Things to keep in mind with your Florida foreclosure
Here are a few tips to remember if you've been served with a foreclosure complaint or are in default and expecting a foreclosure:
- Once you are served with a complaint you have 20 calendar days to formally respond in writing to the Court and the Attorney who filed the Complaint.
- A bank can obtain service either by having a Service Agent physically hand you a copy of the complaint, or by publication in the local newspaper if its Service Agent cannot find y you. Avoiding the Service Agent is not an Answer.
- Most banks will eventually file the original note with the Court. Simply demanding the bank produce the note may not stop a foreclosure.
- A Judge cannot, and will not advocate on your behalf in any litigation. You, or your attorney, are expected to raise all defenses and issues for the Judge to rule on.
- The Bank's attorneys, debt collectors or other agents DO NOT REPRESENT YOU.
- Many foreclosure defenses do not rely or depend on your ability to pay the mortgage.
- Attempts to renegotiate a loan will not halt foreclosure proceedings in court, legally stop a Judge from issuing a judgment against you, or prevent the sale of your house.
- Listing the house for short sale will not halt foreclosure proceedings in court, legally stop a Judge from issuing a judgment against you, or prevent the sale of your house.
- Even if the bank obtains the house through foreclosure, through a deed in lieu, or "cash for keys," you could still owe money to the bank. The bank could enforce the debt through the Courts.
- If you sell your house in a short sale, the bank may still require that you pay or continue to owe the amount of your loan not covered by the sale.
- If the bank forgives any part of your debt, the bank will most likely issue you an IRS 1099 showing that forgiven debt as taxable income to you, resulting in further tax consequences.
- While Florida currently requires banks to participate in mediation with you, you have to formally ask for that option and it does not halt the foreclosure case. Also the bank does not have to actually settle with you at mediation. Mediation may not prevent your foreclosure.
Find out more at www.peacock-law.com
or call (727) 490-5719 to set up your free consultation today
or call (727) 490-5719 to set up your free consultation today
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