The prospect of a foreclosure sale can be daunting for homeowners facing financial difficulties. However, it’s essential to be aware that there are measures you can take to potentially halt the foreclosure process and safeguard your home. From legal avenues to financial strategies, understanding your options is crucial in protecting your property and finding a way forward.
If you’re currently facing a foreclosure and want to explore ways to stop the sale of your home, don’t hesitate to reach out to an experienced Florida foreclosure lawyer. At Charlip Law Group, our lawyers can provide personalized guidance based on your specific circumstances and help you navigate the legal complexities involved. We understand that every situation is unique, and we can assist you in exploring all available options, including applying for a foreclosure assistance program. Contact us today at (305) 354-9313 to schedule a free consultation and discuss your situation in detail.
After a judge rules in favor of a mortgage lender in a foreclosure action, the lender’s next action is usually setting up a foreclosure sale. If a homeowner believes that the foreclosure judgment was entered by mistake, he or she may be able to challenge the foreclosure and stop a sale of their home if there has not been a sale and transfer of title to a new owner. After a sale has been finalized, the homeowner can only receive monetary compensation if a court later finds that the foreclosure was in error.
A homeowner may in some circumstances be able to stop a sale of a foreclosed home by filing for a temporary injunction or temporary restraining order if he meets some conditions. The most important factor that a homeowner has to prove to the court in seeking an injunction to halt the sale of a foreclosed home is that if the sale is allowed to continue, the homeowner will suffer irreparable harm. A homeowner can show this by arguing that this is their home, and should the sale be allowed to proceed they would lose out on a unique asset.
Before filing for a temporary restraining order, a homeowner should make sure that they are seeking such an order based on a belief that he has legal grounds to challenge the underlying foreclosure judgment. If the homeowner proceeds to seek a temporary restraining order simply to delay a sale, there may be adverse consequences for the homeowner.
A temporary injunction stops a foreclosure sale for about 22 days. This does not offer a permanent solution for the homeowner. It just stops the sale for a while, and if the homeowner wants to appeal their case, they can do so while seeking a longer preliminary injunction. In a hearing for a preliminary injunction, the court looks at the hardships that would be experienced by both the mortgage lender and the homeowner if the judge grants or denies the injunction. The judge then balances the harms and makes a decision. If the homeowner can show a likelihood of success on their case on appeal, the court is more likely to issue a preliminary injunction. In some cases, a bond may be required when seeking either a temporary restraining order or a preliminary injunction.
If a homeowner is experiencing additional financial problems and has more debt than just their mortgage, the homeowner may also consider filing for bankruptcy is they cannot get back on track. Filing for bankruptcy also has an effect of stopping a foreclosure action against a homeowner for a period of time. Depending on how far along the foreclosure proceedings against a homeowner have gone, filing for bankruptcy may not be an advantageous move. Homeowners should discuss the implications of such a move with their attorney.
How Long Does Foreclosure Take in Florida?
In Florida, the foreclosure procedure, also known as a Judicial Foreclosure, is overseen by the courts. The entire process spans approximately 180 to 200 days, although this duration can be prolonged in cases of legal disputes or bankruptcy filings. The procedure initiates with the lender issuing a “Notice of Default,” indicating the borrower’s delinquency on mortgage payments. Following this, the lender files a Lis Pendens or a lawsuit, seeking full repayment of the mortgage. The borrower is then given a 20-day period to respond by submitting an answer to the court. If the foreclosure isn’t effectively contested or sorted out via loan restructuring or a short sale, the court will designate a foreclosure sale date, generally set within a window of 30 to 45 days. The property is then put up for auction, going to the highest bidder. Post-auction, there is a mandatory 10-day wait before the Clerk awards a Certificate of Title to the new proprietor. In certain circumstances, the former owner may be entitled to reclaim the property by settling the debt. In the event of a remaining balance or shortfall after the sale, the lender possesses the legal entitlement to file a lawsuit against the borrower, seeking a judgment that enables the recovery of the outstanding amount and any associated expenses.
It is crucial to understand that these timelines are approximate and subject to variation based on the particular circumstances of the case, court schedules, and various other factors. Consulting with an experienced Florida foreclosure attorney is recommended for accurate and up-to-date information regarding the foreclosure process. Schedule a consultation with Charlip Law Group today.
|Foreclosure Procedure in Florida
|Notice of Default
|Lender issues a “Notice of Default” indicating the borrower’s delinquency on mortgage payments, notifying them of the impending foreclosure process.
|Filing Lis Pendens
|Lender files a lawsuit, known as “Lis Pendens,” seeking full repayment of the mortgage and initiating the formal foreclosure procedure through the courts.
|Borrower has 20 days to submit an answer to the court, providing their response and presenting any defenses or challenges to the foreclosure action.
|Court designates a sale date, typically within a window of 30 to 45 days, during which the property is put up for auction and sold to the highest bidder.
|Certificate of Title
|Following the foreclosure sale, there is a mandatory 10-day wait before the Clerk awards a “Certificate of Title” to the new proprietor, transferring legal ownership.
|In the event of a remaining balance or shortfall after the sale, the lender has the right to file a lawsuit against the borrower to seek a judgment for recovery of the outstanding amount and associated expenses.
Contact a North Miami Foreclosure Attorney
If your home was taken as a result of a wrongful foreclosure, it is important to seek an experienced foreclosure defense attorney to determine what rights and options you have. Contact the North Miami foreclosure attorneys at Charlip Law Group, L.C. for a consultation on your case.