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Nonjudicial Foreclosures: Are They Coming to Florida?

In September 2011, presentations were given to both the Florida House and the Florida Senate encouraging them to pass legislation implementing nonjudicial foreclosures. Currently, between 25 and 37 states have some form of nonjudicial foreclosure. The only method of foreclosure now available in Florida, however, is a judicial foreclosure. What is the difference between a nonjudicial and a judicial foreclosure? A judicial foreclosure requires the lender to file a lawsuit and to pursue that lawsuit through the courts. This means that the foreclosure must follow the procedural rules applicable to litigation. For example, the debtor must be personally served with the foreclosure...

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Reverse Mortgages: Are They For You?

In today’s economy, many older people have seen the value of their retirement funds decline substantially. Some are struggling to make ends meet, cannot afford their medication or are living on high interest credit card debt. If you are one of these people, there may be another solution. If you and your spouse are 62 years old or older and have equity in your home, you may have the option of a reverse mortgage. A reverse mortgage allows you to tap into the equity in your home to pay off your home loan. This eliminates or reduces your monthly payments and...

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Practical Suggestions for Dealing with Distressed Property: Mortgage Foreclosure, Modifications and Refinancing

family lawyer

Many people struggle to find out what to do when they are having trouble paying their mortgage or when they find their real property is under water. Nationwide, home prices are down 30% and since the 2006 real estate peak, 11 million homeowners are underwater. By under water, I mean they owe more on their property than what it is worth. Florida’s statistics are even more startling because Florida suffers from one of the worst rates of real estate depreciation. People who find they are struggling to make mortgage payments or who are under water often try to educate themselves...

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DeWitt Law Firm, P.A.
Business Address:37 North Orange Avenue, #840,Orlando,Florida,32801,US |Tel: 407-245-7723 |Email: dewitt@dewittlaw.com.
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