Florida Foreclosure Help in Hollywood, south Florida short sales

Florida is one of the states that have been hardest hit by the mortgage meltdown which is why Florida foreclosure mediation is a necessity. With the large housing boom that tanked with the recession, there are currently thousands of people in the state of Florida that are in danger of foreclosure and are looking for ways that they can keep their homes. Oftentimes there are solutions to mortgage problems, but people simply wait too late to seek the help that they need to save their homes. With foreclosure mediation, individuals …

Going to mediation is such an overwhelming process.  It almost feels like going to a criminal trial without being represented.  Everything is recorded and the bank is represented by a seasoned lawyer.  Although the system was treated with good intentions, mediation is not in your best interest.  For starters the mediator is not allowed to give you any legal advice if they could.  They are armed with only basic foreclosure knowledge.  With only this knowledge how is a mediator suppose to stand up next to the foreclosure department of a …

If you’ve been following along, I’ve already discussed your other available options when it comes to foreclosure mediation in Florida. It’s time to discuss the final option they give you, the deed-in-lieu
Deed-in-Lieu of Foreclosure (DIL)
The name could be considered a misnomer. A deed-in-lieu of foreclosure is more like a voluntary foreclosure. If you accept a deed-in-lieu, you are willingly signing over possession of your home to the bank.  All the negative effects that are included in a foreclosure are also included in a Deed-in-Lieu. It is treated on your credit …

Previously, I wrote about trying to negotiate a loan mod with your bank during a Florida foreclosure mediation session. If you are not able to get approved for a loan mod or you do not or cannot continue paying on the property you have a second option, the short sale.
Short Sales
A short sale is when the banks allow you to try and sell the house for less than what you owe. With housing prices still falling in South Florida this has almost become the only way to sell a house. …

Florida requires the banks to notify you that you have the option of going through mediation before the foreclosure trial is set. The issue with this is that there is no clarification as to how the banks must notify you. Therefore, the only way you find out you have this option is by a single letter sent to you after the suit has been filed. The banks don’t even send it, the mediation company does. Once the suit has been filed you have 120 days to call the mediation company …

How does Florida foreclosure mediation work?
Florida passed a law requiring banks to allow homeowners the chance to meet with them to try to resolve their delinquent mortgages without having to go through the already overcrowded courts. Homeowners meet with their lender and a third party, the mediator, in a neutral location to try and work out options to stop foreclosure. During this time the homeowner’s current financial situation is reviewed and they are given a chance to explain why they are behind on their payments. The homeowner is allowed, …