin Fitts has often talked about the “piratization” of the American economy, and the term seems to fit better with every new liquidity injection, interest rate manipulation, and federal legislation designed to protect the banks and corporations at the expense of communities. The newest legislation is just another step along the process of treating the entire American economy as the most lucrative criminal leveraged buyout in history — people financing their own homelessness.

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In Michigan a bank can choose either judicial or in-court foreclosure or non-judicial or out of court foreclosures. As with all states where both methods of foreclosure maybe used, the determining factor as to which process the bank will choose is whether or not the deed of trust or mortgage contains a power of sale clause. It is the power of sale clause that allows the bank to forgo the time and expenses of filing a lawsuit against the homeowner who is having trouble making his payments, to begin the foreclosure process. Since it is in the banks best interest to spend as little as possible on the process and move it along as quickly as possible, the bank will always choose to use non-judicial foreclosure when it can.

The only time a judicial foreclosure will be used is when there is no power of sale clause in the deed of trust or mortgage. When no power of sale clause exists, judicial foreclosure is the banks only option.

To follow this course of action, the bank files a lawsuit against the home owner asking the court to find the homeowner officially in default. When this has been obtained the judge/court will tabulate the amount that the home owner owes and give him or her a short time to come up with that amount of money. If during this allotted time the homeowner is unable to pay this money, then the home will be scheduled for sale. The court actually must issue the notice of sale. Following this action, the process moving forward, the sale date is followed the same way, whether it is a judicial or a non-judicial foreclosure.

When a power of sale clause is very specific in the details of how the sale is to be conducted, those instructions must be followed. In such a case the date-time and terms of the sale will be laid out in the deed of trust or mortgage. Such detailed, instructions are not.

Usually included in a power of sale clause in all instances where those details are not included in the power of sale clause, the 1st step is that a notice of sale must be advertised once a week for four weeks.

This ad must be run in a newspaper with circulation in the county where the house is located. A copy of the notice of sale must be physically posted on the home in question as well. This posting of the notice must be placed on the home following the first day the ad is run in the newspaper.
This notice of sale must include the names of the home owner and the bank. It must contain a description of the property and the date, place, time and terms of the auction.

The auction can either be conducted by the bank’s Lawyer, referred to in most cases as by trustee or the courts sheriff. The sale will always be held between nine are and four pm on the date listed in the notice of sale. The home will be awarded to the person making the highest bid at the auction.

Postponement of the sale can be arranged at the discretion of the bank. Postponements of less than one week will only need to be announced by posting the new sale was originally to be held.
Postponements longer than one week must be advertised in exactly the same manner as the originally scheduled sale was done.

In Michigan, when a judicial foreclosure has been used, the former home owner is given one year right of redemption following the sale of the home. This means that for one year following the sale of the home the person who lost the home at the sale can regain ownership of the home. They may do this by paying the amount of the winning bid at auction, plus interest.

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It’s important to remember that foreclosure is a legal process. In America, every legal process requires specific action before anything gets resolved. In this case, there are several specific steps of foreclosure before the home is taken from its owner.

This guide will help the distressed homeowner navigate the steps of foreclosure.

First, there’s pre-foreclosure. This is the period where you’ve missed a payment or two, but the lender has taken no action.

Recommended Steps of Foreclosure here: Get caught up if you possibly can.

Next, there’s the Notice of Deficiency. This is the bank putting you on notice that they’re starting legal action.

Recommended Steps of Foreclosure here: If you can’t get caught up through your own resources, begin exploring options such as selling the house, a short sale, or a Deed in Lieu of Foreclosure.

Then, the bank initiates the foreclosure. This can be a judicial or non-judicial remedy.

Recommended Steps of Foreclosure here: Sometimes you can fight the foreclosure on legal grounds. One man managed to stay in his home for 11 years fighting the bank through legal means. But, he eventually lost.

Next, there is a Sheriff’s Auction where the sheriff sells the house on the courthouse steps. Usually, the bank ends up buying the property for $1 over the deficiency amount.

Finally, there is a Redemption Period. This is where the homeowner has a very short period of time to come up with the amount the home was sold for and buy back the home.

