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Recent news in the real estate market seems to be all positive for anyone who owns a home. Just last week the Realtors Association of the Palm Beaches announced that home sellers in Palm Beach County are getting 94% of their asking prices, 3.3% more for their homes than a year ago, and their homes are staying on the market for an average of only 38 days. The percentage of homeowners who are underwater on their mortgage is down from 24% in 2014 to just 16% this year.

All of those numbers sound great. But what if you are part of that 16% who is still underwater, and no longer can afford to stay in your home? The reality for those of you in this situation is much less rosy. In fact, lenders have started coming down hard on homeowners who can’t keep up.

Lenders including the banks have become more aggressive with their foreclosure procedures. They are no longer being as lenient with those who are in trouble with their mortgages. And then, they are adding a double whammy by using “deficiency judgments” against the deposed homeowner after the foreclosure, deed-in-lieu or short sale is complete. A deficiency judgment is a personal judgment against you for the difference between your home’s sale price and the original loan balance.

If you are facing foreclosure, or a deficiency judgment situation, you should not try to face this situation alone. You can cost yourself tens of thousands if not hundreds of thousands of dollars if you do not know what to do. You need a lawyer who will fight for your rights, and your money.

Brian K. Korte is a founding partner of the law firm of Korte & Wortman, P.A., and concentrates his area of practice in mortgage foreclosure defense, credit card defense, trial litigation and personal injury. He represents thousands of clients throughout the State of Florida. Mr. Korte is a noted speaker on the foreclosure defense lecture circuit and has given countless lectures for Foreclosure Seminar Services and the Foreclosure Defense Tactics Group.

Prior to co-founding the firm, Mr. Korte practiced in the area of consumer litigation and has an extensive background in personal injury litigation. As a result of his courtroom successes, he saved over 3,000 homes through loan modifications as well as over 150 case dismissals, where the bank was unable to prove their case, resulting into the borrower’s mortgage completely dismissed.

Mr. Korte is an advocate for his clients, helping each one find the right solution for their family. His specialties / Area of Practice:

Mortgage Foreclosure Defense
Credit Card Defense
Trial Litigation
Personal Injury

His Bar Admissions include:

Federal Bar
The Florida Bar Association-Young Lawyers Section
Palm Beach County Bar Association

Brian is also an active member of his local community in Wellington where he volunteers his time with the Wellington Soccer Academy and Wellington Youth Baseball.

Facing foreclosure can be a homeowners’ worst nightmare. If you are in this situation, facing a deficiency judgement, have any other credit issue or need an attorney for any real estate transaction in West Palm Beach or anywhere else in the state of Florida then contact us at Korte & Wortman, P.A. To learn more about Brian Korte, please go to http://foreclosurefactor.com/attorneys/brian-k-korte/.

Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law. In addition to using this blog as a helpful resource, please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm of lawyers represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

We look forward to helping you get the best settlement or price possible in all of your real estate transactions!

Q.: What is a foreclosure?

A.: When a secured creditor, usually a bank, attempts to recover monies owed to them based on a promissory note by selling the collateral. In more simple terms you have probably borrowed money from a bank or mortgage company in order to purchase or refinance a home. In exchange for lending you the money, you made a promise that if you could not pay them back they could take the house back.

Q.: Can the bank just come and kick me out of my house?

A.: No. Only an order of the court can force you to leave your home. Ultimately you may be evicted but there are procedures within the court system that the mortgage holder must follow first for the foreclosure and then another set for the eviction.

Q.: What are some of the pre-foreclosure steps I need to be aware of?

A.: In Florida, the pre-foreclosure timeline is as follows:

You are late with payments
1. The process begins when you, the holder of the mortgage, are late with payments. You are still living in your house at this time. Here is what happens before the legal timeline for foreclosure starts ticking.

Mortgage and Note
1. Two of the documents that you signed when you purchased your home were the Mortgage and the Note. The Mortgage states that your property is security for the debt owed to the bank. The Note is your promise to pay. The Mortgage is the legal document the bank will use to reclaim your home if you default in your payments.

Notice of Default
1. When you fail to make the payments as promised, the mortgage lender will file a civil action Complaint against you by sending you a written Notice of Default. Basically, this notice means you have defaulted on the signed contract – the mortgage agreement – on your home.

The Notice of Default marks the line of demarcation between pre-foreclosure and foreclosure.

Q.: How long does it take to foreclose on a property in Florida?

A.: Depending on the court schedule, it usually takes approximately 180-200 days (6 to 7 months) to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy. It will also depend a great deal on your mortgage holder and how aggressively they pursue your case.

Q.: Once the foreclosure process starts is there anything I can do to stop it?

A.: Yes. If working from your first late payment there are at least 10 or 20 different ways to resolve the situation. The longer you wait, however, the more some of these options will become unavailable.

Q.: At what point will I have absolutely no options left?

A.: Never. You have not lost until you have decided the fight is over.

Do not let foreclosure proceedings against you go uncontested. You do have rights, right up until you decide the fight is over. Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law, including pre-foreclosure and foreclosure proceedings. Please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

We look forward to helping you get the best settlement possible in all of your real estate transactions!

Saving one home at a time

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The knowledge and experience you need if you are facing foreclosure in West Palm Beach, Florida

Answers to some of your important questions regarding Pre-foreclosure and Foreclosure issues in Florida