Tag: judicial foreclosure process

Foreclosure Defense, Foreclosures

How Do Foreclosed Properties Become Zombie Homes?

Posted on by Admin

“Zombie foreclosures” occur when a homeowner defaults on their mortgage and moves out of the home before the foreclosure process has been completed. Due to the home being abandoned, signs of dilapidation occur from neglect and lack of maintenance.

If your home is in the middle of foreclosure, it is a good idea to stay put for the time being. Leaving a house does not get you off the hook for bills or legal responsibilities.

Zombie real estate usually happens because homeowners misunderstand the foreclosure process and end up leaving too early.

While the homeowner likely received a “notice of intent to foreclose” (NOI) from the lender – which happens during pre-foreclosure – the lender isn’t required to notify you. As a result, if the foreclosure is canceled without your knowledge, you, the homeowner, still legally own the property and are financially responsible for mortgage payments, insurance, taxes, maintenance, repairs, and other housing-related costs.

Florida has what is called a judicial foreclosure process, which means that every homeowner is entitled to a hearing before the court to determine whether the bank is entitled to foreclose.  The most important thing to remember is that the homeowner has rights, and there are ways to slow down the foreclosure process.

If a homeowner has been contacted regarding a zombie debt or old home loan, it is imperative that he or she speak with an attorney as soon as possible.  The homeowner should never ignore the legal action, as a default judgment could result.

Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Foreclosures

Facing Foreclosure? Here’s When You Actually Have to Move Out in Florida.

Posted on by Admin

When someone receives a foreclosure notice, the first thought that often comes to that person’s mind is the fear of losing their home. A foreclosure notice does not mean that someone is automatically out of his or her home. As a homeowner in Florida, you have rights. It is important that any person in this situation understands clearly what those rights are.

Understanding the Timing

A notice of foreclosure does not mean that it will happen immediately. The homeowner has the legal right to remain in the home until the lender successfully completes all foreclosure procedures and sells the home, which can take several months, depending on the circumstances involved.

Foreclosures

Florida Sees an Increase in Foreclosures for the Eighth Consecutive Month

Posted on by Admin

While overall foreclosure activity has declined nationwide, Florida has seen a steady annual increase for eight-consecutive months (one in every 1,415 housing units), according to ATTOM Data Solutions’ US Foreclosure Market Report. Major metros in Florida in which foreclosure activities increased from last year included Orlando, Fla. (up 90%) and Miami, Fla. (up 45%).

Receiving a notice of delinquency in the mail does not automatically mean that you are going to lose your home. Florida has what is called a judicial foreclosure process, which means that every homeowner is entitled to a hearing before the court to determine whether or not the bank is entitled to foreclose.  The most important thing to remember is that the homeowner has rights. There are things you can do to slow down the foreclosure process and even keep your home, while getting your financial life back on track.

Click HERE to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.