Property Lawyer Tampa, FL
Property Lawyer Tampa, FL
Foreclosure is a complicated, confusing, and often upsetting process for homeowners. Countless stories portrayed on the media that depict banks taking aggressive action or wrongfully foreclosing on homes have scared many homeowners who cannot maintain their payments on a mortgage. While every state has their own foreclosure laws, there are strict federal laws that protect homeowners and prevent lenders from taking certain actions. If you are concerned about losing your home to the bank, you may be interested in talking to a property lawyer in Tampa, Florida.
What Banks Cannot Do During a Foreclosure Process
Foreclosure is a challenging process that is often difficult to navigate – for both banks and homeowners. Many homeowners are unaware of their rights and what a bank cannot do. As a foreclosure defense lawyer in Tampa, FL, we have seen many cases in which a bank made a wrong, albeit illegal move; yet, the homeowner was completely unaware of what happened.
The following are some things that a bank cannot do during a home foreclosure:
- Depending on the state, banks may be legally required to see if a homeowner qualifies for a modification of their loan or other assistance. If the bank seeks a foreclosure and whether help is available at the same time, it is called dual tracking. In many states this is illegal.
- If you seek to modify your loan, or another option, the bank is not legally allowed to begin the process of a foreclosure. In the event that the process has begun, the bank must halt everything as long as you have done this at least seven days prior to the foreclosure sale.
- You cannot be evicted or kicked off of your property without a court order.
- The bank is not allowed to put a padlock on your door if you are living in the home. The only way they can get you to leave is through the legal steps of an eviction.
- If you reinstate your mortgage prior to the foreclosure or sheriff sale, the bank cannot continue the foreclosure. To reinstate, you will need to pay the full amount owed on your mortgage in addition to any fees.
If any of the above has happened, a property lawyer Tampa, FL has to offer would like to talk with you about your legal options.
What a Bank May Be Able to Do
Under state and federal laws, there are things that a bank may be able to do during a foreclosure; including:
- If the home is vacant, the bank can padlock it.
- By law, when a home has been left vacant, the bank can take reasonable actions to protect their interests in the property.
- In some states, a bank can pursue you for a deficiency judgement. This is most common when they cannot sell the home at auction for what is owed on the mortgage.
- Depending on the location of the property, a bank can seek a judicial or non-judicial foreclosure. A property lawyer in Tampa, FL can explain to you the difference during your consultation.
- A bank can seek to shorten the redemption period if the home is vacant. A court order must be obtained before proceeding with this.
It cannot be emphasised enough that laws do vary by state. The above are general things that a bank will not be able to do during foreclosure, as well as things they are able to do. It is recommended you look into your local laws and speak with a property lawyer in Tampa, Florida to better understand what you can expect. Call Ziegler Diamond Law: Debt Fighters
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