Tampa Bankruptcy Blog

A U.S. Department of Housing and Urban Development (HUD) investigation confirmed last week that Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, Ally Financial (previously, GMAC) and other mortgage lenders were guilty of robo-signing foreclosure documents, contributing to the mortgage and foreclosure crisis.

When a mortgage lender, such as Bank of America, processes foreclosure paperwork, it is required to verify the accuracy of certain information. These foreclosure documents must be signed by bank personnel, stating that they have personal knowledge of the facts contained. Robosigners were signing the foreclosure paperwork without knowledge of the information stated in violation of Florida foreclosure laws and those of other states; the required investigation and verification of the accuracy of the documents was never done.

Florida homeowners who are facing foreclosure will have, on average, twice as long as most other homeowners across the country to stay in their homes before the foreclosure process is complete and the mortgage lender can take back their home. A Florida foreclosure filed this week will likely not be final until the end of March, 2014.

Only New Yorkers, at 1019 days, and New Jersey homeowners, at 954 days, have a longer opportunity to stay in their home after a foreclosure suit is filed. The national average of days from the beginning of a foreclosure case to the point that a homeowner must move out is 348. In Florida, homeowners have on average 806 days to stay in their home, fight the foreclosure, build a savings account or pay down other bills while the home foreclosure winds its way through the court system.

RealtyTrac reports that in December 2011, 1 in every 392 housing units had received some type of foreclosure filing. There may be no better time than now to discuss your situation with a Tampa foreclosure defense lawyer if you have missed a mortgage payment or fear you may miss one in the near future.

Last month, Florida foreclosure filings hit their highest point since December 2010.

One out of every 268 Florida homes received a foreclosure filing in October, adding over 33,000 homeowners to the ranks of those searching for a Florida foreclosure defense attorney. Currently, over 162,600 Florida homes are in foreclosure.

The uptick in foreclosures hit hardest in Miami-Dade County, which saw over 5,400 new filings last month. Broward County came in second with 3,725. The Tampa Bay area has certainly not been spared from the damage -- Hillsborough County took sixth place with nearly 1,700 new foreclosure filings in the month of October.

Florida now has the fourth-highest foreclosure rate in the nation.

Tampa-area homeowners have until November 30^th to take advantage of a new incentive from Bank of America. The mortgage lending giant is offering up to $20,000 to Florida homeowners in or near foreclosure who agree to short sell their home rather than continue through the foreclosure process.

On average, a Florida foreclosure takes almost two years to complete. That is nearly double the national average. A homeowner in foreclosure may be able to stay in his or her home even longer if a Florida foreclosure defense attorney is involved. Whether it is better to fight your lender's attempt to foreclose and remain in your home as long as possible, or whether it is better to take advantage of this cash for keys offer and start fresh in a new home depends on your individual situation.

Not all homeowners who short sell their home will qualify for the $20,000 relocation payment. The Bank of America plan calls for at least a minimum of a $5,000 dollar payout for cooperating homeowners.