Faster Florida Foreclosures Finally Takes Effect

Gov. Rick Scott recently signed into law a bill that would speed up the foreclosure process in Florida. This is in an effort to reduce the number of days it takes for state courts to process foreclosures, which takes an average of 800 days. The bill states that it would be a big help to Florida's real estate market and the economy.

Through this bill, foreclosed homes will be returned to the housing market immediately. This will also make families who went through foreclosures to immediately return to working on better credit scores and ratings as soon as the foreclosure is done. According to some reports, banks urged Scott to hasten the signing of the bill.

According to an April report by real estate data firm CoreLogic, Florida has the highest number of foreclosures for 2012. Nine out of ten homes under mortgage have been foreclosed. Across the state, the Tampa-St. Petersburg-Clearwater metro area has the most number of mortgaged homes for foreclosures.

Filing foreclosures has clogged the courts since the U.S. economy, particularly the housing sector, has suffered from the big slump a few years ago. Scott believes that speeding up the processing period of foreclosures would benefit the people, as well as banks who will be able to take homes at a much faster time.

Engaging in Mortgage Applications

For couples planning to settle down, buying a home conducive for raising a family is a necessity. However, purchasing a charming abode can be a problem especially for those who don't have enough money. Now, nobody has to settle for less; aspiring homeowners can continue their pursuit of a lovely haven by applying for mortgage loans.

There are three steps to a successful mortgage loan. First, you have to be aware of vital information regarding the property of your choice. Banks and other financial agencies require applicants to provide the purchase price and the amount of down payment for the house for sale they like.

Traditionally, mortgage loan applicants have to approach mortgage consultants in person or by phone to begin the application process. With almost everybody all over the globe having access to the Internet, starting the procedure is possible with just a few clicks. Some financial firms encourage first-time home buyers to apply for mortgage online; those who do may receive a follow-up call from mortgage consultants.

Upon getting a hold of important documents that should be scrupulously filled out, review all the items inscribed in the papers. Make sure you understand the contents of the documents to avoid confusion in the future. When everything is signed and sealed, you must deliver the papers to the financial company to avoid processing delays.  

Tapping a Skilled Foreclosure Lawyer

You're minding your own business, having fun with friends, when suddenly you get slapped with a foreclosure order on your property. As anyone can tell you, it can get ugly when the notice states you have to pay the entire debt within a set period. When this happens, you need a foreclosure defense attorney to get you through the dire straits. Then again, how do you pick the one who will help you until the end?

The first thing on your checklist is to talk to a mortgage delinquency and default resolution counselor from the state Department of Housing and Urban Development. This official will help you get the facts about your situation straight before you call in a lawyer. Take the time as well to assemble the entire history of the case, which includes records of correspondences with the mortgage provider and your original application.

When you're sitting down with your attorney, be straight to the point and detail the facts accordingly without shows of emotion. The data you exhibit can help the attorney map out the defensive angles to pursue. For instances of alleged predatory lending, the lawyer can file administrative complaints with the authorities to force the lenders to at least renegotiate the terms.

A foreclosure lawyer of good skill can be a valuable ally on your side. Not all foreclosures can be successfully challenged, but your lawyer will make sure to have your interests in the lead. 

Judicial & Non-Judicial Foreclosure Explained

Foreclosure happens when you don't pay your dues on time, forcing the lender to take back the home and put it up for sale. Depending on state laws, foreclosures can either require a formal complaint to be filed in court (judicial foreclosures), or served without a court order (non-judicial foreclosures). Florida is among the 25 states that operate on judicial foreclosure (although some states offer both types).

Judicial foreclosure consists of three stages: the service, the proceeding, and the eviction. The key in dealing with foreclosures is to avoid letting the foreclosure notice reach the final stage (which is eviction) by paying every cent that you owe. A foreclosure notice can be neutralized by settling the outstanding amount, along with penalties and interest. You can still hope for a turnabout in the legal proceedings by defending your ownership of the home. For example, your lawyer could say that the plaintiff failed to follow due process.

Still, foreclosure lawyers say that emphasizing the defendant's ownership of the home is done so that the lender will drop its intent to foreclose the home. Foreclosure can be a scary thing if you let it persist for a long period, but it can be stopped by paying your dues. This just goes to show that it's important to keep your finances in check.