If you're like a lot of our Brevard County readers, then you probably consider your home to be among one of your more prized possessions. You have probably worked very hard to not only acquire it but keep it in your family as well. You may even have plans to leave it to one of your children or loved ones when you pass away.
Unfortunately, failing to make payments on your mortgage can jeopardize your plans, especially because it can lead to foreclosure. As you may know, foreclosures can not only cost you your family home but they can ruin your credit and hurt your chances of securing a loan for another residence later on. If you're like a lot of our readers, then this is probably a situation you are actively trying to avoid.
But despite the stabilization of the economy over the last few years, many families are still unable to make consistent mortgage payments. In the past, homeowners had a better chance of keeping their homes or rescuing them from the foreclosure process, especially with help from a lawyer knowledgeable in real estate law. But since its instatement in 2013, House Bill 87 is potentially creating a problematic and unfair situation for distressed homeowners, meaning an increase in real estate disputes and litigation.
As some of our Florida readers may remember, HB 87, also known as the Florida Fair Foreclosure Act, made several changes to foreclosure rules in our state. According to many, the legislation made it easier for lenders to expedite the foreclosure process. But while the intent of the legislation is to reduce the backlog of foreclosed homes, some say that the law is actually having a negative effect on many homeowners, especially those who live in condominiums or are part of a homeowners' association where foreclosures can affect more people than a foreclosure of a single-family home.
Because of the implementation of this law and the huge impact it could have on the foreclosure process, some residents in our state feel that it is more important now than ever for homeowners to seek legal representation when facing litigation regarding the foreclosure of their home. That's because a lawyer can act as an advocate for you, using their expertise to resolve the problematic situation before you in a more effective way.
Source: The Florida Senate, "Title Xl, Chapter 702, Section 702.015," Accessed Feb. 19, 2015