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3 Things You Should Know About Avoiding Foreclosure in Florida
If you are concerned about foreclosure, you need to know your rights and how the law applies. It is not as simple as most people think. The information provided below will help you fight your foreclosure. 1. Ask for the Promissory Note. As of February 12th 2010 an opinion was filed with the The District Court of Appeal of Florida; Second District. The result of this opinion was that the lender must prove that it has a legal claim to the mortgage and therefore the property. This can be the original promissory note identifying the lender as the original note holder OR the original note identifying another lender as the original note holder along with an "assignment of mortgage" if the original lender sold the note to another lender. The lender that is initiating the foreclosure must establish entitlement to foreclose the mortgage. If the lender fails to present this, by law, the lender cannot initiate foreclosure of the mortgage. To avoid roughly seven pages of legal jargon, I will give you the short answer to why the opinion was filed. The lender provided a promissory note that listed a different lender as the mortgage holder and the assignment of mortgage form they attached to the promissory note was blank and not notarized. Therefore, the court decision which originally sided with the lender was reversed, proving that the homeowner is entitled to relief. If you are being foreclosed on ask for the note! 2. Florida is a judicial state. Prior to 2007, courts generally allowed foreclosures to proceed even though the proper paperwork required was absent; many times the lender filed an affidavit stating that the note was lost. In October of 2007 a Cleveland judge halted the practice of allowing foreclosures to proceed in which the lender did not follow correct foreclosure procedures in filing proper paperwork. By February of 2008, judges in several different states began following the precedent. A homeowner can now file a response stating that the lender has failed to state a claim to the mortgage. In a judicial state, a homeowner has the right to state this claim before a judge. If the homeowner is able to prove that the lender did not follow the correct foreclosure procedures, the case could be dismissed or postponed. 3. Your numbers make all the difference. Keeping detailed records of EVERYTHING can make or break your deal. In the event that your case goes before a judge, the best way to get your terms negotiated is to have detailed records of every phone call, letter, email or any other form of communication to and from your lender. Before attempting to negotiate with your lender (or going to court if you have reached that point), prepare yourself with accurate numbers that make up your: *Gross income (Before taxes and deductions) *Household expenses (Take annual expenses and divide by 12 to get a monthly average) *Debt and leisure expenses (If it is determined that you CAN make your mortgage payment but are doing a poor job of managing your money, you are going to have an uphill battle) The lender or judge needs to know that you have enough income to be able to afford a monthly mortgage if they are going to attempt to modify your loan. To the opposite side of that, they need to know what the monthly expenses are for your household. If the lender is able to prove that you have enough income to pay the mortgage but are choosing to pay your $700 car payment instead of your mortgage, do not be surprised if the lender or judge asks which one is more important to you. For some, this will require some soul searching. What sacrifices are you willing to make to keep your home? My name is Christina Robledo and I am with The Helpful Hands Foundation in helping folks fight to save and keep their homes from foreclosure. Take a quick free survey to see if you should request assistance: http://www.FLavoidsforeclosure.org. To read the full court opinion discussed in the first section, see this link:http://www.flavoidsforeclosure.org/court-opinion-2d08-3553.html Article Source:
http://EzineArticles.com/?expert=Christina_Robledo Stop Foreclosures
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