Foreclosure Hud Orlando

During turbulent economic and financial times many homeowners face the unpleasant prospect of losing their homes.

There are several options available to prevent the foreclosure from taking place.

Bankruptcy

Filing for bankruptcy stops all collection attempts and lawsuits, including foreclosure. Immediately upon filing there is an automatic "stay" issued by the judge of the bankruptcy court. According to the Legal Dictionary from Law.com, a stay is a "a court-ordered short-term delay in judicial proceedings...". This stay is issued as a formal order of the federal judge, and allows time for the debtor to work out some type of alternative payment arrangements or to place the debt under a bankruptcy repayment plan. The stay remains in place until the bankruptcy is over or the creditor files a request with the court to lift the stay and it is granted.

Procedural Problems with the Foreclosure

Foreclosures are procedurally intricate and thus it is very easy for a creditor to make a mistake in the form, language, or times of the notices. In most states, any mistake in the procedures renders the notices invalid and the entire procedure must start over. While it is possible for a homeowner to familiarize themselves with the statutory requirements and examine the notices for defects, it would be advisable to consult with an attorney familiar with real estate law to assist in this area.

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