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Foreclosure Takes Awhile In Florida
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Published: October 21, 2007
If you're behind on your mortgage payments, be glad you don't live in Georgia.
There, a lender can take back the keys to your home in as little as 30 days. Lenders don't even have to go through the court system. A newspaper ad informing the public of an upcoming sale suffices.
Here in the Sunshine State, lenders must file a lawsuit to remove homeowners who stop paying on their loans.
This typically doesn't happen until a borrower misses five months of payments, said Timothy Kingcade, a lawyer with Kingcade & Garcia in Miami.
This means foreclosure data may not show the true scope of the mortgage crisis in Florida. Even though the state's foreclosure rate ranks second in the nation, some experts say the situation could get worse as people who have stopped paying are sued by their lenders.
After the lawsuit is filed, it typically takes 60 to 90 days to remove the homeowners. But because foreclosure is a court process in Florida, homeowners have the opportunity to fight.
'It's a lawsuit like any other lawsuit,' Kingcade said. 'Homeowners usually just walk away because they know they can't pay the mortgage, but if they hire a lawyer, they could stay in the home longer.'
That's because the homeowner can stay until the suit is resolved. For example, Kingcade said he has a client who lived in his home 22 months after the lender began foreclosure proceedings.
'That's 22 months of no mortgage payments,' Kingcade said.
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Reader Comments
Posted by ( mwhite6 ) on January 23, 2008 at 8:05 a.m. ( Suggest removal )
Are they bragging about it? 22 months of no mortgage payments -- hey let's all do it!
Ridiculous
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Posted by ( flbratt ) on January 25, 2008 at 9:21 a.m. ( Suggest removal )
No joke......how stupid is that. Yes after almost 11 years of never having a late payment,I think I might want to have 22 months of no payments!
Yeah right!!!! Something has to turn around for this economy!
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Posted by ( jp328 ) on January 31, 2008 at 11:19 a.m. ( Suggest removal )
It is not the economy. It is GREED. It is the stupid oil, insurance,politions. Scumback corporate greedy america. Look at the profits of oil and insurance companies!!!!!!!
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Posted by ( erj3 ) on February 10, 2008 at 8:18 a.m. ( Suggest removal )
I've seen these SCUM live in houses for years paying nothing. A couple in St. Pete have not payed ANYTHING for three years, and are suprised there being evicted. Maybe if they quit the Drugs and Booze they might have money for there mortgage. No sympathy here !!!!!!
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Posted by ( robemax ) on April 21, 2008 at 9:05 a.m. ( Suggest removal )
In response to jp328's comments about corporate greed: you have been fooled by the media. Yes, the oil companies have reported record profits in the billions of dollars, but what the media doesn't explain very well, because it doesn't fit their agenda, is that their profit margin, the amount they earn above what they spend, is only 10%.
Most businesses would never settle for profits below 20-30%. There hasn't been a new refinery built in this country in 35 years due to overly-strict environmental regulations, which is a large part of the reason we are so dependent on Middle-East oil.
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Posted by ( msjustice ) on June 24, 2008 at 2:59 p.m. ( Suggest removal )
maminha,
I totally understand. I'm going through something similar. People are quick to judge because they either don't own or they have enough time to sit at home all day and post comments on TBO.com. You are in the position with alot of people and my prayers are with you! God bless us all, something has to change...
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