Understanding The Foreclosure Process
Foreclosure is a proceeding in which a lender seeks to regain property from a borrower who has defaulted on payments. All foreclosures in the state of Florida are Judicial foreclosures. They are controlled by the courts and governed by a set of guidelines. Lenders must submit to a process that defines specific actions and timelines.
In Florida Foreclosures, the lenders typically hire law firms who have proven that they can push a large amount of foreclosure cases through the court system as quickly as possible, to reduce the amount of money the lender or servicer has to spend on legal fees.
Therefore, time is of the essence in a Florida Foreclosure case. Even if you are currently negotiating a modification of your mortgage, the attorneys for the lender may be pursuing a foreclosure as well.
If you are behind on your mortgage payments, chances are the “foreclosure mill” (a large law firm churning out foreclosures at a high rate) has started processing your case for litigation. These firms will not negotiate with you once they have filed the foreclosure action.
In some cases, you will only have twenty days to respond to a foreclosure complaint before the law firm handling the case will attempt to get a default judgment against you. It’s important that you have a Florida Foreclosure Attorney respond to the complaint within that time period, as this will significantly improve your chances at keeping your home or at least buying you time to consider other options.