Since the market crash of 2008, millions of people have struggled to make ends meet. Home owners are not immune to this harsh reality. In April of 2012, the rate of foreclosure in Florida peaked at 12.96%. Since 2012, the rate of foreclosure has fallen dramatically, but as of May of 2018, 1 in every 1057 residents of Broward county faced foreclosure which is the 10th highest rate in the nation. If you are one of these people, keep reading to understand the process and what you can do about it.
How Does Foreclosure Work in Florida?
In the state of Florida, a lender must file foreclosure proceedings in state court. Usually, this occurs within 90 days of missed payments and the borrower can expect to be served a summons to appear in court. If the borrower does not appear in court, he or she can expect a judgement against them and their home is given to the lender to offset the debt. The process has always been a cruelly rapid one, but the passing of Florida House Bill 87 (HB-87) allowed for this process to be further expedited.
What is Florida House Bill 87?
HB-87 was passed by the Florida Senate in 2013 and it had an immediate impact on foreclosure proceedings and the borrowers fighting them. The truth is, this bill does have benefits for both sides although it may not always feel that way. HB-87 allows for expedited foreclosure proceedings which, yes, makes an already horrible situation worse for borrowers. However, this bill also requires borrowers to have all appropriate paper work to expedite any proceedings. This includes a promissory note which is the agreement pertaining to mortgage payments and what happens if the borrower does not fulfill their end of the bargain. This stipulation reduced the amount of fraudulent foreclosures.
What Can You Do to Defend Yourself?
Foreclosure defense is a hugely complicated topic that should be handled by an experienced foreclosure defense attorney in Broward County. The passing of HB-87 leaves borrowers even less time to prepare to defend their rights to their most important asset. Dsouza Legal Group has been defending people facing foreclosure for over 15 years. Do not hesitate to get the defense you deserve.