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What is a HELOC or home equity line of credit?  A home equity line of credit (HELOC) is a loan that uses your house as collateral to secure the repayment of the borrowed money. With a HELOC, you can access a revolving line of credit, similar to a credit card, using the equity in your home. The ...

I am negotiating with my lender, which stops my foreclosure case, right?  Wrong. The foreclosure case does not stop just because you are negotiating with your lender on a loan modification, repayment plan, forbearance agreement or other loss mitigation. This is because negotiations and loss mitigation are separate and distinct from the foreclosure case.

A loan modification is a modification of an existing mortgage loan.  The loan is modified with the purpose of allowing you, the homeowner, to remain in your home without a past due balance, allowing the foreclosure case to be dismissed.  The loan can be modified in several ways, and each individual loan is unique.  The ultimate goal of a loan modification is to reduce your monthly payment to enable you to keep your home with a monthly payment you can afford. 

How do I write a hardship letter for a loan modification? A hardship letter is a personal letter that you write to your lender explaining why you fell behind on your mortgage payments and what has changed that will allow you to make payments if you receive a loan modification. There should be three basic components of your hardship letter.  With each component, be brief and be honest.  Lenders do not have time to read more than one-page letters from every applicant, so get to the point quickly and concisely. 

Should I file bankruptcy because I am behind on my mortgage and going into foreclosure? Most likely no. There are two common types of bankruptcy cases, Chapter 7 and Chapter 13.  There are requirements to each of these types of bankruptcy cases.  Chapter 7 bankruptcy is for elimination of debt...

What happens if I don't respond within 20 days to a foreclosure lawsuit that was filed against me? If you fail to respond by failing to file an answer or other valid written response to the foreclosure complaint, you will be defaulted.  This means the court will enter a default against you a...

Do I have to move out if I am renting a home that is being foreclosed on? No. When a foreclosure lawsuit is filed against your landlord, as a tenant living the property, you will usually be served with the foreclosure lawsuit.  This means you will be handed a copy of the lawsuit by a process se...

Should I buy a property at a foreclosure auction?  Proceed with caution. I received a call from a gentleman that recently purchased a mortgage foreclosure property.  After his purchase, he received a notice of foreclosure that he needed to pay $1,000,000 that was owed.  He said, “Didn't I get ...

How do I stop the foreclosure of my home? There are several different types of residential foreclosure depending on where in the United States you live.  Each type of foreclosure has its own set of guidelines, and each is very different.  The main two types are non-judicial and judicial...

How long does the foreclosure process take in Florida? It can vary.  Many foreclosure cases last anywhere between ten months and two years, when contested by a competent foreclosure defense attorney, although there is not a specific time frame for foreclosures and each case is unique.  This is...

Is the letter I received in the mail stating my house is going to be auctioned real? Most likely no.  If your home is in foreclosure, you will receive a final judgment of foreclosure.  This is a court order that does three things.  First, it forecloses everyone's interest to the property other ...

Is the foreclosure moratorium over? Yes.  The Federal Foreclosure Moratorium expired at the end of July 2021 after nearly 17 months.  In Florida, Governor Ron DeSantis, ended the Florida Foreclosure Moratorium in September of 2020.