Bankruptcy Attorney | Statute of Limitations Halts Home Foreclosure Action for Some
Bankruptcy Attorney | A notice of foreclosure can strike fear in the heart of any home owner. For many in Florida, the crush of home foreclosure actions that came as a result of the recession meant many homeowners found it impossible keep a roof over their heads. However, for some Florida homeowners, that crush has meant the statute of limitations has run out, and some may be able to stay in homes for which they quit paying the mortgage.
Mortgage lenders have been informed through the Florida courts that a foreclosure action cannot be pursued under certain circumstances. If the foreclosure case was lost by the lender and that lender did not pursue more legal action within five years, the resident cannot be evicted. The time frame means some are able to stay in their homes without any more financial ramifications.
One woman in particular explained her situation. She bought a home in 2001 and couldn’t pay her mortgage after financial hardships in 2008. She quit paying as the foreclosure action was initiated; however, her lawyer continued to negotiate a modification during that time. The lender attorney failed to appear in court and the action was dismissed, meaning she could now legally stay in the home without paying more mortgage payments.
Any home foreclosure action can mean problems for a person’s credit and financial outlook altogether, and most professionals continue to advise against stopping payments entirely. For those who are struggling in Florida and are unsure of how a home foreclosure will impact their finances, credit and the ability to keep a home, options are available. Bankruptcy can help homeowners as the foreclosure action can be halted while a homeowner figures out the best way to achieve financial stability and how best to pursue means of keeping a home. – Orlando Bankruptcy
Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: (904) 389-5880. #FloridaBankruptcyAttorney #FloridaBankruptcy
If you are thinking about #bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880