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Attorney Mike Faro clears up confusion about the foreclosure process, talks about default, your rights as a homeowner and saving your property through bankruptcy.
Hi, my name’s Mike Faro. I’m an attorney with Faro & Crowder, P.A. I defend homeowners facing foreclosure and I represent people seeking relief under the United States Bankruptcy code.
Today I want to talk to you about foreclosure and the foreclosure process. There’s a lot of confusion about the foreclosure process and much of it comes from the fact that different states have different processes for foreclosure. In a non-judicial foreclosure state, the bank actually holds title to the property. If the loan goes into default the bank will send a letter that says you’re in default on your loan, you have 90 days to catch up, otherwise we will sell your house at auction.
Ninety days later, the bank can put the home up for sale. Florida is not a non-judicial foreclosure state. Florida requires the bank to go to court and pursue the foreclosure process in order to obtain a judgment and then have the court sell the home at auction in order to satisfy the judgment. The tradeoff for the lengthy process is that the bank in Florida is allowed to pursue the homeowner for a deficiency unless the loan documents specifically waive the rights to pursue deficiency.
In Florida, if you go into default on your loan you may talk to a representative from the bank who tells you that your home is in foreclosure status. That does not mean that a foreclosure lawsuit has actually been filed. The only thing that initiates the foreclosure process in the state of Florida is the filing of a foreclosure complaint. Once that complaint is filed, the bank has certain obligations. It must prove up its case in court and show that it is the proper party to be foreclosing on your loan. However, if you do not respond quickly to a foreclosure action you may waive the right to hold the banks feet to the fire and make them prove their case. You may have substantial other rights and you may have the ability to save your property through a bankruptcy.
If you’re facing foreclosure, if the bank has told you that your loan is in foreclosure status or if you’ve received a letter from an attorney’s office stating that they are initiating foreclosure proceedings, or if you’ve had a deputy sheriff or a process server serve a foreclosure complaint against you, it is important that you act quickly to protect your rights. If you’d like to schedule a free initial consultation to discuss your rights and your options moving forward, please call me today. My name again is Mike Faro and my phone number is 321-784-8158. Thank you, I look forward to helping you move forward.
Melbourne Foreclosure Defense and Bankruptcy Debt Relief.
Attorney Michael Faro and J. Christopher Crowder help people in need of foreclosure defense and debt relief in Melbourne, Florida. Faro & Crowder, PA offers free initial consultations for foreclosure or bankruptcy. Contact our Melbourne office today at 321-784-8158 or write us an email at [email protected]
We help individuals, families and businesses in Central Florida, Brevard County and the Space Coast including Cocoa Beach, Cocoa, Indian Harbour Beach, Melbourne, Palm Bay, Satellite Beach, Titusville,
Grant-Valkaria, Indialantic, Malabar, Melbourne Beach, Melbourne Village, Palm Shores, Cape Canaveral, Rockledge, West Melbourne, Cocoa West, June Park, Micco, Mims, Patrick AFB, Port St. John, Sharpes, South Patrick Shores, Viera East, Viera West, Barefoot Bay, Canaveral Groves, Courtenay, Floridana Beach, Indianola, Melbourne Shores, Scottsmoor, Suntree, Viera
Visit us on the web at farolaw.com
Questions? Contact us at [email protected]