When a borrower is unable to make mortgage payments on their home, the entire family may suffer. Not only do people in this position often face debilitating anxiety and lose sleep at night, but their financial future may be hit hard and they could be forced to move out of the family home. On the other hand, investors may wish to defend foreclosure actions taken against homeowners who have missed payments for years. In Miami-Dade County, and other regions of Florida, people who are struggling with these massive challenges should do everything in their power to make sure that the foreclosure process moves forward as smoothly as possible.
A significant ruling by the Florida Supreme Court could affect homeowners in the state who have fallen behind on their mortgage payments. Prior to the court ruling, lenders who wanted to put a home in foreclosure had five years after the date of a borrower’s default to take measures.
However, lenders will now be able to pursue foreclosure at any time, even if no actions have been taken for a number of years. For some borrowers who have stopped making mortgage payments on their homes, the ruling dashed hopes of having the debt cleared. In fact, estimates show that people owe up to $400 million worth of real estate debt across the state of Florida.
When a homeowner wishes to contest a foreclosure, it is imperative for them to review each option and approach their case correctly. By preparing beforehand and discussing the details of the foreclosure with an experienced legal professional, some people are able to secure an outcome that is more favorable.
Source: Tampa Bay Times, “High court ruling means no more ‘free houses’ for Florida homeowners in foreclosure,” Susan Taylor Martin, Nov. 11, 2016