Repossession - Florida
 

Does anyone have any up to date advice regarding repossession in Florida?

We have owned a property there for 10 years. Over the last nine months our finances have taken a dramatic turn for the worse - they are now on the way up but yesterday I received a letter from a lawyer saying that they would be repossessing the property within 30 days (and the letter took 14 days to reach us!).

Any advice would be very welcome.

Thanks!

Re: Repossession - Florida
 

What are you asking? .... If you don't make some sort of payment (not sure what the minimum might be, but likely at least one month's mortgage), they're going to take your property. They will sell it to recover the money owed, don't bet on there being any surplus for you, because taxes and all manner of fees will also come out of the proceeds.

Re: Repossession - Florida
 

Yes I understand that - guess I was just wondering if anyone else had been in the same boat. I think they passed a new law in Florida this summer to speed up the foreclosure process so I was just looking to see if anyone had experienced this, how long the process took, etc. We are negotiating with the bank and hope to come to an agreement as I write. I had heard that asking the lawyers to prove the links re banks (I.e. they act for a bank who we have never held our mortgage with) might stall the process and give us some more time to sort something out with the bank.

I know we got ourselves in this mess and I accept that - just wondering if anyone else has been there and has any advice.

Re: Repossession - Florida
 

Certainly yes, the loan may have been sold and transferred from bank to bank multiple times, and the process can get messed up. We had one closing postponed when the bank on the closing documents discovered they didn't have "good title" to the property to transfer to us, but I wouldn't bet on it giving you any extra time; it might, but don't expect it.