Christian D. Posada, P.A. | Foreclosure Defense
What Is Foreclosure? Foreclosured Home

Foreclosure is a legal process by which the mortgage holder causes the judicial sale of the secured real estate to pay a defaulted loan. The mortgage on real estate acts as collateral for the repayment of the loan so when this loan is in default, the mortgage holder exercises its rights to take the collateral by selling the home.

Foreclosure Icons

The 2010 United States foreclosure crisis, sometimes referred to as foreclosure-gate, is an ongoing and unresolved issue in the United States and refers to an apparently widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis has caused significant investor fear in the US.

 
 
Possible Foreclosure Defense Outcomes
Road to Possible Foreclosure Defense Outcomes

Foreclosure

The legal process by which the mortgage holder causes the judicial sale of the secured real estate to pay a defaulted loan.


Short-Sale

A short sale is a sale for less than you owe on the mortgage loan. Lenders may allow a home to be sold at a loss (consequently, the term short sale), because a short sale is nonetheless preferable to foreclosure.





Loan Modification

This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Speak to your attorney to understand your various options.

Repayment Plan

An agreement to resume making your regular monthly payments, plus a portion of the past due amount each month until you are caught up on your past due amount.

Reinstatement

Your lender agrees that all amounts required to bring your loan current can be paid (including late fees, attorneys fees, taxes, insurance, etc.) and once these amounts are paid, the foreclosure will be dismissed and you will be back on your regular payment plan.

Deed In Lieu of Foreclosure

With a deed in lieu of foreclosure, the borrower voluntarily executes a deed conveying the property to the lender in exchange for the lender cancelling, in full or partial satisfaction, the debt that is owed or remains on the loan after the sale of the property.

Cash for Keys

Lenders may offer homeowners money to leave the home voluntarily without a post-foreclosure judgment eviction, if the home is in relatively good condition and undamaged.

Stay Informed About Foreclosure Defense
How To Protect Yourself From Mortgage Foreclosures 2,038,000 Foreclosured Homes In America

Contact your lender or loan servicer as soon as you realize you may have a problem and may have missed a payment. Studies show that at least 50 percent of all consumers that have defaulted on a mortgage or missed payments never contact their lender. For more information about contacting your lender, refer to www.hud.gov/foreclosure or here.

Gather information. Learn all that you can about your mortgage rights and foreclosure laws in Florida. Review your loan documents to determine what your lender may do if you canít make your payments. Review Florida laws, particularly Chapter 702, Florida Statutes and Section 45.031, Florida statutes to learn about foreclosure proceedings. Information on local sessions may be available here.

Contact a nonprofit housing counselor. Help and information is available to you free of cost. The HOPE NOW alliance provides a 24-hour hotline to provide mortgage counseling assistance in multiple languages. 1-888-995-HOPE. You may also obtain a list of HUD-approved counseling services in Florida at http://www.hud.gov or here.

Source - The Florida Attorney General

290,932 Foreclosure Homes In Florida As Of 03/15/2011
Understand the Relevant Terms of Foreclosure Defense

If you are working with your lender or an approved housing counselor to keep your home, there are several options:

If you and your lender agree that you cannot keep your home, there may still be options to avoid foreclosure: