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Foreclosure Defense FAQ

Common Questions About Foreclosure in Okaloosa County

A bank will foreclose on a home when the borrower fails to pay their mortgage; this process usually begins once the borrower has missed three monthly payments. If your home is facing foreclosure, we urge you to contact an Okaloosa County foreclosure defense lawyer from Richard S. Johnson & Associates, P.A.

Since 1994, we have provided foreclosure defense and bankruptcy services to individuals and families facing the loss of their home. We know Florida's foreclosure laws inside and out and we know how and where to look for lender misconduct and abuse.

We encourage you to continue reading our frequently asked questions about foreclosure below. To learn more about your legal options and defenses, contact our firm to schedule a free case evaluation!

How long does the foreclosure process take?

Since the courts are involved and because the state has been swamped with foreclosures, a foreclosure in Florida can take five to seven months, or even longer.

What is House Bill 87?

House Bill 87 is a new law signed by Governor Rick Scott on June 7, 2013, which aims to streamline foreclosures in Florida. Banks no longer have five years to collect losses, they just have one, and it also limits deficiency judgments. Additionally, the Bill allows any lien holder, including homeowner or condo associations to initiate the foreclosure process.

Are foreclosure judgments final?

Under House Bill 87, foreclosure judgments are final. This means that any action to set aside, invalidate or challenge the validity of a final judgment of foreclosure is limited to monetary damages when the lender has met certain conditions.

What is a mortgage state?

Florida is called a mortgage state, which means that he property owner holds title, unlike a deed of trust state which allows title to be held by a third party who can foreclose on a property that is in default. In mortgage states such as Florida, the property owner must go to court in what is known as a judicial foreclosure to rectify a situation where the homeowner is in default on their mortgage.

What is a deficiency judgment?

When a lender obtains a judgment of foreclosure, the court sells the mortgaged property at a foreclosure sale. If the sale does not bring enough money in to pay the full amount of the judgment, the mortgage holder can ask the court to order a deficiency judgment against the homeowner for the difference between what was owed and the value of the property.

Will I be responsible for a deficiency judgment?

Deficiency judgments are allowed when the homeowner is personally served in a foreclosure lawsuit; however, the court has flexibility in regards to the amount of the deficiency, regardless of the type of mortgage. Effective July 1, 2013, the period a lender has to seek a deficiency judgment was reduced from five years to one.

Call an Okaloosa County Attorney today!

When you have invested tens of thousands in your home and you are at risk of losing your investment to foreclosure, you should speak with a foreclosure lawyer from our firm. No matter how dire your situation, you should understand your rights, your legal options, and how a foreclosure would affect your credit rating.

We encourage you to contact our office as soon as possible to arrange a free consultation. We will carefully review your situation and provide you with legal advice about your individual situation. This way, you can be confident that whatever decision you make is an informed one.