Recommended Steps of Foreclosure here: If you have a last minute solution to save your home, this is your last chance.

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Falling victim to a foreclosure does not mean that it has to be the end of the world for you. If you have recently lost your job or your business is starting to decline and you are facing the probability of losing your home to your banker or another lending institution – It may not be as bad as you think.

Life after Foreclosure

Many people find that after they get over the initial shock of losing their home that the burden of not trying to keep up with the mortgage payments is rather comforting. If you have a lot of equity in your home than you probably could save your home from foreclosure. But in most cases its better just let it go.

There are many loan institutions and private lenders that are willing to offer foreclosure help to those who are qualified. If you have a reasonable amount of equity in your home you may be able to seek a private loan and save your home from foreclosure.

You can find some e-books and other programs online that will offer good tips for foreclosure help. If the investment is less than $50 to $80 for a good course or program that might give you some good information then it may be worth you investing in it.

Sadly it does not look like our economy is going to change in the next year or two. So unless you are really attached to the home that you are living in then you might find that it’s OK to let it go and start rebuilding your life. That may not feel like the best foreclosure help, but you may be surprised.

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People in or facing foreclosure are targets for foreclosure scams from stop foreclosure companies, loss mitigation companies and Attorney based Loan Modification companies.

You should think twice before signing anything and consult an attorney or state regulators that govern companies helping people stop foreclosure. Please make sure they have a contract on file and are licensed in your state and willing to use the U.S. Postal service for pickup and delivery of funds and documents. If a stop foreclosure company will not use the U.S. Postal service they may be trying to avoid mail fraud charges if they are not a legitimate stop foreclosure company.

You must understand all your options. If you are considering selling your property, get 3 agents from different offices to do a Comparative Market Analysis. It’s free, and you’ll have a good idea of the value of the home. If you want to save your home from foreclosure you should get a free consultation from a reputable Attorney.

We have listed some of the most common scams people face when they call companies that help stop foreclosure and ask the preverbal question. Can you help me save my home from foreclosure?

1. “We’ll save your credit. Pay us a reasonable fee and save your credit by signing your house over to us. Then they will tell you something like “the foreclosure will be recorded against us, not you”.

The foreclosure will be reported against the borrowers on the note, not anyone else.

2. “We’ll give you some money, just sign the house over, we’ll cure the default.”

There really isn’t a problem with it, IF you know how much equity you are selling and IF the purchaser really will cure the default and IF the purchaser will really make the payments and IF you want to still be responsible for the loan. Too many IF’s to be able to say this is either a good or bad option, just be careful with it and always have an Attorney review any documents you are signing.

3. “We’ll buy the property, lease it to you, you have the option to buy it back.”

It might have happened, but the reality is, to buy it back you’ll need a new loan that’s larger than the loan you have with an interest rate greater than what you have. The payments will be higher and it’s going to be very difficult to qualify. Explore a small hard money loan if you have the equity or consider an open market sale, you’ll probably end up with more money in your pocket.”

4. “We’ll get you a new loan and solve all these difficulties.

Every time you refinance, unless you are paying fees out of pocket, your loan balance is going up which is using up your equity.”

Lenders can make a lot of money loans; you need to consider total loan amounts also, not just the monthly payments. Normally these loans have high rates and fees.

5.” I’m an agent specializing in pre-foreclosures and I’ll get your property sold quickly for top dollar and relieve you from your situation.”

Some agents have a relationship with an investor and work from published Default notices. You may get an offer, but is the best? We’ve seen listed properties in foreclosure receive higher offers with no contingencies and the capability for quick closing that isn’t always accepted by sellers. I’ll tell you why. Most likely the reason is because they are never presented to the seller. Use local agents, get three comparative market analyses and be cautious. It’s always a good idea to consult an Attorney.

6. “Stop Foreclosure with Bankruptcy.”

Bankruptcy does NOT stop foreclosure. It puts a hold on foreclosure which can allow you time to reorganize your finances. Every area has reputable Attorneys who handle bankruptcies and you can modify the terms of your loan before filing bankruptcy leaving you with better terms and a lower mortgage payment. You should spend the time to know what you have to do and when filing bankruptcy is an appropriate choice. Mistakes can cause things to worsen fast and cause you to lose your home to foreclosure. The truth is getting help is critical and a good Attorney is the key. Do you want it done right, or do you want it cheap?

