Florida ranks #4 in the national highest foreclosure rate in 2009. Miami foreclosure rates have been the highest in the nation with over 25,500 total homes in foreclosure as of the end of March 2009. Since regional moratoriums on foreclosures have expired, the numbers have increased in 2009 after a small slow down in the last two months of 2008. However, Miami homeowners must familiarize themselves with Miami foreclosure law and know the options available to them to help save their home from auction.
Miami Foreclosure Laws
Miami foreclosures are enforced by the court system from laws created by the state of Florida. In Florida, the Mortgage is the main security document. No Deeds of Trust are allowed as they are most other states. Since all Miami foreclosures go through the courts, it is important that a homeowner facing foreclosure know the laws and respond according to the laws.
Here is a rundown and summary of Miami foreclosure laws:
| Judicial |
Yes |
|
| Non Judicial |
No |
|
| Primary Security |
Mortgage |
|
| Timeline |
Usually 90 Days |
|
| Redemption |
Yes, subject to Court Decision |
|
| Notice |
Complaint |
|
| Deficiency Judgment |
Yes |
|
How a Foreclosure Lawyers Can Help
All foreclosures in Miami are judicial, meaning they are filed and enforced through the court system. It is extremely important to have someone on the side of the homeowner who knows the process and can help save a home from foreclosure or minimally make the process go as smoothly as possible.
The best professional help is through a qualified and certified foreclosure lawyer who specializes in Miami real estate and foreclosure laws. A foreclosure lawyer will respond to a court complaint on behalf of the borrower and work with the courts for the time needed to try and heal the default with the lender. It is important to contact a foreclosure lawyer early in the foreclosure process so that there is sufficient time to build a case and respond to a court complaint.
The foreclosure lawyer will also communicate directly with the borrower and try to work out an arrangement on behalf of the borrower to stop the foreclosure. A loan modification is a potential solution that will satisfy the lender and allow the borrower to continue making loan payments.
Miami Foreclosure Help
With the staggering foreclosure statistics in Miami, it is likely that as many as one in every 54 homes will face a foreclosure filing. Information about foreclosure laws and proceedings can be found in the courts and even online through the Florida legislature. It is important that a homeowner facing foreclosure know how to respond and where to seek help. A foreclosure lawyer will usually provide a free consultation to review the homeowner’s case and determine the right strategy and action needed to respond to a foreclosure complaint.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Miami to see your best options you have available to avoid Foreclosure.
