What information must a lender or creditor disclose?
When you are dealing with lenders or creditors, you have the right to a clear and accurate loan disclosure where important information pertaining to your loan or line of credit will be explained to you in an appropriate manner. The Truth in Lending Act (TILA) requires that all lenders and creditors comply or be held liable for any violation of the act.
Under the TILA, lenders and creditors must disclose the following information:
- the identity of the creditor;
- the amount financed;
- an itemization of the financed amount;
- the annual percentage rate (APR);
What is HAMP and how does it affect foreclosure in Florida?
The federal government has responded to the increase of foreclosure in South Florida and across the nation by developing the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable initiative. HAMP is a loan modification program designed to help homeowners with making their mortgage payments affordable and avoid foreclosure in South Florida.
Eligibility for HAMP involves:
- owning and occupying a 1-4 unit residence;
- owing $729,750 or less on your home;
- having financial circumstances making it difficult or impossible to make your mortgage payments;
Overview of the Foreclosure Process in Florida (Part A)
When a mortgagor, such as a bank or other lending institution, successfully forecloses on your property, that lender takes full ownership of the property. The process, however, cannot begin until you fail to make your mortgage payments.
In Florida, a lender must use the judicial foreclosure process to seize a property and the foreclosure process must take place under Florida’s equity laws. If you have been served with a foreclosure notice, you have 20 to 60 days to take action before the bank seizes your home.
Fighting Your Florida Foreclosure Action
Once you have been served with a Foreclosure Summons, your options as a defaulting borrower become severely limited. Available options to avoid a Florida foreclosure may be further decreased by your particular situation.
You can either accept the action and allow the lender to foreclose on your property, or you can fight the action using a foreclosure defense specific to your circumstances. Should you decide to fight the action, it would be in your best interest to contact an experienced Ft. Lauderdale foreclosure attorney who is knowledgeable with foreclosure laws.
Your options after receiving a Foreclosure Summons are essentially limited to:
The Borrower’s Right to Redemption in Foreclosure Proceedings
Borrowers have one very important right they can exercise throughout the Florida foreclosure process, which is the right of redemption. Redemption is an equitable right that is intrinsic in all mortgages written in Florida. This is in addition to any other rights you are allowed to exercise as spelled out in your loan papers.
The right of redemption provides you with the opportunity to save, or redeem, your property up until the Certificate of Sale of the property is filed. In order to use this right, you must pay your debt in full to the lending institution.
Best Foreclosure Defense in Weston
The recession has hit the state of Florida hard. Currently the sunshine state ranks second from the top for foreclosure filings. The other states hit hard with foreclosures are: California, Michigan, Arizona and Nevada.
For the best foreclosure defense in Weston give Burgess Law firm a call today.
The top Florida cities with high foreclosure rates are: Sarasota, Orlando and Fort Lauderdale. Just in the month of August alone there were 62,400 new foreclosure filings with foreclosure sales numbering 8,498 that had an average sale price of $192,772.