7. “We’re Loan Modification/Loss Mitigation experts and can freeze your mortgage payments for 3 to 5 months so you can pay us to modify your loan.”

Many companies are making false representations to homeowners to get paid in advance to assist in stopping foreclosure. Loan modification experts that stop foreclosure or help stop the foreclosure process should not take money in advance to help stop foreclosure. They offer money back guarantees but there’s no guarantee they will be in business or are operating legally. Some of these loan modification companies take the money and run or do nothing more than get you an unaffordable forbearance agreement you were already offered from the lender. Many of these companies are soliciting homeowners facing foreclosure offering stop foreclosure services using “bait & switch” tactics such as. We can get you a 3.00% fixed interest rate and you end up being turned down. Or, call my past clients (their partner in crime) and see how we saved their home. We can go on and on.

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Aside from being a terrible event in your life, having your properties foreclosed present a very big problem when it comes to your credit score.

With a bad credit history, you may find it hard to get other types of loans especially mortgage loans. This is primarily because a low credit score indicates that you are less creditworthy and you are not capable of paying your loan. However, you should not lose hope.

These days, there are some ways to prevent a foreclosure and there are also some things that you can do in order to get mortgage loans after a foreclosure.

Preventing a Foreclosure

The best way to prevent a foreclosure is to pay your loan on time. However, there are many unforeseen events in our lives that may prevent us from paying on time. As a result, one can try another way of preventing a foreclosure- choosing the right mortgage loan package.

There are many lending companies that offer mortgage loans, either online, or in your local area. The variety of choices for mortgage loan packages can be confusing.

However, when choosing which mortgage loan to get, you have to make sure that it includes a forbearance agreement. This allows you to stop making payments for your debt at a specific time frame, provided that you have valid reasons. With this agreement, you will be able to skip your payments and then pay them later after you have dealt with your financial crisis.

What to do when you get a foreclosure?

If you get a foreclosure, it generally means that your mortgage loan agreement doesn’t have a forbearance agreement and you haven’t paid your mortgage bill for more than three months. When this happens, don’t be so pessimistic. You can still get good mortgage loans. You just have to take three easy steps:

Re-establish your credit

A credit history with a foreclosure is a no-no for most mortgage lenders. But, if you can build a good credit track record after the foreclosure, potential mortgage lenders will recognize your improvement. You can do this by opening new credit accounts and then making sure that you are able to pay your bills on time, if not in advance. Try to get credit cards with lower interest rates as well. Make sure that your new credit record will make your potential lenders realize that you are still dependable and creditworthy.

Be more patient

After you have experienced a foreclosure, don’t avail of a mortgage loan immediately. There are many lending companies that will offer you bad credit mortgage loans. However, you should only avail of such if you really badly need a mortgage loan as soon as possible. If you can, do wait. Note that the more you wait before plunging into a mortgage loan, the lower interest rates will be offered to you. As you wait, work on reversing your negative credit image.

Choose wisely

If you can’t wait for a year or so after you have had a foreclosure and you plan to get a mortgage loan right away, then you ought to be choosier when picking your lender. Note that your only options are sub prime and high risk lenders. They offer higher interest rates for a mortgage loan- two or three points higher than the normal rate. Thus, you ought to shop around first before you get a mortgage loan.

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A lot of people who are having a difficult time paying their bills hear the two word “bankruptcy” and “foreclosure”. They know that both words have something to do with debts and they want to know what is difference between bankruptcy and foreclosure? Following is a brief outline of the difference as well as an explanation of how the two interact.

Bankruptcy:

- Court action filed by a borrower who is also called a debtor.

- Filed in federal district court in district in which the borrower lives.

- Purpose is to either have debts declared discharged or have protection from creditors.

- Based on federal law and, with a few exceptions, is the same in every state.

- Two types of personal bankruptcy and people must qualify before filing.

