Florida lawyers working for homeowners facing foreclosures have been advising their clients to remain in their houses while the foreclosure process is carried out.
The lawyers explained that there are several benefits of remaining in the homes and not walking away immediately. The lawyers said that the lenders could be forced to modify the loans to affordable payment schemes or the banks could remedy a short sale, preventing borrowers from struggling through life with a foreclosure record.
Also, the lawyers said, the decision to stay put can also help the mortgage lenders. While homeowners stay in the homes, the properties are maintained and prevented from being vandalized. If homes are taken care of, neighborhoods are protected from blight.
The lawyers also explained that homeowners whose houses will ultimately become foreclosed can save while waiting for the final eviction notice. As their credit scores are already ruined by foreclosures, they need money to find a place where they can stay.
Some lawyers in Florida have found that some banks do not carry out foreclosures immediately because of several reasons: lack of personnel, inadequate systems, backlog on court foreclosure filings, large number of loan modification applications and rising number of foreclosed properties in the market.
The lawyers also said that homeowners who file actions against foreclosures are also able to buy time and stay in the homes while the legal process goes through the system. Foreclosure filings without homeowner complaints go through the fast-track court process while foreclosure filings with complaints go to the traditional route.
In Florida, courts have established processes that expedite the system to clear thousands of foreclosure filings. In the counties of Manatee and Sarasota alone, over 46,000 filings have been submitted.
Another tactic that homeowners can do, according to Florida foreclosure defense lawyers, is the filing of action to require lenders to prove that they are the real owners of the mortgages.
Large numbers of mortgage loans during the housing boom were repackaged and sold as mortgage-backed securities to various investors, putting a question on the ownership of the mortgage loans.
Additionally, lawyers hired by mortgage lenders to file foreclosures often pay the lawyers for every foreclosure accomplished, so the lawyers focus on the easiest foreclosure cases first, giving some more time to homeowners who file valid complaints and inquiries either with the courts or with the lenders.
Lastly, the lawyers reiterated that these tactics are legal ways to help homeowners buy time to save some money and help them survive the effects of foreclosures.
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