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How Long Does a Loan Modification Take?
Wells Fargo Signs Home Affordable Second-Lien Modification Program...Deficiency judgement in Florida
In the state of Florida much like other states around our country, foreclosure rates are sky high. Many people facing financial difficulties can no longer afford their mortgage payments and are in great danger of losing their home. One big problem most of these borrowers are worried about is the lender suing them for the deficiency balance of the loan.
What is a deficiency judgement?
If you have lost your home due to foreclosure and your home is not worth as much as the remaining balance of the loan, the lender may come after the borrower for the difference. Lenders may do this to make sure that the loan is paid back in full. The value of your home will be determined on the actual date of sale. Read more
How long does a foreclosure take in Florida?
Florida is strictly a judicial state and therefore the foreclosure proceeding will be carried out by the courts. The time line of foreclosure in this state is typically 180 days.
However, we have many members in our forum and who have emailed LoanSafe.org to inform us that they have been able to extend this period for up to a year or more. Many are in the process of a loan modification or short sale. It seems like the homeowners who do not look for help or bury their heads in the sand will see foreclosure happen much quicker than their Florida neighbors who are attempting to save thier homes.
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In Florida the foreclosure process will start with a court action filed by your mortgage servicer and also recorded will be a notice of pending lawsuit. You will be notified of this via mail, person, or by your servicer. A final ruling will be made by the court if the homeowner does not respond in a certain length of time. The total amount a homeowner owes to their lender, and the date of sale may be ruled by the courts against the homeowner. Read more