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Let a Foreclosure Lawyer in Florida Help You Protect Your Home

There is an old saying that nothing is scarier than death and taxes. However, losing your home through foreclosure might complete the triangle. No matter how it sounds, foreclosure is simply a legal process. When people buy homes in Florida, as in most states, they typically do not have the entire asked-for selling price, so they take out a loan to cover the sale. The loan generally includes a promissory note, which is actually an IOU to repay the loan, and a mortgage.

According to the terms of most mortgages, payments must be made at regular times, such as monthly, and according to a specified amount. If all proceeds according to plan, the house you are paying for monthly will become yours in a certain number of years, such as 20 or 25. What happens, however, if you lose your job or encounter overwhelming and unexpected expenses? Your loan probably includes a grace period, allowing you to be 120 or more days late with the payment. If you go beyond the grace period, you will likely be charged a late fee, which will probably add 5% to the payment.

The situation now gets tougher. You keep missing payments, and you are getting phone calls or letters from the mortgage server. Finally, you are so far behind that you can’t keep up the payment schedule. You are going to lose your home because you can’t repay any creditors who have a financial interest in the property. Creditors include the money lender, contractors, and suppliers. This entire process of making sure everyone involved will be repaid if the original buyer defaults is known as foreclosure. It is frightening for the buyer, but it is sometimes the only way that creditors feel they can recoup their losses.

There are two types of foreclosures: judicial and non-judicial. In a judicial foreclosure, the process goes through the court system, local, state, or federal. It begins with a lawsuit brought by the lender, who will be the first creditor to be paid when the lawsuit is settled. In the State of Florida, all foreclosures must go through this process. A non-judicial foreclosure is faster and does not involve the court system. The lender has the power to sell the house if it is in default.

By mid-2013, Florida had the biggest foreclosure backlog of any state; the process took about 890 days to clear. To break the backlog and speed the process, a new foreclosure bill, known as the Florida Fair Foreclosure Act, was passed in June 2013. The aim is to speed the process and clear out the backlog. Speeding up the process may mean that the buyer now has less time to find an alternative payment plan.

If you are having trouble meeting your home payments in Florida or if you fear that foreclosure may possibly be in your future, do something now. Contact an experienced foreclosure laywer in Florida to discuss alternatives. Contact Baggett Law in Jacksonville. We know the law and we can help.

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