The sharp decline in the real estate housing market, coupled with unscrupulous and predatory lending schemes has led to skyrocketing numbers of new foreclosure filings. The number of new filings has reached such high levels that some Florida Court systems have had to restructure their hearing procedures to deal with the large influx of foreclosures. Fortunately for the Florida homeowner faced with defending a foreclosure action, there are options available.
Most states allow the foreclosure of mortgages to be accomplished outside of a formal judicial proceeding. Chapter 702, Florida Statutes, governs the legal process by which a mortgagor can foreclose on the loan on real property. This Chapter requires the lender to file a legal action for foreclosure and provide the homeowner with an opportunity to defend in a court of law. Our attorneys understand this process and are available to assist homeowners with properties in distress.