General Foreclosure Information

Foreclosure Statistics for Miami-Dade County:
2006 9,814
2007 26,391
2008 56,656
2009 64,001
Foreclosure Statistics for Broward County:
2006 516
2007 3,616
2008 10,370
2009 14,232

Foreclosure Proceedings:

Foreclosure proceedings begin with the filing of a civil action complaint, the recording of a Lis Pendens in the Public Records and the issuance of a summons to each defendant in the case including the homeowner.

As the homeowner, you will be given 20 days to respond to that summons by filing an answer to the complaint. If you fail to answer, you may not be given an opportunity to present your side of the case to the judge, and a Final Judgment may be entered against you.

If a Final Judgment is signed by the judge, it will instruct the Clerk of Court to sell the property at auction, to the highest bidder. The foreclosure clerk assigns a date to auction the property and publishes a Notice of Sale in a publication that meets the requirements of the Florida Statutes.

Some of the Common Options for the Homeowner Facing Foreclosure:

Modifications: A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Credit Counseling: Credit counseling is professional counseling provided by organizations that help consumers find ways to repay their debt through careful budgeting and management of money.

Short sale: A short sale is a sale of the real estate in which the sale proceeds fall short of the balance owed on the property’s loan. Both the borrower and lender must consent to the short sale process. A short sale does not necessarily release the borrower from the obligation to pay the remaining balance of the loan.

In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis to get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. These programs are administered through the U.S. Department of Housing and Urban Development (HUD).

HAMP: The Home Affordable Modification Program provides eligible homeowners the opportunity to modify their mortgages to make them more affordable.

HARP: the Home Affordable Refinance Program provides eligible homeowners the opportunity to refinance their mortgages to make them more affordable.