Florida loan modification may help stop foreclosure

Florida loan modification may help stop foreclosure

In the event that a homeowner is facing foreclosure, they usually are in a battle to save themselves from losing their home. Not only is the homeowner affected, but so is their family who depends on them. Florida homeowners are now facing more challenges since a law has passed called the 'fast-track foreclosure bill.' As part of the bill, homeowners cannot regain back their property even if it was improperly foreclosed on.

The 'fast-track foreclosure bill' speeds up the foreclosure process. In case of accidental or illegal foreclosure, the new law stops homeowners from claiming their homes back. In hindsight, homeowners can be forced out of their homes even if they did nothing wrong. However, homeowners who were wrongfully foreclosed on can pursue civil action.

About 1,000 foreclosure cases have been filed on a monthly basis. Those in the real estate industry have warned about more foreclosed homes being up for grabs. If homes that have been foreclosed are put up for sale too prematurely, this may cause the sale of real estate homes to drop.

Florida homeowners who have been threatened with the possibility of a foreclosure on their home may have resources available to them. Obtaining loan modification services may be able to help give them a peace of mind. When searching for loan modification services, consumers should do a thorough research of the companies' reputation and ask questions about their background. Utilizing services through a law office can ensure the loan modification process is done properly and within the parameters of the law.

Source: Source: www.wftv.com, "9 Investigates: Fast track foreclosures could have high costs," July 31, 2013