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.
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.