Foreclosures
CAPE CORAL, FORT MYERS, LEE COUNTY, FLORIDA
Home foreclosures have rocked the national housing market over the last couple of years, and Florida is one of the states that have been hit the hardest. There are over a million homes in foreclosure in Florida at the moment. In Lee County alone there are over 30,000. Cape Coral has a third of these foreclosed homes. In each case, someone saw their dreams for their future drift further out of reach. While it is true that some of these people simply bought homes that were too expensive on the lure of easy credit, many others became the victims of predatory bank loans, dishonest brokers, and the national recession.
Realizing you are in no position to pay your mortgage any more is not an easy place to be. Giving up your home you can no longer afford is not something easily parted with. Sometimes people may not realize they are about to lose their homes until it is too late to do anything about it. If a job loss or health problems keeps you from paying your mortgage, you need to speak to someone who knows the law and can keep you in your home. An experienced foreclosure attorney may be able to delay the foreclosure timeline and help you find a way to work out a mortgage payment plan you can afford.
Florida Foreclosure Law
In Florida, a judicial foreclosure proceeding determines whether or not a home will be foreclosed upon and then sold as part of a public sale. Only a court order can force you out of your home, but the initial proceedings are started when the lender files a lis pendens (pending litigation) with the court. The lender must give the homeowner, or borrower, notice that there has been a complaint made. The borrower then has 20 days to respond to the complaint in writing, or a notice of default will be entered, and the home will go into foreclosure.
If you receive notice that your lender has filed an action, it is imperative that you hire an experienced real estate attorney to look out for your interests. In Florida it usually takes 180 to 200 days to carry out a foreclosure. The attorneys at Lusk, Drasites, Tolisano & Smith, P.A. can help you defend against the foreclosure action during this timeframe. This may give you the time you need to redeem the property.
Deficiency Judgments
If you are still unsure whether you should hire an attorney if you are facing foreclosure, consider that Florida allows a deficiency judgment. This means that you may still owe money to the lender even if your foreclosed property is sold at auction if the property goes for less than the loan amount secured for the mortgage. This is not always granted, and we can protect you against this destructive type of judgment.
Many people may be embarrassed that their property is being foreclosed upon and would rather try to deal with it alone. However, by hiring a foreclosure attorney, you will have someone on your side who can explain the legal proceedings clearly, as well as be an advocate for you and your family.
Read about What to do in a Foreclosure.
For more information, see Foreclosure Questions.
If you are in danger of losing your home through foreclosure in the Cape Coral, Fort Myers, and the Lee County, Florida area, please contact Lusk, Drasites, Tolisano & Smith, P.A. for an initial and confidential consultation.