Foreclosure:

- Legal action pursued by a mortgage lender.

- Depending on the state in which the real property (house) is located, foreclosure may be a court action or a self help action.

- Purpose is to obtain either (1) the money owed to the mortgage lender, or (2) the real property (house) which was given as collateral for the loan.

- Based on state law and is different in every state.

How the bankruptcy and foreclosure interact:

In most cases, a mortgage lender will pursue a foreclosure action. It can either be a court action or a self help action where the lender gives the borrower notice and then follows the state’s laws to obtain possession of the borrower’s house. After the foreclosure has started, a borrower will file bankruptcy which has an “automatic stay” provision. This means that the foreclosure must immediately stop at least for a temporary time.

There are two types of personal bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, the court may declare that certain unsecured debts (such as credit cards, medical bills, etc.) are discharged meaning that a borrower does not have to pay them. With less debts to pay, it may be easier for a borrower to pay his/her monthly mortgage payments.

A Chapter 13 bankruptcy is a court ordered payment plan during which a borrower can pay any mortgage average over a period of time. By not having to pay a lump sum “catch up” amount, it is easier for a borrower to catch up on his/her mortgage payments and therefore easier to keep his/her mortgage intact (and keep his/her home).

This is general information only and not legal advice. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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There seems to be a lack of understanding among homeowners of what happens once the foreclosure process is over and the eviction process has begun. Most homeowners mistakenly believe that the sheriff may show up to evict them within hours or days after the sheriff sale. However, this is simply untrue, as the eviction process can take even longer than the foreclosure process itself, depending on state law. If a family is unable to stop foreclosure to save their home, there may be legal protections in place to give foreclosure victims a chance to begin repairing the damage caused by foreclosure.

The process that the bank must follow after the foreclosure is determined by that state’s foreclosure laws. This is one of the main reasons that it is recommended that homeowners look up the relevant laws, in order to determine how the foreclosure process will be conducted and how much time they have to save their home or stay in the home after the foreclosure auction. Certain states offer foreclosure victims a redemption period after the sale, which is a period of time after they have lost the home that they can continue living in the property.

Once the eviction process itself begins, though, homeowners will not just be randomly kicked out to the street. They will be sent paperwork by the bank’s attorneys or the court system indicating that the lender has entered in a request for possession of the property. To gain possession the bank will show that is purchased the house at the sheriff sale and is now the legal owner of the property. They will ask the court to order the county sheriff to evict any persons or belongings that are still occupying the property.

Also, in most cases the sheriff will post a notice of eviction on the property itself, indicating the specific date that the locks will be changed and all people and property will be removed. This may be a five- or three-day notice, again depending on the specific state foreclosure laws and the county’s own procedures. However, a notice being posted on the property is not always guaranteed, so it is important to check with the state or county to find out the exact procedures before the eviction happens.

Homeowners who are currently worried about being evicted at any time should take back control of the situation and find out how much actual time they have left. The best place to begin asking questions is with the county sheriffs department. They will be able to inform the foreclosure victims of any pending orders for possession of the house, or if the court has not yet ordered the eviction. If there is no scheduled eviction, homeowners should call the county courthouse to determine if there is a hearing coming up, what the process will be after the sheriff sale, and how much time they have left to find a new place to live.

Not knowing when or if an eviction is scheduled is often much worse than knowing exactly when the sheriff will be there to evict everyone. The simple fact of knowing when to be out of the property gives homeowners a better framework for planning the future of their families after foreclosure.

Many homeowners are under the mistaken belief that, once the sheriff sale of the property has been conducted, they have lost every chance to stop foreclosure. However, there are legal mechanisms in place to prevent foreclosure victims from being randomly evicted at the whims of the foreclosing bank. Homeowners should not be taken in by fear-mongering, self-proclaimed foreclosure experts who threaten them with the possibility of the sheriff showing up unannounced to throw them out of the house. Even the county sheriff is a human being and the sheriffs department will know exactly when the eviction will be conducted. They would rather avoid forcefully removing anyone from the property if the homeowners are conscientiously working towards a plan to move out of the property and have it cleaned up and empty when the sheriff does show up.

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