Foreclosure DivisionThe single-most important factor in stopping foreclosure is SPEED
Time is not on your side... You don't have a lot of time. Our counselors know exactly what to do and will work diligently with your lender and provide you with all options that are available for your situation to Stop Your Foreclosure Quickly!
 A recent forecast by Housing Predictor has estimated that more than two million homes in the United States will face foreclosure in the next 2 1/2 years; numbers which represent the nation's worst housing crisis since the U.S. Savings and Loan scandal. In addition to those affected families who have gone into panic mode to stop foreclosure and save their home, legislators have been aggressively seeking solutions to this foreclosure crisis.
National and local legislators have been trying to stop foreclosures through various legislative means, from attacking predatory mortgage lenders to assisting mortgage borrowers to even offering financial assistance to families who may have to stop foreclosure in the immediate future. Learn more about proposed national and state foreclosure laws and stay updated on the latest legislative efforts to stop foreclosure below.
Here are some of the basic options available to you when you work with us:
Reinstatement - Pay your lender(s) all of your past due payments to bring your mortgage current. This option is rarely feasible.
Restructure - We can negotiate with your lender to get your loan in good standing again. There are many options available to us to get a restructure approved like a separate payment plan for your delinquency or even adding the delinquency to the end of your loan.
 Refinance - We have established relationships with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity in your property available.
Sell Your Home - You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option.
Short Sale - We may be able to negotiate a Short Sale on your behalf with your lender(s). In this instance the lender may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
Deed-in-lieu of Foreclosure - We can arrange for you to simply give the home back to the lender and walk away with a clean slate.
Bankruptcy - This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure.
Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The lender will take your home and all of your equity. If there is no equity, your lender may get a deficiency judgment against you and come after you to repay the shortage or 'deficiency'. This is the most damaging to your credit and your ability to acquire another home loan.
Time is the most critical factor here. With every day that passes, our options become limited or more complex. Every day makes a difference. Don't hesitate another minute! Get a FREE Consultation Now!
Florida Law
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 180 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
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In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.
The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that 'the court reviews the sale to ensure a fair price has been paid.' Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
Forclosure Division
foreclosurehelp@newdaymtg.com | | | |
