Changes to Foreclosure Laws You Should Know

Fort Lauderdale foreclosure laws/Miami foreclosure laws

In these difficult economic times, more and more homeowners face the unfortunate tragedy of home foreclosure. A recent Wall Street Journal article detailed how Florida was hit particularly hard in the foreclosure area. Besides having one of the highest default rates in the country, Florida’s legal system, unlike many other states with devastated housing markets, requires judges to sign off on foreclosures.

Rocket docket

The combination has created a huge glut of cases that are overwhelming the courts. The backlog of cases in Florida courts has resulted in what has been referred to as a rocket docket that pushes through up to a thousand cases a day.

Rocket docket cases take just a few seconds. The judge asks two questions: whether the homeowner is currently occupying the home and whether he or she is current with monthly amortization.

While the answer to the first question may be yes or no, the answer to the second question is always no and that usually results in the judge informing the homeowner how many days he or she is allowed to stay in the house if unable to negotiate a deal with the lender. An attorney skilled in foreclosure laws can help you thread through the complexities of foreclosure.

New regulations

According to a Miami Today article, under a relatively new Miami-Dade County law, foreclosed homes are now subject to county code inspections and sellers are required to disclose any violations as well as the cost estimates for fixing them to potential buyers up front. The article further states that under another new measure lenders are required to maintain foreclosed properties once vacated.

These new measures protect buyers from surprise code enforcement costs after a sale, but they also may slow down the return of properties to the market. People who buy fixer-uppers to sell later have an additional cost of code compliance, but they may be able to pass that along to buyers provided it is disclosed upfront.

We can help

If you face foreclosure, an attorney skilled in foreclosure law in Fort Lauderdale and foreclosure law in Miami can help. Contact Templer & Hirsch, P.A. today for answers to all your questions about foreclosure laws in Miami and foreclosure laws in Fort Lauderdale. We explain all of the available options available to you and help you pursue the most advantageous approach possible for your unique situation.